Certainly suburban life has not only just become appealing to Americans. Since the late 1940s, suburbs have been hotspots for homebuyers, but they’ve been as appealing as ever since the onset of the pandemic, and people began spending more time at home, possibly even with the option to work remotely.
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It’s not just the sprawling lawns, ample backyards and quiet cul-de-sacs that lure city rats to suburban lanes; it’s also the affordability aspect. Often, you can get more home for your buck in a suburb than you can in the nearest major metro. But make no mistake: Suburbs can be really pricey.
Which suburbs are getting even more expensive? In a new study, GOBankingRates analyzed suburbs across the U.S. to find the 10 suburbs with the biggest increase in home value (percentage wise) in 2024.
10. Mountain Lakes, New Jersey
- Total population: 4,499
- Livability: 69
- Home value on Dec. 31, 2023: $1,036,269
- Home value on Oct. 31, 2024: $1,131,591
- Change in home value in 2024 (percentage): 9.20%
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9. Ridgewood, New Jersey
- Total population: 26,043
- Livability: 88
- Home value on Dec. 31, 2023: $1,003,147
- Home value on Oct. 31, 2024: $1,097,521
- Change in home value in 2024 (percentage): 9.41%
8. East Williston, New York
- Total population: 2,630
- Livability: 82
- Home value on Dec. 31, 2023: $1,174,957
- Home value on Oct. 31, 2024: $1,285,583
- Change in home value in 2024 (percentage): 9.42%
7. Pinecrest, Florida
- Total population: 18,279
- Livability: 77
- Home value on Dec. 31, 2023: $2,099,142
- Home value on Oct. 31, 2024: $2,298,008
- Change in home value in 2024 (percentage): 9.47%
6. Haworth, New Jersey
- Total population: 3,342
- Livability: 71
- Home value on Dec. 31, 2023: $945,285
- Home value on Oct. 31, 2024: $1,038,534
- Change in home value in 2024 (percentage): 9.86%
5. Lincoln, Michigan
- Total population: 233
- Livability: 65
- Home value on Dec. 31, 2023: $156,962
- Home value on Oct. 31, 2024: $172,552
- Change in home value in 2024 (percentage): 9.93%
4. Metuchen, New Jersey
- Total population: 14,958
- Livability: 84
- Home value on Dec. 31, 2023: $601,176
- Home value on Oct. 31, 2024: $662,066
- Change in home value in 2024 (percentage): 10.13%
3. Wellston, Missouri
- Total population: 1,913
- Livability: 68
- Home value on Dec. 31, 2023: $51,278
- Home value on Oct. 31, 2024: $56,895
- Change in home value in 2024 (percentage): 10.95%
2. Dix Hills, New York
- Total population: 24,652
- Livability: 65
- Home value on Dec. 31, 2023: $1,005,921
- Home value on Oct. 31, 2024: $1,120,990
- Change in home value in 2024 (percentage): 11.44%
1. Irvine, California
- Total population: 304,527
- Livability: 76
- Home value on Dec. 31, 2023: $1,575,173
- Home value on Oct. 31, 2024: $1,789,968
- Change in home value in 2024 (percentage): 13.64%
Methodology: For this study, GOBankingRates analyzed suburbs across the United States to find the suburbs with the largest increase and largest decrease in home value in 2024. First, GOBankingRates found 740 suburbs from Niche.com’s Best Suburbs in America of 2024. For each location a number of factors were found including; total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. Using this data, the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost of living indexes. Using the cost of living indexes for grocery, healthcare, utilities, transportation and miscellaneous as well as the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location and included as supplemental information. The average single-family home value was sourced from Zillow Home Value Index for October 2024 and December 2023. To qualify for this study, each location had to have all the data available. Using the average single-family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The difference in home value from Dec. 31, 2023, to Oct. 31, 2024, can be calculated for dollar value and percentage change. Out of the 536 suburbs remaining, the top 10 suburbs for highest dollar price drop, highest percentage price drop, highest dollar price gain and highest percentage price gain were all ranked to find the suburbs where home prices have gone up the most and went down the most in 2024.
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This article originally appeared on GOBankingRates.com: The 10 Suburbs Where Home Prices Went Up the Most in 2024
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