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 | Lycoming County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,444 | $154,283 | $242,182 |
| Price Trend (Annual %) | 12.1% | 4.4% | 8.2% |
| Median Gross Rent | $886 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lycoming County is about 10% higher than in Pennsylvania. Rent is about 24% 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 Lycoming County, up about 12.1% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Lycoming County rose about 22.6% between 2015 and 2023, from $723 to $886. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Lycoming County.
Buying the median-priced home in Lycoming County costs roughly 15.9 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 Lycoming County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Lycoming County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,444 | $154,283 | $242,182 |
| Median Household Income | $64,719 | $76,231 | $78,145 |
| Price-to-Income Ratio | 2.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lycoming County rose about 105.9%, while median household income rose about 55.2% 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 | Lycoming County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.7% | 62.8% | 58.2% |
| Rental Rate | 27.0% | 27.8% | 31.3% |
| Vacancy Rate | 12.3% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 17.0 | 15.0 |
| Median Year Moved In | 2009 | 2009 | 2011 |
Lycoming County has a homeownership rate of 60.7%, lower than the Pennsylvania average of 62.8%. Its housing vacancy rate is 12.3%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Lycoming County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1963 | 1965 | 1978 |
| Median Number of Rooms | 5.9 | 6.0 | 5.5 |
The typical housing unit in Lycoming County was built around 1963. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lycoming County, Pennsylvania.
What is the median home price in Lycoming County, Pennsylvania?
The median home price in Lycoming County, Pennsylvania is $169,444, higher than the Pennsylvania average of $154,283.
What is the average home price in Lycoming 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 Lycoming County, Pennsylvania?
The median gross rent in Lycoming County, Pennsylvania is $886 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in Lycoming County in 2020?
In 2020, the median gross rent in Lycoming County, Pennsylvania was $796 per month.
What is the price-to-rent ratio in Lycoming County, Pennsylvania?
The price-to-rent ratio in Lycoming County, Pennsylvania is about 15.9, meaning it would take roughly 15.9 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 Lycoming County.
Are home prices or rent rising faster in Lycoming County, Pennsylvania?
Both home prices and rent are rising in Lycoming County, up about 12.1% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lycoming County, Pennsylvania?
60.7% of households in Lycoming County, Pennsylvania own their home, lower than the Pennsylvania average of 62.8%.
What is the vacancy rate in Lycoming County, Pennsylvania?
The housing vacancy rate in Lycoming County, Pennsylvania is 12.3%, higher than the Pennsylvania average of 9.4%.