Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Bedford County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $213,688 | $154,283 | $242,182 |
| Price Trend (Annual %) | 10.6% | 4.4% | 8.2% |
| Median Gross Rent | $771 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 2.9% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bedford County is about 39% higher than in Pennsylvania. Rent is about 34% lower than the Pennsylvania average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bedford County, up about 10.6% and 2.9% a year respectively. Home prices are changing faster.
Median rent in Bedford County rose about 22.4% between 2015 and 2023, from $630 to $771. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Bedford County.
Buying the median-priced home in Bedford County costs roughly 23.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bedford County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Bedford County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $213,688 | $154,283 | $242,182 |
| Median Household Income | $60,313 | $76,231 | $78,145 |
| Price-to-Income Ratio | 3.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bedford County rose about 78.3%, while median household income rose about 51.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bedford County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.5% | 62.8% | 58.2% |
| Rental Rate | 18.4% | 27.8% | 31.3% |
| Vacancy Rate | 16.1% | 9.4% | 10.6% |
| Median Tenure (years) | 21.0 | 17.0 | 15.0 |
| Median Year Moved In | 2005 | 2009 | 2011 |
Bedford County has a homeownership rate of 65.5%, higher than the Pennsylvania average of 62.8%. Its housing vacancy rate is 16.1%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Bedford County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1967 | 1965 | 1978 |
| Median Number of Rooms | 6.0 | 6.0 | 5.5 |
The typical housing unit in Bedford County was built around 1967. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bedford County, Pennsylvania.
What is the median home price in Bedford County, Pennsylvania?
The median home price in Bedford County, Pennsylvania is $213,688, higher than the Pennsylvania average of $154,283.
What is the average home price in Bedford County, Pennsylvania?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bedford County, Pennsylvania?
The median gross rent in Bedford County, Pennsylvania is $771 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in Bedford County in 2020?
In 2020, the median gross rent in Bedford County, Pennsylvania was $683 per month.
What is the price-to-rent ratio in Bedford County, Pennsylvania?
The price-to-rent ratio in Bedford County, Pennsylvania is about 23.1, meaning it would take roughly 23.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bedford County.
Are home prices or rent rising faster in Bedford County, Pennsylvania?
Both home prices and rent are rising in Bedford County, up about 10.6% and 2.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bedford County, Pennsylvania?
65.5% of households in Bedford County, Pennsylvania own their home, higher than the Pennsylvania average of 62.8%.
What is the vacancy rate in Bedford County, Pennsylvania?
The housing vacancy rate in Bedford County, Pennsylvania is 16.1%, higher than the Pennsylvania average of 9.4%.