Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Pennsylvania cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Pennsylvania is worth $226,200. But across the 24 cities, towns, and unincorporated communities in the state with populations of at least 25,000, median home values range from less than $90,000 to over $380,000.
In any local market, home prices are often a reflection of what residents can afford. In Pennsylvania, many of the least expensive cities for homebuyers are not high-income areas. Of the 24 Pennsylvania cities with available data from the ACS, 21 have a median home value that is less than the statewide median. In all but three of these places, the typical household earns less than the statewide median household income of $73,170.
These are the cheapest and most expensive housing markets in Pennsylvania.
24. Chester
- Median home value: $80,800
- Homes worth over $1 million: 0.0%
- Homeownership rate: 38.0%
- Median household income: $39,193
- Total population: 33,048
23. York
- Median home value: $92,600
- Homes worth over $1 million: 0.2%
- Homeownership rate: 43.5%
- Median household income: $42,351
- Total population: 44,782
22. Reading
- Median home value: $96,900
- Homes worth over $1 million: 0.5%
- Homeownership rate: 39.3%
- Median household income: $42,852
- Total population: 94,601
21. Wilkes-Barre
- Median home value: $98,200
- Homes worth over $1 million: 0.0%
- Homeownership rate: 47.9%
- Median household income: $46,597
- Total population: 44,123
20. Erie
- Median home value: $101,500
- Homes worth over $1 million: 0.2%
- Homeownership rate: 52.6%
- Median household income: $43,135
- Total population: 94,826
19. Altoona
- Median home value: $110,700
- Homes worth over $1 million: 0.1%
- Homeownership rate: 65.5%
- Median household income: $50,435
- Total population: 43,821
18. Harrisburg
- Median home value: $112,100
- Homes worth over $1 million: 0.4%
- Homeownership rate: 35.5%
- Median household income: $46,654
- Total population: 50,055
17. Hazleton
- Median home value: $119,700
- Homes worth over $1 million: 0.0%
- Homeownership rate: 46.4%
- Median household income: $39,362
- Total population: 29,671
16. Lebanon
- Median home value: $125,600
- Homes worth over $1 million: 0.3%
- Homeownership rate: 46.8%
- Median household income: $47,160
- Total population: 26,679
15. Scranton
- Median home value: $125,700
- Homes worth over $1 million: 0.1%
- Homeownership rate: 50.3%
- Median household income: $48,776
- Total population: 76,119
14. Williamsport
- Median home value: $136,400
- Homes worth over $1 million: 0.3%
- Homeownership rate: 43.7%
- Median household income: $48,388
- Total population: 27,755
13. Easton
- Median home value: $150,500
- Homes worth over $1 million: 1.1%
- Homeownership rate: 46.6%
- Median household income: $62,642
- Total population: 28,883
12. Allentown
- Median home value: $168,800
- Homes worth over $1 million: 0.6%
- Homeownership rate: 42.3%
- Median household income: $52,449
- Total population: 125,292
11. Pittsburgh
- Median home value: $171,800
- Homes worth over $1 million: 1.7%
- Homeownership rate: 47.4%
- Median household income: $60,187
- Total population: 303,843
10. Lancaster
- Median home value: $179,500
- Homes worth over $1 million: 0.7%
- Homeownership rate: 46.7%
- Median household income: $61,014
- Total population: 57,970
9. Monroeville
- Median home value: $182,600
- Homes worth over $1 million: 0.2%
- Homeownership rate: 71.0%
- Median household income: $80,625
- Total population: 28,517
8. Norristown
- Median home value: $188,100
- Homes worth over $1 million: 0.7%
- Homeownership rate: 38.9%
- Median household income: $59,068
- Total population: 35,712
7. Plum
- Median home value: $199,100
- Homes worth over $1 million: 0.8%
- Homeownership rate: 81.8%
- Median household income: $91,931
- Total population: 27,032
6. Philadelphia
- Median home value: $215,500
- Homes worth over $1 million: 1.8%
- Homeownership rate: 52.2%
- Median household income: $57,537
- Total population: 1,593,208
5. Bethlehem
- Median home value: $220,300
- Homes worth over $1 million: 0.7%
- Homeownership rate: 50.8%
- Median household income: $62,072
- Total population: 76,555
4. Drexel Hill
- Median home value: $221,900
- Homes worth over $1 million: 0.0%
- Homeownership rate: 65.3%
- Median household income: $82,777
- Total population: 29,231
3. Bethel Park
- Median home value: $243,600
- Homes worth over $1 million: 0.2%
- Homeownership rate: 78.3%
- Median household income: $102,177
- Total population: 33,275
2. Levittown
- Median home value: $283,900
- Homes worth over $1 million: 0.2%
- Homeownership rate: 86.9%
- Median household income: $97,750
- Total population: 51,152
1. State College
- Median home value: $382,500
- Homes worth over $1 million: 1.3%
- Homeownership rate: 26.2%
- Median household income: $43,459
- Total population: 40,902
Top Gaining Stocks
Top Losing Stocks