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Rising Home Values and Ownership Rates in Dawson, Pennsylvania: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Dawson, located in Pennsylvania, has experienced significant shifts in its housing market over the past decade. This small community has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Dawson has shown a remarkable upward trend, increasing from 76% in 2013 to 87% in 2022. This substantial rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $90,182, which grew to $153,223 by 2022, representing a 70% increase over this period. This positive correlation suggests that rising property values have not deterred local residents from pursuing homeownership, possibly due to the perception of real estate as a sound investment.
The relationship between federal interest rates and homeownership rates in Dawson presents an interesting case. Despite the general assumption that lower interest rates encourage homeownership, Dawson's homeownership rate continued to climb even as interest rates rose from near-zero levels in the early 2010s to 1.68% in 2022. This trend indicates that local factors, such as community stability or economic growth, may have played a more significant role in driving homeownership than national interest rate policies.
Conversely, the percentage of renters in Dawson decreased from 24% in 2013 to 13% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend, rising from $614 in 2013 to $817 in 2022, a 33% increase. This trend suggests that while fewer residents are renting, those who do are facing higher costs, possibly due to a limited supply of rental properties or improvements in the quality of available rentals.
In 2023 and 2024, Dawson's housing market continued to evolve. The average home price in 2023 was $148,780, showing a slight decrease from the previous year. However, in 2024, prices rebounded to $157,037, reaching a new high. This recent uptick occurred despite federal interest rates rising to 5.33% in 2024, demonstrating the local market's resilience to higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Dawson are likely to continue their upward trajectory over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $175,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $900 per month within the same timeframe, assuming current trends persist.
In summary, Dawson has witnessed a significant increase in homeownership rates alongside rising property values over the past decade. This trend has persisted even in the face of increasing interest rates, highlighting the strong local demand for homeownership. The rental market, while shrinking in terms of the percentage of renters, has seen substantial increases in average rent prices. These trends paint a picture of a community with a growing preference for homeownership and a potentially tightening rental market.
