Description of the 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?
Lackawanna, Luzerne, and Wayne Counties saw a slight decrease in owner occupied homes with mortgages. There were nominal cost increases over the prior year. Unlike the other counties, Wyoming County saw a slight increase in owner-occupied homes with mortgages over the prior year. Median monthly owner costs increased slightly as well.
All four counties saw major increases in the number of mortgages and monthly amounts since 1990 – almost triple the amount.