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 | Fayette County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $61,798 | $154,283 | $242,182 |
| Price Trend (Annual %) | -6.2% | 4.4% | 8.2% |
| Median Gross Rent | $771 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fayette County is about 60% lower 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
Home prices and rent are moving in opposite directions in Fayette County: home prices fell about 6.2% a year while rent rose about 3.5% a year. That is an unusual pattern worth watching.
Median rent in Fayette County rose about 30.3% between 2015 and 2023, from $592 to $771. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Fayette County.
Buying the median-priced home in Fayette County costs roughly 6.7 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 Fayette County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Fayette County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $61,798 | $154,283 | $242,182 |
| Median Household Income | $56,307 | $76,231 | $78,145 |
| Price-to-Income Ratio | 1.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fayette County fell about 35.5%, while median household income rose about 65.5% 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 | Fayette County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.2% | 62.8% | 58.2% |
| Rental Rate | 24.4% | 27.8% | 31.3% |
| Vacancy Rate | 11.4% | 9.4% | 10.6% |
| Median Tenure (years) | 20.0 | 17.0 | 15.0 |
| Median Year Moved In | 2006 | 2009 | 2011 |
Fayette County has a homeownership rate of 64.2%, higher than the Pennsylvania average of 62.8%. Its housing vacancy rate is 11.4%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Fayette County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1960 | 1965 | 1978 |
| Median Number of Rooms | 5.9 | 6.0 | 5.5 |
The typical housing unit in Fayette County was built around 1960. On average, 2.2 people live in a home with about 5.9 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fayette County, Pennsylvania.
What is the median home price in Fayette County, Pennsylvania?
The median home price in Fayette County, Pennsylvania is $61,798, lower than the Pennsylvania average of $154,283.
What is the average home price in Fayette 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 Fayette County, Pennsylvania?
The median gross rent in Fayette County, Pennsylvania is $771 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in Fayette County in 2020?
In 2020, the median gross rent in Fayette County, Pennsylvania was $683 per month.
What is the price-to-rent ratio in Fayette County, Pennsylvania?
The price-to-rent ratio in Fayette County, Pennsylvania is about 6.7, meaning it would take roughly 6.7 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 Fayette County.
Are home prices or rent rising faster in Fayette County, Pennsylvania?
Home prices and rent are moving in opposite directions in Fayette County: home prices fell about 6.2% a year while rent rose about 3.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Fayette County, Pennsylvania?
64.2% of households in Fayette County, Pennsylvania own their home, higher than the Pennsylvania average of 62.8%.
What is the vacancy rate in Fayette County, Pennsylvania?
The housing vacancy rate in Fayette County, Pennsylvania is 11.4%, higher than the Pennsylvania average of 9.4%.