Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | North Augusta | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $331,213 | $224,357 | $242,182 |
| Price Trend (Annual %) | 10.7% | 9.2% | 8.2% |
| Median Gross Rent | $1,068 | $1,126 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in North Augusta is about 48% higher than in South Carolina. Rent is about 5% lower than the South Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in North Augusta, up about 10.7% and 5.5% a year respectively. Home prices are changing faster.
Median rent in North Augusta rose about 46.8% between 2015 and 2023, from $728 to $1,068. Over the same span, rent in South Carolina rose about 42.6%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in North Augusta.
Buying the median-priced home in North Augusta costs roughly 25.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in North Augusta. The price-to-rent ratio in South Carolina is about 16.6.
| Metric | North Augusta | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $331,213 | $224,357 | $242,182 |
| Median Household Income | $78,765 | $66,957 | $78,145 |
| Price-to-Income Ratio | 4.2 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in North Augusta rose about 212.4%, while median household income rose about 75.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | North Augusta | South Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.1% | 61.6% | 58.2% |
| Rental Rate | 27.3% | 24.6% | 31.3% |
| Vacancy Rate | 13.6% | 13.8% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
North Augusta has a homeownership rate of 59.1%, lower than the South Carolina average of 61.6%. Its housing vacancy rate is 13.6%, compared with 13.8% in South Carolina.
Housing Stock
| Metric | North Augusta | South Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.19 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1982 | 1989 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in North Augusta was built around 1982. On average, 2.2 people live in a home with about 6.0 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in North Augusta, South Carolina.
What is the median home price in North Augusta, South Carolina?
The median home price in North Augusta, South Carolina is $331,213, higher than the South Carolina average of $224,357.
What is the average home price in North Augusta, South Carolina?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in North Augusta, South Carolina?
The median gross rent in North Augusta, South Carolina is $1,068 per month, lower than the South Carolina average of $1,126.
What was the median gross rent in North Augusta in 2020?
In 2020, the median gross rent in North Augusta, South Carolina was $804 per month.
What is the price-to-rent ratio in North Augusta, South Carolina?
The price-to-rent ratio in North Augusta, South Carolina is about 25.8, meaning it would take roughly 25.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in North Augusta.
Are home prices or rent rising faster in North Augusta, South Carolina?
Both home prices and rent are rising in North Augusta, up about 10.7% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in North Augusta, South Carolina?
59.1% of households in North Augusta, South Carolina own their home, lower than the South Carolina average of 61.6%.
What is the vacancy rate in North Augusta, South Carolina?
The housing vacancy rate in North Augusta, South Carolina is 13.6%, lower than the South Carolina average of 13.8%.