Description of the Indicator
This indicator measures typical home 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 measures 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 assessing housing affordability while revealing the temperature of the housing market. Comparing the region and state, as well as the U.S., can help identify larger trends in typical home values and rental rates.
How is the region performing?
In Lackawanna County, home values increased 0.4 percent from 2023 to 2024 but increased 24.1 percent from 2022 to 2023. Luzerne County home values also increased from 2023 to 2024 (by 8.3 percent) after rising 23.7 percent from 2022 to 2023. From 2023 to 2024, Wayne County home values increased 4.1 percent after rising 5.5 percent during the previous year.
Increases in typical market rent for the Scranton/ Wilkes-Barre/ Hazleton Metropolitan Area have risen. They rose 3.2 percent from 2023 to 2024, 3.5 percent from 2022 to 2023, and 11.4 percent from 2021 to 2022.