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 | Potter County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $147,216 | $154,283 | $242,182 |
| Price Trend (Annual %) | 12.4% | 4.4% | 8.2% |
| Median Gross Rent | $767 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Potter County is about 5% 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
Both home prices and rent are rising in Potter County, up about 12.4% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Potter County rose about 26.0% between 2015 and 2023, from $609 to $767. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Potter County.
Buying the median-priced home in Potter County costs roughly 16.0 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 Potter County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Potter County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $147,216 | $154,283 | $242,182 |
| Median Household Income | $59,843 | $76,231 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Potter County rose about 86.5%, while median household income rose about 61.4% 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 | Potter County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.8% | 62.8% | 58.2% |
| Rental Rate | 10.8% | 27.8% | 31.3% |
| Vacancy Rate | 45.4% | 9.4% | 10.6% |
| Median Tenure (years) | 20.0 | 17.0 | 15.0 |
| Median Year Moved In | 2006 | 2009 | 2011 |
Potter County has a homeownership rate of 43.8%, lower than the Pennsylvania average of 62.8%. Its housing vacancy rate is 45.4%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Potter County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1965 | 1965 | 1978 |
| Median Number of Rooms | 5.4 | 6.0 | 5.5 |
The typical housing unit in Potter County was built around 1965. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Potter County, Pennsylvania.
What is the median home price in Potter County, Pennsylvania?
The median home price in Potter County, Pennsylvania is $147,216, lower than the Pennsylvania average of $154,283.
What is the average home price in Potter 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 Potter County, Pennsylvania?
The median gross rent in Potter County, Pennsylvania is $767 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in Potter County in 2020?
In 2020, the median gross rent in Potter County, Pennsylvania was $670 per month.
What is the price-to-rent ratio in Potter County, Pennsylvania?
The price-to-rent ratio in Potter County, Pennsylvania is about 16.0, meaning it would take roughly 16.0 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 Potter County.
Are home prices or rent rising faster in Potter County, Pennsylvania?
Both home prices and rent are rising in Potter County, up about 12.4% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Potter County, Pennsylvania?
43.8% of households in Potter County, Pennsylvania own their home, lower than the Pennsylvania average of 62.8%.
What is the vacancy rate in Potter County, Pennsylvania?
The housing vacancy rate in Potter County, Pennsylvania is 45.4%, higher than the Pennsylvania average of 9.4%.