29720, Lancaster, SC

The 29720 zip code of Lancaster, SC is located in the northwestern part of the state and has a population of approximately 16,000. The median household income in this zip code is $50,000, which is lower than the statewide median household income of $60,000. The homeownership rate in this zip code is 68%, which is higher than the statewide homeownership rate of 63%. Approximately 86% of households in this zip code own their homes outright while 14% are mortgage holders. Home values have increased by an average of 9.4% over the past three years and are currently valued at $142,600.

One reason for the high homeownership rate in this zip code may be that there are few available housing units relative to population size. There are only 1,700 housing units available within a 10-mile radius of Lancaster compared to a statewide average of 5,500 units per 10-mile radius. Additionally, many households in this zip code may be able to afford a higher home value because they have more money saved up or they have good credit ratings. In fact, 61% of households in this zip code have excellent or good credit ratings which is higher than the statewide average credit rating of 50%. This indicates that many households in this area are able to borrow money against their home equity to purchase a home.

Despite these positive trends for home values and homeownership rates, there are some challenges facing residents living in 29720 ZIP Code Lancaster. One issue is that there has been an increase in traffic congestion due to an increase in development near the city limits. This congestion has caused prices for homes near major roads to rise faster than prices for homes further away from major roads. Additionally, there has been an increase recently in burglaries and vandalism targeting properties located near busy streets and intersections. These crimes may be related to increased traffic congestion or other environmental factors such as increased crime rates generally throughout South Carolina during 2016-2017 year period