Description of Indicator
This indicator details the percentage of owner-occupied homes with mortgages, and median monthly owner costs the region. Median monthly owner costs include mortgage payments as well as 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 2022, 54.3 percent of owner-occupied homes had a mortgage in Lackawanna County, representing a slight decrease from 54.8 percent in 2021. Median monthly owner costs in 2022 increased $84 (six percent) from the previous year, $179 (13.8 percent) from 2010, and $538 (57.3 percent) from 2000.
Luzerne County has seen an increase in owner-occupied homes with mortgages, from 53.5 percent in 2021 to 54.3 percent in 2022. Median monthly owner costs in 2022 increased $88 (6.9 percent) from the previous year, $193 (16.4 percent) from 2010, and $504 (58.3 percent) from 2000.
Wayne County saw a slight decrease in the number of owner-occupied homes with mortgages, from 48.9 percent in 2021 to 47.2 percent in 2022. Median monthly owner costs in 2022 increased $84 (5.8 percent) from the previous year, $279 (22.1 percent) from 2010, and $664 (75.8 percent) from 2000.