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Average Home Values and Ownership in Zip Code 29662: A Decade of Growth in Mauldin, South Carolina
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
Zip code 29662, located in Mauldin, South Carolina, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 29662 has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate was 66%, which decreased slightly to 60% in 2014. However, it rebounded and stabilized around 63-64% from 2017 to 2022. This stability in homeownership rates occurred despite substantial increases in average home prices. The average home price in the area rose from $135,800 in 2010 to $264,127 in 2022, representing a 94.5% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.09% to 0.4%), which coincided with a slight increase in homeownership rates from 60% to 62%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate remained relatively stable, suggesting that other local factors may have influenced home buying decisions.
Renter percentages in zip code 29662 have shown an inverse relationship to homeownership rates, as expected. The percentage of renters fluctuated between 34% and 40% from 2013 to 2022. Interestingly, average rent prices have steadily increased during this period, rising from $955 in 2013 to $1,187 in 2022, a 24.3% increase. This increase in average rent prices occurred even as the renter population remained relatively stable, suggesting a growing demand for rental properties or an overall increase in housing costs in the area.
In 2023 and 2024, the housing market in zip code 29662 continued to evolve. The average home price reached $281,012 in 2023 and further increased to $285,946 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer behavior in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 29662 may continue to appreciate, albeit at a slower rate due to higher interest rates. We might see average home prices reach around $320,000 to $340,000 by 2029. Average rent prices could also continue their upward trajectory, potentially reaching $1,400 to $1,500 per month by 2029, assuming consistent demand and economic growth in the area.
In summary, zip code 29662 has demonstrated a resilient housing market with stable homeownership rates despite significant increases in average home prices. The area has seen steady growth in both home values and rental prices, indicating a strong demand for housing. The recent spike in interest rates may impact future homeownership trends and could potentially slow down the rate of home price appreciation. However, the consistent population growth and the area's desirability suggest that both the home buying and rental markets in this zip code are likely to remain robust in the coming years.
