29372, Pacolet, SC

Home Equity in the 29372 Zip Code of Pacolet, SC

There are a total of 9,827 homes in the zip code of 29372. The average home value is $191,921. The median home value is $161,000. Home equity is the difference between the market value of a home and what a homeowner owes on that home. In this zip code, there are 5,531 homes with an equity value greater than their outstanding mortgage balance. This means that homeowners have more money available to them to use as they please.

The percentage of homes with equity values greater than their outstanding mortgage balances ranges from 45% in the northeast corner of the zip code to 61% in the southwest corner. The percentage of homeowners who owe less than 20% on their mortgages is also high at 82%. This indicates that many homeowners in this zip code have plenty of room to grow their wealth over time by making modest monthly payments on their mortgages.

Home prices in this zip code have been increasing at a rate above the state average for most of the last decade. Between January 2006 and January 2016, prices increased by an average of 7%. This means that homeownership rates and home equity values have both increased significantly during that time period.

There are several factors contributing to these high prices and rates: low interest rates, strong demand from buyers who can afford to pay more for property than they would receive elsewhere, and limited supply due to zoning restrictions which keep new construction out of certain areas within this zip code.

Overall, it appears that homeownership rates and home equity values are both rising rapidly in this area which should continue to be good news for those living here over time.