New Castle, Pennsylvania Housing Market Prices
New Castle Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 91% below the Pennsylvania median$13,467
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Median rent 39% below the Pennsylvania median$740
Housing Market Overview
| Metric | New Castle | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $13,467 | $152,469 | $248,835 |
| Price Trend (Annual %) | -13.3% | 3.7% | 7.5% |
| Median Gross Rent | $740 | $1,208 | $1,407 |
| Rent Trend (Annual %) | 2.6% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New Castle is about 91% lower than in Pennsylvania. Rent is about 39% lower than the Pennsylvania average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in New Castle: home prices fell about 13.3% a year while rent rose about 2.6% a year. That is an unusual pattern worth watching.
Median rent in New Castle rose about 26.7% between 2015 and 2024, from $584 to $740. Over the same span, rent in Pennsylvania rose about 43.9%.
Affordability
On average, housing unit costs 0.3 yearly household incomes in New Castle.
Buying the median-priced home in New Castle 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 New Castle. The price-to-rent ratio in Pennsylvania is about 10.5.
| Metric | New Castle | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $13,467 | $152,469 | $248,835 |
| Median Household Income | $42,199 | $78,249 | $80,455 |
| Price-to-Income Ratio | 0.3 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in New Castle fell about 65.1%, while median household income rose about 21.8% between 2009 and 2025 — 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 | New Castle | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.7% | 63.0% | 58.5% |
| Rental Rate | 39.8% | 27.9% | 31.2% |
| Vacancy Rate | 11.4% | 9.1% | 10.2% |
| Median Tenure (years) | 14.0 | 17.0 | 15.0 |
| Median Year Moved In | 2012 | 2009 | 2011 |
New Castle has a homeownership rate of 48.7%, lower than the Pennsylvania average of 63.0%. Its housing vacancy rate is 11.4%, compared with 9.1% in Pennsylvania.
Housing Stock
| Metric | New Castle | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.39 people | 2.53 people |
| Median Structure Built Year | 1945 | 1966 | 1978 |
| Median Number of Rooms | 5.8 | 6.0 | 5.5 |
The typical housing unit in New Castle was built around 1945. On average, 2.2 people live in a home with about 5.8 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in New Castle, Pennsylvania.
What is the median home price in New Castle, Pennsylvania?
The median home price in New Castle, Pennsylvania is $13,467, lower than the Pennsylvania average of $152,469.
What is the average home price in New Castle, Pennsylvania?
The typical home price in New Castle, Pennsylvania, reported as the median sale price, is $13,467. 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 New Castle, Pennsylvania?
The median gross rent in New Castle, Pennsylvania is $740 per month, lower than the Pennsylvania average of $1,208.
What was the median gross rent in New Castle in 2020?
In 2020, the median gross rent in New Castle, Pennsylvania was $660 per month.
What is the price-to-rent ratio in New Castle, Pennsylvania?
The price-to-rent ratio in New Castle, 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 New Castle.
Are home prices or rent rising faster in New Castle, Pennsylvania?
Home prices and rent are moving in opposite directions in New Castle: home prices fell about 13.3% a year while rent rose about 2.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in New Castle, Pennsylvania?
48.7% of households in New Castle, Pennsylvania own their home, lower than the Pennsylvania average of 63.0%.
What is the vacancy rate in New Castle, Pennsylvania?
The housing vacancy rate in New Castle, Pennsylvania is 11.4%, higher than the Pennsylvania average of 9.1%.
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