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Dix Hills: Affluent New York Suburb Sees Steady Rise in Home Values and Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Dix Hills, located in New York, is a predominantly residential community known for its suburban charm and excellent school district. The area has consistently maintained high homeownership rates, with average home prices and average rent prices showing notable trends over the years. Homeownership in Dix Hills has remained exceptionally high, increasing from 93% in 2013 to 96% in 2022. This strong ownership trend coincides with a significant rise in average home prices. In 2013, the average home price was $585,585, which steadily increased to $861,167 by 2022, representing a 47% increase over nine years. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $702,918 to $783,051, a 11.4% increase in just one year.
The relationship between federal interest rates and homeownership rates in Dix Hills demonstrates an interesting pattern. Despite fluctuations in interest rates, homeownership remained consistently high. For instance, when interest rates were at a low of 0.08% in 2021, homeownership was at 97%. This high rate of ownership persisted even as interest rates rose to 1.68% in 2022, with ownership only slightly decreasing to 96%. This suggests that other factors, such as the desirability of the area and its strong community ties, may have a more significant influence on homeownership in Dix Hills than interest rates alone.
Renter percentages in Dix Hills have remained consistently low, ranging from 2% to 4% between 2013 and 2022. Despite the low percentage of renters, average rent prices have shown a substantial increase. In 2013, the average rent was $2,079, which rose to $2,950 by 2022, representing a 41.9% increase over nine years. The most significant year-over-year increase in average rent occurred between 2016 and 2017, jumping from $2,426 to $2,677, a 10.3% increase. It's worth noting that despite the population decrease from 26,435 in 2013 to 24,652 in 2022, rent prices continued to rise, indicating strong demand for rental properties in the area.
Looking at the most recent data, average home prices in Dix Hills continued their upward trajectory in 2023 and 2024. In 2023, the average home price reached $901,901, and by 2024, it further increased to $995,507, representing a substantial 10.4% year-over-year increase. This growth occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, suggesting that demand for homes in Dix Hills remains robust even in a higher interest rate environment.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Dix Hills will continue to rise, potentially reaching or exceeding $1.2 million by 2029. Average rent prices are also expected to increase, potentially surpassing $3,500 per month within the same timeframe. These projections are based on historical trends and assume continued demand for housing in the area.
In summary, Dix Hills has demonstrated a consistently high rate of homeownership, with average home prices showing substantial growth over the years. Despite low renter percentages, average rent prices have also increased significantly. The community's desirability appears to outweigh the impact of fluctuating interest rates on homeownership trends. As of 2024, the housing market in Dix Hills remains strong, with both average home prices and average rent prices continuing their upward trajectory.
