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Marion, South Carolina: Rising Home Values Amid Declining Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Marion, South Carolina, a small city founded in 1847, is known for its charming downtown and historic architecture. Over the past decade, Marion has experienced significant shifts in its housing market and demographics. The city has seen a general decline in homeownership rates, while average home prices and rent prices have shown fluctuating trends.
The homeownership rate in Marion declined from 59% in 2013 to 54% in 2022, with a peak of 64% in 2018. During this period, average home prices demonstrated volatility, starting at $72,781 in 2013, decreasing to $63,295 in 2017, and then rising significantly to $96,828 in 2022, representing a 33% increase over nine years.
Federal interest rates and homeownership rates in Marion showed an interesting relationship. From 2013 to 2015, low interest rates (0.11% to 0.13%) corresponded with increasing homeownership rates (59% to 62%). However, as interest rates rose more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates declined to 54%. This trend aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Marion increased from 41% in 2013 to 46% in 2022, inversely related to homeownership rates. Average rent prices fluctuated during this period, starting at $571 per month in 2013, peaking at $614 in 2019, and slightly declining to $576 in 2022. This represents a modest 0.9% increase in average rent over nine years. The increasing renter percentage, coupled with relatively stable rent prices, suggests that rental properties in Marion have remained relatively affordable despite growing demand.
Recent data shows that average home prices in Marion continued to rise, reaching $95,836 in 2023 and $97,655 in 2024. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homeownership trends and affordability in the coming years.
Predictive models forecast that average home prices in Marion will continue to rise moderately, potentially reaching around $110,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, possibly increasing to approximately $650 per month over the same period. These projections are based on historical trends and current economic conditions.
In summary, Marion has experienced a shift towards renting, with homeownership rates declining despite fluctuating home prices. The city's housing market has shown resilience, with average home prices generally increasing over time. The rental market has remained relatively stable, with modest increases in both renter percentages and average rent prices. As Marion continues to evolve, these housing trends will play a crucial role in shaping the city's future demographic and economic landscape.
