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Hodges, SC: Rising Home Values and Shifting Ownership Trends in a Small Community
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
Hodges, located in South Carolina, is a small community that has experienced notable changes in its housing landscape over the past decade. The city has seen a significant shift towards homeownership, with average home prices steadily increasing and average rent prices fluctuating over time.
From 2013 to 2022, Hodges witnessed a substantial increase in homeownership rates, rising from 73% to 90%. This trend coincided with a steady growth in average home prices, particularly from 2018 onwards. In 2018, the average home price was $84,994, which increased to $123,130 by 2022, representing a 44.9% increase over four years. This upward trend in homeownership and home prices suggests a growing preference for property ownership in the community.
The federal interest rates played a role in influencing homeownership trends in Hodges. From 2013 to 2016, interest rates remained relatively low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained stable at around 73%. As interest rates began to rise from 2017 to 2019, reaching 2.16%, homeownership rates surprisingly increased to 85%, possibly indicating other local factors driving this trend. The sharp drop in interest rates in 2020 and 2021 to near-zero levels coincided with a slight dip in homeownership to 83%, but it rebounded to 90% in 2022 as rates began to rise again.
Conversely, the percentage of renters in Hodges decreased from 27% in 2013 to 10% in 2022. Average rent prices showed significant volatility during this period. In 2013, the average rent was $516, which remained relatively stable until 2018. However, there was a sharp increase to $794 in 2019, followed by fluctuations in subsequent years. By 2022, the average rent had risen to $882, representing a 71% increase from 2013. This substantial increase in rent prices, coupled with the declining renter population, suggests a shifting dynamic in the local rental market.
In 2023 and 2024, Hodges continued to see changes in its housing market. The average home price reached $128,152 in 2023, a 4.1% increase from 2022. However, there was a slight decline to $126,128 in 2024, marking a 1.6% decrease. This coincided with federal interest rates rising to 5.02% in 2023 and further to 5.33% in 2024, potentially influencing the slight downturn in home prices.
Looking ahead, predictive models suggest that average home prices in Hodges may continue to rise moderately over the next five years, albeit at a slower pace than observed in recent years. This projection is based on the historical trend of increasing home values and the current economic conditions. Average rent prices are expected to stabilize or increase slightly, reflecting the reduced supply of rental properties and the growing preference for homeownership in the area.
In summary, Hodges has experienced a significant shift towards homeownership, with rising home prices and fluctuating rent costs. The interplay between federal interest rates, local economic factors, and housing preferences has shaped these trends. The community's housing market appears to be evolving, with a strong inclination towards property ownership and potential for continued growth in home values in the coming years.
