More than 50% of households in Columbia rent their homes, which may be one reason WalletHub ranks Columbia among the top 50 cities for renters. Large tracts of land with development potential in the metro area are becoming more difficult to find, keeping both home prices and median rents in Columbia growing.
Home values in metropolitan Columbia have increased by more than 20% year over year, while median rents for 3-bedroom homes grew by 13%. Even though home prices are still relatively affordable compared to other parts of the country, 53% of households in the metro area are occupied by renters.
Here are 15 Columbia neighborhoods and suburbs in which to consider purchasing investment property, including several areas where nearly half of residents rent their homes.
Key takeaways
- Columbia is home to about 137,000 people in the city and around 829,000 in the metropolitan area.
- Realtor.com currently ranks Columbia as a buyer’s market, creating a window of opportunity for investors looking for rental property in Columbia.
- Areas in and around Columbia with more than 50% renter-occupied households include the city itself, St. Andrews, and Woodfield.
>>Explore Roofstock's Columbia, SC investment properties.
Why invest in Columbia, SC?
The University of South Carolina and business relocations are bringing more jobs to Columbia, helping to keep inbound migration steady and the demand for rental property strong. As News 19 recently reported, while large tracts of land on which to build new single-family homes are tough to find, an influx of developers are still looking to come to the area.
Columbia offers a low cost of doing business and a high quality of life and is home to a growing creative community of entrepreneurs. The unemployment rate is down to just 3.1%, according to the Bureau of Labor Statistics (as of Dec 2021), with the information, education, and health-services sectors showing the strongest growth.
Solid population growth and a robust job market keep the demand for housing and rental property in Columbia strong. Home values in Columbia increased by 21.2% over the past year, according to Zillow (through Jan 31, 2022) while Zumper reports median rents for 3-bedroom homes grew by 13% year over year (Feb 2022).
15 great areas in Columbia, South Carolina, for investment properties
Although Columbia, South Carolina, is home to less than 830,000 people in the metropolitan area, finding an investment property can be a bit of a challenge. There are about 80 neighborhoods in Columbia and dozens of towns and cities in the surrounding suburbs, with home prices ranging from $4,500 to $5,500,000.
The good news for real estate investors is that Columbia is currently a buyer’s market, according to Realtor.com. That means the supply of homes is greater than the demand for homes, although homes in Columbia are still selling for approximately the asking price.
Here are 15 areas in the Columbia metropolitan area to consider investing in rental property. Demographic, home price, and rent data comes from Redfin, Realtor.com, and Niche.com.
Columbia
The city of Columbia has an urban-suburban feel and a high percentage of renters. According to Zumper, 53% of the households here are occupied by renters, and monthly rents for 3-bedroom homes have grown by 13% year over year:
- Population: 136,632
- Median sale price: $205,000
- Change in sales price (year over year): 13.7%
- Days on market: 10
- Median rent: $933
- Renter-occupied households: 53%
- Median household income: $47,286
- ZIP codes: 29044, 29061, 29078, 29202
Forest Acres
Suburban Forest Acres is located a few minutes northeast of Columbia, along I-77. The town has a dense suburban feel, and Niche.com ranks it as the best place to live in South Carolina:
- Population: 10,412
- Median sale price: $215,000
- Change in sales price (year over year): -17.3%
- Days on market: 12
- Median rent: $959
- Renter-occupied households: 24%
- Median household income: $69,212
- ZIP codes: 29204, 29206
Irmo
Located northwest of Columbia near the eastern shore of Lake Murray, Irmo has a sparse suburban feel. Niche.com ranks it as the second-best place to live in the Columbia area. The town has a lot of restaurants and parks, along with a good percentage of renter-occupied households:
- Population: 12,215
- Median sale price: $190,000
- Change in sales price (year over year): 8.9%
- Days on market: 4
- Median rent: $1,126
- Renter-occupied households: 24%
- Median household income: $66,313
- ZIP codes: 29063, 29212
Lexington
Lexington is a 30-minute drive west of Columbia, near the southern shore of Lake Murray. The town has a dense suburban feel, and one in 3 residents rents:
- Population: 21,334
- Median sale price: $231,000
- Change in sales price (year over year): 15.4%
- Days on market: 4
- Median rent: $1,066
- Renter-occupied households: 34%
- Median household income: $72,996
- ZIP codes: 29071, 29072
Seven Oaks
Suburban Seven Oaks is located along I-26, northwest of Columbia, near the Kirkland Correctional Institution. The town has a dense suburban feel and a good percentage of renters:
- Population: 15,484
- Median sale price: $176,000
- Change in sales price (year over year): 17.6%
- Days on market: 12
- Median rent: $937
- Renter-occupied households: 38%
- Median household income: $56,048
- ZIP codes: 29210, 29212
Cayce
The city of Cayce is located along the Congaree River, just south of downtown Columbia. Cayce has a sparse suburban feel, with nearly half of the homes occupied by renters:
- Population: 13,600
- Median sale price: $225,000
- Change in sales price (year over year): 83.4%
- Days on market: 5
- Median rent: $1,001
- Renter-occupied households: 47%
- Median household income: $52,582
- ZIP codes: 29033, 29710, 29172
West Columbia
Suburban West Columbia is located between Columbia and Oak Grove. The city has a dense suburban feel, and nearly 50% of residents rent their homes:
- Population: 17,641
- Median sale price: $191,000
- Change in sales price (year over year): -5.1%
- Days on market: 5
- Median rent: $865
- Renter-occupied households: 45%
- Median household income: $46,623
- ZIP codes: 29169, 29171
St. Andrews
St. Andrews is located just north of West Columbia, near the intersection of I-26 and I-20. The suburb has an urban-suburban feel, and most residents rent their homes:
- Population: 20,990
- Median sale price: $168,000
- Change in sales price (year over year): 24.4%
- Days on market: 10
- Median rent: $875
- Renter-occupied households: 68%
- Median household income: $37,042
- ZIP codes: 29210, 29212, 29221, 29227
Woodfield
The small town of suburban Woodfield is located southwest of Sesquicentennial State Park, about 20 minutes from the city of Columbia. Woodfield has a dense suburban feel, and more than half of residents rent their homes:
- Population: 9,459
- Median sale price: $160,000
- Change in sales price (year over year): 6.7%
- Days on market: 10
- Median rent: $965
- Renter-occupied households: 56%
- Median household income: $38,782
- ZIP codes: 29219, 29223
Chapin
Niche.com ranks Chapin as the second-best place to buy a house in the Columbia area. Located northwest of Columbia along the northern shores of Lake Murray, the small town of Chapin has a rural feel and is nicknamed the “Capital of Lake Murray”:
- Population: 1,940
- Median sale price: $500,000
- Change in sales price (year over year): 51.9%
- Days on market: 7
- Median rent: $1,202
- Renter-occupied households: 20%
- Median household income: $60,139
- ZIP code: 29036
Camden
The small town of Camden is about 40 minutes northeast of Columbia along I-20, near the Woolard Technology Center. Camden has a rural feel, and nearly one in 4 residents rents:
- Population: 7,100
- Median sale price: $232,000
- Change in sales price (year over year): -8.3%
- Days on market: 22
- Median rent: $671
- Renter-occupied households: 24%
- Median household income: $47,711
- ZIP code: 29020
Pine Ridge
Suburban Pine Ridge is located southwest of Columbia, a few minutes from the Columbia Metropolitan Airport. Pine Ridge has a rural feel and is located next to South Congaree:
- Population: 2,438
- Median sale price: $200,000
- Change in sales price (year over year): -30.2%
- Days on market: 3
- Median rent: $917
- Renter-occupied households: 19%
- Median household income: $59,825
- ZIP codes: 29172, 29228
South Congaree
South Congaree is located about 20 minutes southwest of Columbia, near the town of Pine Ridge and the Columbia Metropolitan Airport. South Congaree has a suburban-rural feel, and nearly one in 3 residents rents:
- Population: 2,513
- Median sale price: $240,000
- Change in sales price (year over year): -3.9%
- Days on market: 21
- Median rent: $786
- Renter-occupied households: 28%
- Median household income: $48,409
- ZIP codes: 29170, 29172
Oak Grove
Suburban Oak Grove is located 20 minutes west of Columbia along State Route 1, between the Columbia Metropolitan Airport and the LMC Emergency Medicine Hospital. Oak Grove has a suburban-rural feel, and nearly one in 3 homes is occupied by renters:
- Population: 10,835
- Median sale price: $183,000
- Change in sales price (year over year): -10.7%
- Days on market: 5
- Median rent: $953
- Renter-occupied households: 29%
- Median household income: $49,390
- ZIP codes: 29073, 29169, 29170
Blythewood
Blythewood is located along the Charles F. Bolden Freeway, about 20 minutes north of Columbia. Although the percentage of renter-occupied households is low, Blythewood boasts some of the highest median rents in metropolitan Columbia:
- Population: 3,324
- Median sale price: $320,000
- Change in sales price (year over year): 24.3%
- Days on market: 5
- Median rent: $1,792
- Renter-occupied households: 6%
- Median household income: $104,049
- ZIP code: 29016
>>Explore Roofstock's Columbia, SC investment properties.
