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Aiken, SC: Rising Home Values and Stable Ownership in Equestrian City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Aiken, South Carolina, is a charming city known for its rich history and equestrian culture. Located in the western part of the state, Aiken has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The city has generally maintained a high rate of homeownership, while average home prices and rent have shown an upward trend in recent years.
Homeownership in Aiken has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 71%, and by 2022, it had increased slightly to 72%. During this period, average home prices in Aiken demonstrated a significant upward trend. In 2013, the average home price was $150,340, which steadily increased to $247,196 by 2022, representing a substantial 64.4% increase over nine years. This trend suggests that despite rising home prices, Aiken residents have maintained a strong inclination towards homeownership.
The relationship between federal interest rates and homeownership rates in Aiken shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in Aiken remained stable at 69% in 2020 and increased to 70% in 2021. This stability in homeownership during low-interest periods aligns with the general trend of increased affordability of mortgages encouraging homeownership.
Regarding rental trends, the percentage of renters in Aiken has shown slight variations over the years. In 2013, renters comprised 29% of the population, and this figure increased to 32% by 2018 before decreasing to 28% in 2022. Average rent prices have generally increased during this period, rising from $954 in 2013 to $1,022 in 2022, an increase of 7.1%. It's worth noting that there was a significant jump in average rent to $1,190 in 2021, possibly influenced by the city's growing population, which increased from 47,274 in 2010 to 50,115 in 2022.
Moving to more recent data, in 2023, the average home price in Aiken reached $254,846, showing continued appreciation from the previous year. As of 2024, the average home price has further increased to $256,187, indicating a sustained upward trend in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Aiken are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may also continue to rise, driven by population growth and housing demand. However, the rate of increase might be tempered by the city's efforts to maintain its high homeownership rate.
In summary, Aiken has demonstrated resilience in maintaining high homeownership rates despite rising home prices. The city has experienced significant appreciation in property values, particularly since 2020. Rental prices have also increased, though not as dramatically as home prices. The interplay between federal interest rates, housing prices, and homeownership rates will likely continue to shape Aiken's real estate landscape in the coming years.
