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 | Elk County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $13,308 | $154,283 | $242,182 |
| Price Trend (Annual %) | -18.5% | 4.4% | 8.2% |
| Median Gross Rent | $720 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elk County is about 91% lower than in Pennsylvania. Rent is about 38% lower than the Pennsylvania average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Elk County: home prices fell about 18.5% a year while rent rose about 4.5% a year. That is an unusual pattern worth watching.
Median rent in Elk County rose about 32.1% between 2015 and 2023, from $545 to $720. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 0.2 yearly household incomes in Elk County.
Buying the median-priced home in Elk County costs roughly 1.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Elk County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Elk County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $13,308 | $154,283 | $242,182 |
| Median Household Income | $64,620 | $76,231 | $78,145 |
| Price-to-Income Ratio | 0.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Elk County fell about 83.7%, while median household income rose about 49.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Elk County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.0% | 62.8% | 58.2% |
| Rental Rate | 16.9% | 27.8% | 31.3% |
| Vacancy Rate | 20.1% | 9.4% | 10.6% |
| Median Tenure (years) | 22.0 | 17.0 | 15.0 |
| Median Year Moved In | 2004 | 2009 | 2011 |
Elk County has a homeownership rate of 63.0%, about the same as the Pennsylvania average of 62.8%. Its housing vacancy rate is 20.1%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Elk County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1961 | 1965 | 1978 |
| Median Number of Rooms | 5.9 | 6.0 | 5.5 |
The typical housing unit in Elk County was built around 1961. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 22.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elk County, Pennsylvania.
What is the median home price in Elk County, Pennsylvania?
The median home price in Elk County, Pennsylvania is $13,308, lower than the Pennsylvania average of $154,283.
What is the average home price in Elk 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 Elk County, Pennsylvania?
The median gross rent in Elk County, Pennsylvania is $720 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in Elk County in 2020?
In 2020, the median gross rent in Elk County, Pennsylvania was $620 per month.
What is the price-to-rent ratio in Elk County, Pennsylvania?
The price-to-rent ratio in Elk County, Pennsylvania is about 1.5, meaning it would take roughly 1.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Elk County.
Are home prices or rent rising faster in Elk County, Pennsylvania?
Home prices and rent are moving in opposite directions in Elk County: home prices fell about 18.5% a year while rent rose about 4.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Elk County, Pennsylvania?
63.0% of households in Elk County, Pennsylvania own their home, about the same as the Pennsylvania average.
What is the vacancy rate in Elk County, Pennsylvania?
The housing vacancy rate in Elk County, Pennsylvania is 20.1%, higher than the Pennsylvania average of 9.4%.