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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Dover, located in zip code 83825 in Idaho, is a small community that has experienced notable shifts in homeownership rates and housing prices over the past decade. This analysis examines the trends in ownership versus rental occupancy and their relationship to average housing and rent prices in the area.
The homeownership rate in Dover has shown a significant upward trend, particularly in recent years. In 2013, the homeownership rate stood at 62%, but by 2022, it had increased to 75%. This 13 percentage point increase indicates a strong preference for homeownership in the community. Concurrently, average home prices have seen substantial growth. From 2017 to 2022, average home prices rose from $390,009 to $677,997, representing a remarkable 73.8% increase over five years.
The relationship between federal interest rates and homeownership rates in Dover appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates held steady around 62-64%. Interestingly, even as interest rates began to rise from 2017 onwards, homeownership in Dover continued to increase, reaching 81% in 2020 when interest rates dropped to 0.38% due to the pandemic.
Renter percentages in Dover have shown an inverse relationship to homeownership rates. In 2013, 38% of the population were renters, but this decreased to 25% by 2022. Despite this decline in the renter population, average rent prices have generally increased. The average rent rose from $1,101 in 2013 to $1,285 in 2022, an increase of 16.7% over nine years. This trend suggests that despite fewer renters, demand for rental properties remains strong, possibly due to the overall population growth from 126 in 2011 to 117 in 2022.
In 2023 and 2024, the housing market in Dover continued to show strength. The average home price in 2023 was $681,406, a slight increase from 2022. In 2024, the average home price further rose to $719,693, representing a 5.6% increase from the previous year. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, suggesting a resilient local housing market.
Looking ahead, predictive models suggest that both average home prices and rent prices in Dover are likely to continue their upward trajectory over the next five years. Based on historical trends, average home prices could potentially reach or exceed $800,000 by 2029, while average rent prices might surpass $1,400 per month. However, these projections should be considered in the context of broader economic factors and local market conditions.
In summary, Dover has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. Despite a decreasing renter population, average rent prices have also risen, albeit at a slower pace. The community has shown resilience in the face of rising interest rates, with continued growth in home values. These trends suggest a strong and desirable housing market in zip code 83825, with potential for further appreciation in both home values and rental rates in the coming years.