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South Huntington: Rising Home Values and Strong Ownership Trends Amid Market Fluctuations
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
South Huntington, located in New York, is a vibrant community that has experienced notable changes in its housing market over the past decade. With a population of 10,307 in 2022 and spanning 3.42 square miles, this suburban area has seen significant trends in homeownership rates, average home prices, and average rent prices.
The ownership percentage in South Huntington has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 85%, and by 2022, it had risen to 88%. This upward trend coincides with a substantial increase in average home prices. In 2013, the average home price was $377,125, and by 2022, it had surged to $593,843, representing a remarkable 57.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in South Huntington appears to follow the general trend of lower interest rates encouraging homeownership. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 85% to 86%. As interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), homeownership rates remained stable at 86-87%. Interestingly, despite the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership continued to increase, reaching 88% by 2022.
The percentage of renters in South Huntington has correspondingly decreased from 15% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $1,729, and it increased to $2,079 by 2022, representing a 20.2% increase. This rise in rent prices, despite a decreasing renter population, could be attributed to various factors such as overall property value appreciation and limited rental inventory.
In 2023 and 2024, the housing market in South Huntington continued to experience growth. The average home price in 2023 was $603,383, and in 2024 it further increased to $642,790. This represents a significant 8.2% year-over-year increase from 2022 to 2023, and a 6.5% increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since 2007.
Looking ahead, based on the historical data and current trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $750,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices might increase to approximately $2,400-$2,500 per month in the same timeframe, considering the historical rate of increase and the correlation with home values.
In summary, South Huntington has demonstrated a strong trend towards homeownership, with steadily increasing ownership rates and rapidly appreciating home values. Despite rising interest rates, the demand for homeownership remains robust. The rental market, while shrinking in terms of population percentage, has seen consistent increases in average rent prices. These trends suggest a competitive and dynamic housing market in South Huntington, with continued growth expected in both the ownership and rental sectors in the coming years.
