Description of Indicator
This indicator details the percentage of owner-occupied homes with mortgages and median monthly owner costs in the region. Median monthly owner costs include mortgage payments, real estate taxes, various insurances, utilities, fuels, mobile home costs, and condominium fees.
Why is it important?
A region’s overall housing market health can be determined, in part, by examining changes in mortgage data over time and gaining a better understanding of the true cost of homeownership.
How is the region performing?
In 2023, 53.1 percent of owner-occupied homes in Lackawanna County had mortgages, a slight decrease from 54.3 percent in 2022. Median monthly owner costs increased $32 (2.2 percent) from the previous year, $211 (16.3 percent) from 2010, and $570 (60.7 percent) from 2000.
Luzerne County has seen an increase in owner-occupied homes with mortgages, from 54.1 percent in 2022 to 54.2 percent in 2023. Median monthly owner costs in 2023 increased by $38 (2.8 percent) from the previous year, $231 (19.6 percent) in 2010, and $542 (62.7 percent) in 2000.
Wayne County saw a slight decrease in owner-occupied homes with mortgages, from 47.2 percent in 2022 to 46.4 percent in 2023. Median monthly owner costs in 2023 increased by $94 (6.1 percent) from the previous year, $373 (29.6 percent) in 2010, and $758 (86.5 percent) in 2000.