29045, Elgin, SC

The 29045 zip code of Elgin, SC is located in the northwestern part of the state and has a population of around 26,000. The median household income in this zip code is $60,000, which is above the state median household income of $50,000. The home equity and home prices in this zip code are both high compared to other areas of the state.

The average home value in this zip code is $183,500, which is more than double the statewide average home value of $106,200. The percentage of homes that are owner-occupied in this zip code is also high at 81%. This high percentage likely reflects the higher incomes and homeownership rates found in this area. Home equity values have also been increasing rapidly over the past few years; according to Zillow data from January 2018, the median home equity value was up 9% from a year earlier.

Despite these high values, there are some concerns about housing affordability in this area. According to Zillow data from January 2018, the cost of a typical house in this zip code would require an annual salary of over $130,000. This may be difficult for many people to afford on a long-term basis. Additionally, there has been an increase in demand for homes here due to rising prices; as a result there has been an increase in bidding wars and higher prices for existing homes as well as new construction projects.