DECEMBER 12TH, 2018

Pennsylvania Mortgages

The state of Pennsylvania has a historic past which intrigues many of those who are looking to purchase a home there. The state has a massive housing market, and boasts an inventory of homes that can satisfy a buyer, no matter what they are looking for. The 2002 US census data shows that there were 5,328,251 total housing units in Pennsylvania.

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The construction market has been busy in the state, and the number has grown since then. The home ownership rate in Pennsylvania is impressive, and for good reason. The 2000 census showed that there was a home ownership rate of 71.3% in the state, compared with the national average of 66.2%. Despite being a fairly urban state, which normally affects the home ownership rate negatively, Pennsylvania maintains a higher than average rate. This can be partially explained by the lower cost of housing in the state.

In the 2000 census, the median value of a owner occupied home in Pennsylvania was $97,000, as opposed to the national average that year which was $199,600. A lower median home value has traditionally resulted in a higher than average home ownership rate, as buyers find their dollar goes further than in more costly markets. The income for those living in Pennsylvania hovers around the national average, with the census in 1999 showing the median household income as $40,106 with the national average being $41,994.

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For those looking to buy in Pennsylvania, the city of Pittsburg comes highly recommended. When compared with many large cities, the prices of homes in Pittsburgh are refreshingly affordable. Recent surveys show that an average home price in Pittsburgh of ranges from around $110,000 to $162,000 for a 3/4 bedroom, 2 bath home, which is approximately 40% below the national average.

It is easy to find nice homes in the city, as well as fixer uppers, for less than $100,000 within the Pittsburgh city limits. For those who are less keen on city living, there are expanding home markets in nearby towns as well as in some of the outlying suburban communities. Things are not all bargain priced in Pittsburg, as with most major cities, there are also significantly higher priced neighborhoods with homes costing upwards of $1 million or more.

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This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.