A Pennsylvania city was recently highlighted by Realtor.com as one of the nations most “desirable” metro areas for those homebuying under $300,000.
Susan Angstadt for Spotlight PA
The real estate listing site Realtor.com declared the Scranton/Wilkes-Barre region among 10 “desirable” metros in the nation with homes under $300,000.
State College didn’t make the list. With a median home listing of $462,470 in February, it is the most expensive metropolitan area for homebuyers in Pennsylvania and is over the national median of $403,450.
Realtor.com uses its own data to find areas with a sub-$300,000 median listing prices in metro areas across the country, then selects those that have “a satisfying quality of life,” “the conveniences of a bustling city” and home prices “aligned with local incomes,” according to a write-up from the site. All 10 of the metropolitan areas listed are east of the Rockies.
Scranton/Wilkes-Barre, according to the site, was selected for its “growing health care and education sector,” outdoor amenities and proximity to Philadelphia and New York. Commonwealth Health is based in Wilkes-Barre, and the major health care providers Geisinger and Jefferson are expanding there.
Listing prices in the Electric City and surrounding areas have been fairly stable over the past few years, with the median in February being $259,950. While there is less of an on ramp to homeownership there than some other areas in the commonwealth, it is but one of 22 areas with a sub-$300,000 median listing price. Also included is the major metro area of Pittsburgh ($238,450) and closer-to-home areas like Lock Haven ($222,500).
The Scranton/Wilkes-Barre metropolitan area — which includes all of Lackawanna, Luzerne and Wyoming counties — is middle of the pack for housing affordability in Pennsylvania, according to Census Bureau data released in January. Just under 24% of homeowners there are burdened by housing costs, meaning they spend over 30% of their income on it.
The most burdened area in the commonwealth is East Stroudsburg in the Poconos, with 32% of homeowners burdened by housing costs.
In the State College metro area, which is coterminous with Centre County, 20.7% of homeowners are burdened by housing costs.
List prices are creeping upward nationwide, part of an annual trend of home prices increasing as summer approaches.
Realtor.com’s ‘The 10 Desirable Metros Where Buyers Can Still Snag a $300K Home’Joplin, Mo.Dayton, OhioColumbus, Ga.Champaign, Ill.Scranton/Wilkes-Barre, Pa.Cedar Rapids, IowaAmarillo, TexasBangor, MaineDuluth, Minn.Louisville, Ky.
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