Loading Content...
Rising Home Values and Ownership in Dublin, ZIP Code 18917: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Dublin, located in zip code 18917 in Pennsylvania, has experienced notable shifts in homeownership and housing prices over the past decade. This small community, spanning just 0.7 square miles, has seen interesting trends in its real estate market, reflecting broader economic patterns and local dynamics.
The ownership percentage in Dublin has shown a significant upward trend, particularly in recent years. In 2013, homeownership stood at 42%, but by 2022, it had risen to 61%, marking a substantial 19 percentage point increase. This trend coincided with a steady rise in average home prices. In 2013, the average home price was $244,820, and by 2022, it had climbed to $402,762, representing a 64.5% increase over this period.
The relationship between federal interest rates and homeownership rates in Dublin appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, from 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership increased from 42% to 50%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable around 50%. However, when interest rates dropped again in 2020 and 2021 (0.38% and 0.08% respectively), homeownership saw a sharp increase to 58%.
Conversely, the renter percentage in Dublin has generally declined as average rent prices have increased. In 2013, 58% of residents were renters, with an average rent of $998. By 2022, the renter percentage had decreased to 39%, while the average rent had risen to $1,145, a 14.7% increase. This trend suggests that as renting became more expensive, more residents may have transitioned to homeownership, especially given the low interest rates during much of this period.
In 2023 and 2024, the housing market in Dublin continued its upward trajectory. The average home price in 2023 reached $424,469, a 5.4% increase from 2022. In 2024, it further rose to $442,871, showing a 4.3% year-over-year increase. Interestingly, this growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, predictive models suggest that both average home prices and rent prices in Dublin are likely to continue their upward trend over the next five years. Home prices are projected to increase by approximately 3-4% annually, potentially reaching around $520,000 by 2029. Average rent prices are expected to rise at a similar rate, possibly reaching $1,350 per month in the same timeframe.
In summary, Dublin has seen a significant shift towards homeownership over the past decade, accompanied by substantial increases in both home values and rent prices. The community has demonstrated resilience in its housing market, with continued growth even in the face of rising interest rates. These trends reflect a dynamic local real estate landscape that has favored homeownership while presenting challenges for renters.
