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Dublin, PA: Rising Home Values and Ownership in a Small 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
Dublin, located in Pennsylvania, is a small community with a population of 2,206 as of 2022. This charming borough has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. The homeownership rate in Dublin has shown a significant upward trend, particularly in recent years. In 2013, the homeownership rate stood at 41%, but by 2022, it had increased dramatically to 61%. This 20 percentage point increase indicates a strong shift towards homeownership in the community. Concurrently, average home prices have also seen substantial growth. In 2013, the average home price was $242,920, and by 2022, it had risen to $401,808, representing a 65.4% increase over this period.
The relationship between federal interest rates and homeownership rates in Dublin shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.40%), homeownership rates initially remained relatively stable, hovering around 50%. However, as interest rates began to rise in 2022 to 1.68%, homeownership surprisingly continued to increase, reaching 61%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends during this period.
Conversely, the percentage of renters in Dublin has decreased from 59% in 2013 to 39% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend. In 2013, the average rent was $1,398, which increased to $1,480 by 2022, representing a 5.9% rise. This increase in rent prices, despite a shrinking renter population, may indicate a tightening rental market or improvements in the quality of available rental properties.
Looking at the most recent data, the average home price in Dublin reached $424,347 in 2023 and further increased to $443,399 in 2024. This represents a significant 10.4% increase from 2022 to 2024. Simultaneously, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Dublin will continue to rise, potentially reaching around $525,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For rent prices, we expect a more moderate increase, potentially reaching an average of around $1,700 per month by 2029, assuming the current trends in population and housing supply continue.
In summary, Dublin has experienced a significant shift towards homeownership, with a 20 percentage point increase from 2013 to 2022. This trend has been accompanied by substantial growth in average home prices, which have risen by 65.4% during the same period. Despite rising federal interest rates in recent years, the local housing market has remained robust, with continued price appreciation. The rental market, while shrinking in terms of the percentage of renters, has seen moderate increases in average rent prices. These trends suggest a dynamic and evolving housing market in Dublin, with a strong preference for homeownership emerging among its residents.
