This South Carolina Zip Code Has the Most Affordable Homes
If your dream is to buy a home, one South Carolina zip code has the most affordable homes in the state. There’s no question that the cost of housing has gone up over the past decade. The housing market just keeps going up, and even with some adjustments for mortgage rates rising, the average cost of a house in America is still much more than it was a decade ago. With that in mind, if you’re looking to buy a home in South Carolina, here’s where to look for the most affordable homes.
South Carolina Zip Code with the Most Affordable Homes
American Home Shield has put together a study with experts to determine the cheapest zip codes in America to buy a home. In it, they talk about the steep cost of housing. “The average cost of a house in the U.S. today is over half a million dollars,” they explain. They add that the “figure could either be astronomically out of a person’s budget or just a drop in the bucket.” For methodology, the experts used U.S. Census databank to get the population of each ZIP code in the U.S. with more than 10,000 residents. They also used information on the median home price from Zillow and median household income from the U.S. Census. Then, they “divided each ZIP code’s median home value by the median household income, giving us a home price-to-household income ratio.” Finally, they ranked the most affordable and least affordable ZIP codes.
They found that the least affordable zip code in the U.S. for people to purchase a home is 90210 in Beverly Hills, Los Angeles. There, the median cost of a home costs “34.82 times what a typical local worker earns in a year,” according to the study. That’s wild. On the other side of things, the most affordable ZIP code in the U.S. for residents to purchase a house is 48505 in Flint, Michigan. In Flint, the median price of a home is $27,703. They say that the typical worker in Flint makes $29,061 per year, so the median cost of a home is actually less than that salary.
Now, onto which South Carolina zip code has the most affordable homes. It’s in Dillion, South Carolina, with the zip code 29536. If you’re wondering, in North Carolina, the zip code with the most affordable homes is in Mount Olive with 28365. The least affordable zip code in South Carolina for people to purchase a home is the 29403 zip code in Charleston, and in North Carolina it’s the 28801 zip code in Asheville.