Description of Indicator
This indicator measures the affordability of owner-occupied housing. It is assessed by calculating owner costs as a share of the median household income of homeowners. Selected Monthly Owner Costs (SMOC), defined by the U.S. Census Bureau, include mortgage payments, real estate taxes, various insurances, utilities, fuels, mobile home costs, and condominium fees. Only owner-occupied units with mortgages are included in this dataset.
Why is this important?
Housing affordability is critical to quality of life, and sustained housing is an essential factor in the social determinants of health. It also leads to better academic performance and worker stability.
How is the region performing?
Lackawanna County homeowners spent 15.0 percent of their incomes on select monthly owner costs in 2023 – an increase of 0.4 percent from the previous year, a decrease of 11.4 percent from 2000, and a decrease of 10.2 percent from 1990.
Luzerne County homeowners spent 14.9 percent of their incomes on select monthly owner costs in 2023 – an increase of 0.3 percent from 2022 to 2023, a decrease of 10.6 percent from 2000, and a decrease of 8.4 percent from 1990.
Wayne County homeowners spent 16.2 percent of their incomes on select monthly owner costs in 2023 – a decrease of 0.1 percent from the previous year, 11.6 percent from 2000, and 11.4 percent from 1990.
Pennsylvania homeowners spent 15.2 percent of their incomes on select monthly owner costs in 2023 – a decrease of 0.1 percent from the previous year, a decrease of 10.3 percent from 2000, and a decrease of nine percent from 1990.