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?
Home values in Lackawanna, Luzerne, and Wayne Counties increased from the prior year. Conversely, Wyoming County home values decreased 0.6 percent. All counties have seen dramatic increases since 2000 (from 51 – 89 percent).
Typical market rent for the Scranton/ Wilkes-Barre/ Hazleton Metropolitan Area has risen, increasing by 50 percent since 2018.