29899, McCormick, SC

McCormick, SC is located in the southeastern corner of South Carolina. The 29899 zip code covers a total area of 8.5 square miles and has a population of 9,856 as of the 2010 census. McCormick is home to several small businesses and agricultural operations, but its largest employers are McCormick Elementary School and the McCormick County Hospital.

The median household income in McCormick was $41,898 in 2009, which was lower than the statewide median of $50,046. The percentage of households earning less than $25,000 was also higher than the statewide average of 23%. In 2009, there were 1,711 housing units in McCormick with an average price per square foot of $86.

Home equity is a key factor in determining home prices in McCormick. As of September 2011, the median home value was $119,500 and the average home value was $157,000. Home prices have increased significantly over the past five years; as of September 2011, the median home value had increased by 67% compared to 2007 levels. This rapid increase may be due to several factors:

1) The low unemployment rate – although it has decreased recently from 7% to 6%, it remains much lower than historical averages (currently at 5%). 2) Low interest rates – currently at 0%, mortgage rates are historically low and may continue to stay low for some time due to concerns about global economic conditions. 3) Limited supply – although there are currently more homes available for sale than at any time since 2007 (by 4%), this number is still below historic averages (currently at 10%). 4) Strong demand – many people who live in McCormick are satisfied with their current homes and do not want or need to move; additionally new development projects within McCormick have been slow to materialize due to zoning restrictions imposed by local municipalities on certain types of construction projects (e.g., high-rise buildings).