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Average Home Values and Ownership in Zip Code 17019: Dillsburg's Resilient Housing Market
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
Zip code 17019, located in Dillsburg, Pennsylvania, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a consistently high rate of homeownership while experiencing significant changes in both average home prices and average rent prices. The homeownership rate in zip code 17019 has remained remarkably stable, hovering around 81-83% from 2013 to 2022. During this period, average home prices have shown a steady upward trend. In 2013, the average home price was $200,729, which increased to $315,357 by 2022, representing a substantial 57% growth over nine years. This consistent rise in home values did not significantly impact the homeownership rate, suggesting a strong preference for homeownership in this area despite increasing prices.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2016, interest rates remained very low (below 0.5%), coinciding with a period of stable homeownership rates around 81-82%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 82% in 2019. Interestingly, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a minor fluctuation in homeownership, which returned to 83% by 2022 despite a significant interest rate increase to 1.68%.
Renter percentages in zip code 17019 have remained relatively low, fluctuating between 17% and 19% from 2013 to 2022. Average rent prices have shown an overall upward trend during this period, albeit with some fluctuations. In 2013, the average rent was $903, which increased to $928 by 2022, representing a modest 2.8% increase. However, there were notable fluctuations, with the average rent peaking at $1,068 in 2021 before decreasing in 2022. These changes in rent prices did not significantly alter the renter percentage, which remained relatively stable throughout the period.
As of 2024, the average home price in zip code 17019 has reached $345,538, showing a continued upward trend from previous years. This represents a 9.3% increase from the 2023 average of $333,763. Notably, the federal interest rate has also increased significantly, reaching 5.33% in 2024, up from 5.02% in 2023. This higher interest rate environment could potentially impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 17019 are likely to continue their upward trajectory over the next five years, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $1,100 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market dynamics.
In summary, zip code 17019 has demonstrated a strong and stable homeownership market, with consistently high rates of owner-occupied housing despite significant increases in average home prices. The area has shown resilience to fluctuations in federal interest rates and maintained a relatively small but stable renter population. The continued rise in both home prices and rent, coupled with recent increases in interest rates, may present challenges for affordability in the coming years, potentially influencing the long-standing homeownership trends in this Pennsylvania community.
