29824, Edgefield, SC

Edgefield is located in the southeastern part of South Carolina and has a population of just over 10,000. The 29824 zip code covers a total area of just over 2 square miles and has a median home value of just under $160,000. Home values in Edgefield have been on the rise for the past several years, with prices increasing by an average of 7% annually between 2013 and 2017. This growth is likely due to both strong demand from local residents and investors, as well as low interest rates that have helped to make mortgages more affordable.

Despite this recent uptick in prices, Edgefield still has a relatively low rate of home equity ownership compared to other parts of the country. Just over one-third (35%) of households in the 29824 zip code own their homes outright, while another one-third (32%) are homeowners who owe less than 20% on their mortgages. By comparison, nearly half (49%) of households in the U.S. own their homes outright and only 6% owe less than 20% on their mortgages. These figures suggest that Edgefield residents are generally comfortable with their current housing situation and are not overly concerned about being able to afford a larger down payment or taking out a longer mortgage term.

One factor that may be contributing to this trend is Edgefield's relatively low level of home foreclosure activity relative to other parts of the country. In 2017, there were only four foreclosure filings recorded in the 29824 zip code – far below the national averageof 18 per 100,000 households . This low level of foreclosure activity may be attributable to several factors: first , Edgefield's relatively small population size means that there are fewer opportunities for borrowers to default on their loans; second , many local residents have taken advantage of government programs designed to help struggling homeowners stay in their homes; and third , many local businesses provide valuable services that support homeownership – such as loan counseling or mortgage insurance premiums – which can discourage borrowers from filing for bankruptcy or selling their homes at an auction auction .

Despite these positive trends, there are still some risks associated with buying or owning a home in Edgefield . For example, although prices have been rising steadily over the past few years, they could fall significantly if there is an economic downturn or if interest rates increase again from their current lows . Additionally , although most local residents appear content with their current housing situation , some may be interested in moving if better options become available nearby . Finally , although Edgefield's rateof homeownership is lower than average nationwide , it could change if more people decideto purchase or own homes here due to increasing affordability constraints elsewhere in America