Regarding rental trends, the percentage of renters in Orangeburg has remained relatively stable, with minor fluctuations. In 2013, renters comprised 22% of the population, which decreased slightly to 20% by 2022. Average rent prices, however, have shown more volatility. In 2013, the average rent was $1,591, which decreased to $1,312 in 2014 before steadily climbing to reach $1,866 in 2022, marking a 17% increase from 2013 to 2022. This trend suggests that while the proportion of renters has remained fairly constant, the cost of renting has generally increased over time.

As of 2024, the average home price in Orangeburg has reached $667,201, showing a continued upward trend from previous years. This represents a 9.4% increase from the 2022 average price of $609,778. Interestingly, this price growth has occurred despite the federal interest rate rising to 5.33% in 2024, which is significantly higher than the 1.68% rate in 2022.

Looking ahead, based on the historical trends and current market conditions, we can expect the average home prices in Orangeburg 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 are also likely to increase, following the general trend observed in recent years, but may face some moderation if homeownership becomes more attractive due to stabilizing home prices.

In summary, Orangeburg has demonstrated a resilient housing market with steadily increasing average home prices and a stable, high rate of homeownership. Despite fluctuations in federal interest rates, the area has maintained its appeal to homeowners. The rental market, while smaller, has seen generally increasing average rents, reflecting the overall desirability of the area. These trends suggest that Orangeburg remains an attractive location for both homeowners and renters, with a housing market that has shown consistent growth and stability over the past decade.