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 | Centre County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,867 | $154,283 | $242,182 |
| Price Trend (Annual %) | 9.3% | 4.4% | 8.2% |
| Median Gross Rent | $1,180 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Centre County is about 74% higher than in Pennsylvania. Rent is about 2% higher 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 Centre County, up about 9.3% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Centre County rose about 31.1% between 2015 and 2023, from $900 to $1,180. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Centre County.
Buying the median-priced home in Centre County costs roughly 18.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Centre County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Centre County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,867 | $154,283 | $242,182 |
| Median Household Income | $72,298 | $76,231 | $78,145 |
| Price-to-Income Ratio | 3.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Centre County rose about 60.0%, while median household income rose about 57.3% 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 | Centre County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.2% | 62.8% | 58.2% |
| Rental Rate | 34.2% | 27.8% | 31.3% |
| Vacancy Rate | 10.6% | 9.4% | 10.6% |
| Median Tenure (years) | 15.0 | 17.0 | 15.0 |
| Median Year Moved In | 2011 | 2009 | 2011 |
Centre County has a homeownership rate of 55.2%, lower than the Pennsylvania average of 62.8%. Its housing vacancy rate is 10.6%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Centre County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1978 | 1965 | 1978 |
| Median Number of Rooms | 5.7 | 6.0 | 5.5 |
The typical housing unit in Centre County was built around 1978. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Centre County, Pennsylvania.
What is the median home price in Centre County, Pennsylvania?
The median home price in Centre County, Pennsylvania is $267,867, higher than the Pennsylvania average of $154,283.
What is the average home price in Centre 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 Centre County, Pennsylvania?
The median gross rent in Centre County, Pennsylvania is $1,180 per month, higher than the Pennsylvania average of $1,161.
What was the median gross rent in Centre County in 2020?
In 2020, the median gross rent in Centre County, Pennsylvania was $1,019 per month.
What is the price-to-rent ratio in Centre County, Pennsylvania?
The price-to-rent ratio in Centre County, Pennsylvania is about 18.9, meaning it would take roughly 18.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Centre County.
Are home prices or rent rising faster in Centre County, Pennsylvania?
Both home prices and rent are rising in Centre County, up about 9.3% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Centre County, Pennsylvania?
55.2% of households in Centre County, Pennsylvania own their home, lower than the Pennsylvania average of 62.8%.
What is the vacancy rate in Centre County, Pennsylvania?
The housing vacancy rate in Centre County, Pennsylvania is 10.6%, higher than the Pennsylvania average of 9.4%.