Description of the Indicator
This indicator measures typical home values and market rent values for the Scranton/ Wilkes-Barre/ Hazleton Metropolitan Area. Statistics on housing values were obtained from data collected by Zillow. The Zillow Home Value Index is a measure of typical home values in a region for mid-range homes (in the 35th- 65th price percentile).
Why is it important?
Understanding the trends in typical home value and rent can aid in the assessment of housing affordability while revealing the temperature of the housing market. Comparison between the region and state, as well as the U.S., can help identify larger trends in typical home values and rent.
How is the region performing?
In Lackawanna County, home values in 2023 have increased 24.1 percent from the previous year, and 10.2 percent from 2021 to 2022. These values are considerably larger than the 3.9 percent increase from 2018 to 2019. Luzerne County home values have also increased from 2022 to 2023 (by 23.7 percent). They increased 12.0 percent from 2021 to 2022. From 2018 to 2019 the county only experienced a 6.6 percent increase.
From 2022 to 2023, Wayne County had the lowest increase of home values of 5.5 percent. It had the largest increase from 2021 to 2022, however (of 20.1 percent). Additionally, from 2018 to 2019 home values only increased by 3.5 percent, the smallest increase for this period.
Increases for typical market rent for the Scranton/ Wilkes-Barre/ Hazleton Metropolitan Area have fluctuated over the series. From 2022 to 2023 these values have risen by 3.5 percent, from 2021 to 2022 they have risen 11.4 percent, and from 2020 to 2021 they have risen 13.6 percent. On average, typical market rent for the region experienced an increase of 7.8 percent from year to year.