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Zip Code 17313: Rising Home Values and Shifting Ownership Trends in Dallastown, PA
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 17313, located in Dallastown, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a gradual shift in the balance between owners and renters, coupled with notable fluctuations in average home and rent prices. The homeownership rate in zip code 17313 has shown a declining trend from 2013 to 2022. In 2013, the area had a 70% homeownership rate, which remained relatively stable until 2019. However, there was a sharp decrease to 63% in 2020, and this rate has held steady through 2022. Concurrently, average home prices have shown a consistent upward trend. In 2013, the average home price was $139,551, which steadily increased to $226,579 by 2022, representing a substantial 62.4% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2019, when interest rates were relatively low (ranging from 0.11% to 2.16%), homeownership rates remained stable at around 70-72%. However, despite interest rates dropping to historic lows in 2020 (0.38%) and 2021 (0.08%), homeownership rates unexpectedly decreased to 63%. This suggests that other factors, such as economic uncertainty or changes in local market conditions, may have influenced homeownership decisions more than interest rates during this period.
Renter percentages in zip code 17313 have inversely mirrored the homeownership trends, increasing from 30% in 2013 to 37% in 2022. Average rent prices have shown some fluctuation but with an overall upward trend. In 2013, the average rent was $1,070, which peaked at $1,105 in 2021 before slightly decreasing to $1,094 in 2022. This represents a 2.2% increase in average rent prices from 2013 to 2022. The population growth from 10,929 in 2013 to 12,051 in 2022 may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in zip code 17313 reached $242,389 in 2023 and further increased to $253,847 in 2024. This represents a significant 12% increase from 2022 to 2024. Notably, federal interest rates have also risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17313 will continue to rise, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,200 by 2029, assuming the current trend continues and accounting for population growth and housing demand in the area.
In summary, zip code 17313 has experienced a shift towards increased renting, with homeownership rates declining from 70% to 63% between 2013 and 2022. Despite this trend, average home prices have shown robust growth, increasing by over 62% during the same period. Rent prices have also increased, albeit at a slower rate. The area has seen significant population growth, which has likely contributed to the rising housing costs. Looking ahead, we anticipate continued growth in both home prices and rent, with home prices potentially seeing more substantial increases compared to rent.
