Pa. median home value comparatively low, but rent rise outpaces Northeast, nation
Newly released American Community Survey numbers from the U.S. Census Bureau indicate Pennsylvania is still a relatively less-expensive place to buy a home based on values compared with the county as a whole and especially the Northeast.
But rents fetched for units has grown at a faster rate in the commonwealth over the past several years in the same two comparisons, according to statement from the Pennsylvania State Data Center at Penn State Harrisburg.
The state’s median gross rent grew by about 3.5 percent to $798 from 2008 to 2012, according to the data center’s release.
The figure grew in the Northeast by 2.4 percent to $997 and nationally by less than 1 percent to $884.
Median gross rent includes utilities.
Meanwhile, the commonwealth’s median value for an owner-occupied home stayed below the two areas of comparison.
Pennsylvania’s median value in 2012 was $163,800 compared with $246,000 in the Northeast and $171,900 nationally, the release stated.