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 | McKean County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,435 | $154,283 | $242,182 |
| Price Trend (Annual %) | -2.1% | 4.4% | 8.2% |
| Median Gross Rent | $768 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McKean County is about 62% 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 McKean County: home prices fell about 2.1% a year while rent rose about 3.1% a year. That is an unusual pattern worth watching.
Median rent in McKean County rose about 28.8% between 2015 and 2023, from $597 to $768. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in McKean County.
Buying the median-priced home in McKean County costs roughly 6.3 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 McKean County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | McKean County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,435 | $154,283 | $242,182 |
| Median Household Income | $61,611 | $76,231 | $78,145 |
| Price-to-Income Ratio | 0.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in McKean County fell about 33.1%, while median household income rose about 53.7% 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 | McKean County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.4% | 62.8% | 58.2% |
| Rental Rate | 17.7% | 27.8% | 31.3% |
| Vacancy Rate | 16.9% | 9.4% | 10.6% |
| Median Tenure (years) | 20.0 | 17.0 | 15.0 |
| Median Year Moved In | 2006 | 2009 | 2011 |
McKean County has a homeownership rate of 65.4%, higher than the Pennsylvania average of 62.8%. Its housing vacancy rate is 16.9%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | McKean County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1954 | 1965 | 1978 |
| Median Number of Rooms | 6.2 | 6.0 | 5.5 |
The typical housing unit in McKean County was built around 1954. On average, 2.3 people live in a home with about 6.2 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in McKean County, Pennsylvania.
What is the median home price in McKean County, Pennsylvania?
The median home price in McKean County, Pennsylvania is $58,435, lower than the Pennsylvania average of $154,283.
What is the average home price in McKean 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 McKean County, Pennsylvania?
The median gross rent in McKean County, Pennsylvania is $768 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in McKean County in 2020?
In 2020, the median gross rent in McKean County, Pennsylvania was $690 per month.
What is the price-to-rent ratio in McKean County, Pennsylvania?
The price-to-rent ratio in McKean County, Pennsylvania is about 6.3, meaning it would take roughly 6.3 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 McKean County.
Are home prices or rent rising faster in McKean County, Pennsylvania?
Home prices and rent are moving in opposite directions in McKean County: home prices fell about 2.1% a year while rent rose about 3.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in McKean County, Pennsylvania?
65.4% of households in McKean County, Pennsylvania own their home, higher than the Pennsylvania average of 62.8%.
What is the vacancy rate in McKean County, Pennsylvania?
The housing vacancy rate in McKean County, Pennsylvania is 16.9%, higher than the Pennsylvania average of 9.4%.