Columbia, South Carolina

In Columbia, South Carolina, $128,100 is the average house worth median. 3.6 percent is the amount the value of houses has increased in the last year. A forecast has been given that the home value will increase 3 percent in the following year.

In Columbia the per square foot list cost median is $110. The Columbia Metro Area has a lower per square foot list cost median of $103.

In Columbia, South Carolina $168,400 is the cost median of houses listed presently. In Columbia, $1,175 is the rent cost median. The metro area of Columbia has a slightly higher rent cost median of $1,195.

One thing that influences the value of houses is the foreclosure rate. The lower the foreclosure rate for a particular location, the greater the real estate value of that location.

3.2 houses go through foreclosure for each 10,000 houses in Columbia. This is a higher foreclosure rate than the Columbia Metro area has, which is 2.0. The United States has a foreclosure rate of 1.6.

When a home owner goes through foreclosure, the first step is the home owner becoming mortgage delinquent. What is mortgage delinquency? Mortgage delinquency occurs when an owner of a house skips making one payment or a greater number of payments on their mortgage.

2.8 percent of mortgages in Columbia, South Carolina are mortgage delinquent. The United States has a lower mortgage delinquency rate. It is 1.6 percent.

The recession of 2008 had very adverse consequences on the real estate economy in our nation. One consequence was that there was a greater than a 20 percent loss of the value of real estate that occurred in our nation.

And because of that recession, quite a few owners of houses are currently underwater concerning their mortgages. What does it mean when a home owner is underwater concerning their mortgage? It means that they have a bigger mortgage debt than the value of their house.

15.4 percent is the percentage of Columbia owners of houses who are underwater concerning their mortgages. This is a higher percentage than that of the metro area of Columbia, which is 11.8 percent.

Being underwater on a mortgage can present big problems for the home owner. A major problem is in the selling of their home. They may have to pay money out of their pocket to sell their home because what they can sell their house for quite possibly is less than what they owe in their mortgage debt.

The median annual household income for the Columbia South Carolina metro area is $52,247.