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Miller Place: Rising Home Values and Shifting Ownership in a Coastal New York Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Miller Place, a suburban community in New York with roots dating back to the 17th century, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the area saw a notable decrease in homeownership rates alongside substantial increases in average home prices and rents. This shift has reshaped the local real estate landscape and affected residential patterns in the community.
The homeownership rate in Miller Place declined from 93% in 2013 to 81% in 2022, a decrease of 12 percentage points. Concurrently, average home prices rose dramatically from $382,396 in 2013 to $595,598 in 2022, marking a 55.8% increase. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents, leading to a shift towards renting.
Federal interest rates have played a significant role in homeownership trends in Miller Place. From 2013 to 2016, historically low interest rates ranging from 0.11% to 0.4% corresponded with relatively stable homeownership rates of 94-95%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more rapidly, dropping from 95% in 2017 to 81% in 2022.
As homeownership decreased, the percentage of renters in Miller Place increased from 7% in 2013 to 19% in 2022. This growth in the renter population coincided with a rise in average rent prices, which increased from $1,727 in 2013 to $1,931 in 2022, an 11.8% increase. The population fluctuated during this period, reaching a low of 11,409 in 2015 and a high of 12,434 in 2021, potentially influencing demand for rental properties.
In 2023 and 2024, Miller Place experienced further increases in average home prices, reaching $615,169 in 2023 and $649,468 in 2024. This represents a 9.0% increase from 2022 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability and demand.
Predictive models suggest that average home prices in Miller Place may continue to rise over the next five years, potentially reaching around $750,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Miller Place has experienced a significant shift in its housing landscape over the past decade. The decline in homeownership rates, coupled with rising home prices and increasing rental rates, reflects a changing real estate market in the area. The interplay between federal interest rates, housing prices, and homeownership rates highlights the complex dynamics influencing the local housing market. As the community continues to evolve, these trends will likely shape the future of housing in Miller Place.
