Department of Numbers

Scranton, Pennsylvania Home Affordability

The data below measures home affordability for the Scranton-Wilkes-Barre, Pennsylvania metropolitan area using price-to-income and price-to-rent metrics.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Scranton home affordability to other cities.

Scranton, Pennsylvania Home Price-to-Income Ratios

The second chart shows a history of the ratio as an index calculated from the Federal Housing Finance Agency's Scranton HPI series. Median household income data for Scranton is from the Census American Community Survey.

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Scranton, Pennsylvania Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2013 115.6
September 2013 114.9
June 2013 115.4
March 2013 116.7
December 2012 117.5
September 2012 117.7
June 2012 117.2
March 2012 116.2
December 2011 115.2

Scranton, Pennsylvania Home Price-to-Rent Ratios

The chart below shows an index of the rent ratio calculated from the metro FHFA HPI series and the Scranton median contract rent data from the Census ACS.

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Scranton, Pennsylvania Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2013 99.5
September 2013 98.9
June 2013 99.4
March 2013 100.4
December 2012 101.1
September 2012 101.3
June 2012 100.9
March 2012 100.1
December 2011 103.5

Scranton, Pennsylvania Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Scranton, Pennsylvania and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from ACS median household income and average monthly mortgage rates.

Inferred Affordable Mortgage

Scranton, Pennsylvania Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $216,637
January 2014 $213,333
December 2013 $212,581
November 2013 $217,668
October 2013 $219,492
September 2013 $211,834
August 2013 $212,581
July 2013 $214,848
June 2013 $222,671
May 2013 $237,562
April 2013 $240,236
March 2013 $236,681
February 2013 $237,857

1. Specifically, home prices are from the non seasonally adjusted FHFA all-transactions quarterly series. Dollar ratios are calculated using NAR metro prices when available. Rent and income data are from the Census ACS and are carried forward into the following year prior to release of the new data.