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 | Lackawanna County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,603 | $154,283 | $242,182 |
| Price Trend (Annual %) | 6.3% | 4.4% | 8.2% |
| Median Gross Rent | $972 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lackawanna County is about 8% lower than in Pennsylvania. Rent is about 16% 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 Lackawanna County, up about 6.3% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Lackawanna County rose about 37.1% between 2015 and 2023, from $709 to $972. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Lackawanna County.
Buying the median-priced home in Lackawanna County costs roughly 12.2 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 Lackawanna County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Lackawanna County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,603 | $154,283 | $242,182 |
| Median Household Income | $65,463 | $76,231 | $78,145 |
| Price-to-Income Ratio | 2.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lackawanna County rose about 44.4%, while median household income rose about 52.1% 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 | Lackawanna County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.7% | 62.8% | 58.2% |
| Rental Rate | 30.6% | 27.8% | 31.3% |
| Vacancy Rate | 11.7% | 9.4% | 10.6% |
| Median Tenure (years) | 18.0 | 17.0 | 15.0 |
| Median Year Moved In | 2008 | 2009 | 2011 |
Lackawanna County has a homeownership rate of 57.7%, lower than the Pennsylvania average of 62.8%. Its housing vacancy rate is 11.7%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Lackawanna County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1956 | 1965 | 1978 |
| Median Number of Rooms | 6.0 | 6.0 | 5.5 |
The typical housing unit in Lackawanna County was built around 1956. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lackawanna County, Pennsylvania.
What is the median home price in Lackawanna County, Pennsylvania?
The median home price in Lackawanna County, Pennsylvania is $142,603, lower than the Pennsylvania average of $154,283.
What is the average home price in Lackawanna 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 Lackawanna County, Pennsylvania?
The median gross rent in Lackawanna County, Pennsylvania is $972 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in Lackawanna County in 2020?
In 2020, the median gross rent in Lackawanna County, Pennsylvania was $798 per month.
What is the price-to-rent ratio in Lackawanna County, Pennsylvania?
The price-to-rent ratio in Lackawanna County, Pennsylvania is about 12.2, meaning it would take roughly 12.2 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 Lackawanna County.
Are home prices or rent rising faster in Lackawanna County, Pennsylvania?
Both home prices and rent are rising in Lackawanna County, up about 6.3% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lackawanna County, Pennsylvania?
57.7% of households in Lackawanna County, Pennsylvania own their home, lower than the Pennsylvania average of 62.8%.
What is the vacancy rate in Lackawanna County, Pennsylvania?
The housing vacancy rate in Lackawanna County, Pennsylvania is 11.7%, higher than the Pennsylvania average of 9.4%.