Analysis: Lackawanna County has lowest home affordability in state


Lackawanna County posted the lowest home affordability index in Pennsylvania, according to an analysis of 432 counties nationwide by ATTOM Data Solutions in the second quarter.

The county’s affordability index was 88 in the analysis, which found that home prices around the country have hit their lowest level of affordability in a decade.

The report determines the affordability number based on the household income needed to purchase a median-priced home in the county compared to historical data. An index under 100 indicates declining affordability.

In Lackawanna County, a median home costs $96,500. 

“Slowing home price appreciation in the second quarter was not enough to counteract an 11 percent increase in (national) mortgage rates compared to a year ago, resulting in the worst home affordability we’ve seen in nearly 10 years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. 

Pennsylvania counties with lowest home affordability indexes

CountyQ2 2018 Median Sales PriceAnnual Income Needed to Buy (3% Down and 28% Front-End DTI)Annualized Weekly WagesPct of Annualized Wages to BuyHistoric  Pct of Wages to BuyQ2 2018 Affordability Index
Lackawanna$96,500$31,167$41,06721.3%18.8%88
Erie$114,950$37,562$41,19725.5%23.4%92
Beaver$115,000$36,058$43,87523.0%22.3%97
Butler$205,000$61,371$50,19334.2%33.5%98
Dauphin$145,000$45,833$53,58623.9%24.5%102
Westmoreland$114,900$33,560$44,13521.3%21.9%103
Berks$152,000$50,611$48,89329.0%29.8%103
Washington$149,750$44,675$56,40722.2%23.1%104
Philadelphia$145,000$40,838$64,29817.8%18.6%104
Cumberland$186,500$54,926$49,14031.3%32.6%104
Lehigh$171,000$56,959$53,50829.8%31.6%106
Delaware$206,000$69,600$58,33133.4%35.8%107
Northampton$175,500$54,594$46,63132.8%36.9%113
Bucks$296,625$92,003$50,66150.8%59.0%116
Lebanon$154,000$46,431$41,60031.3%36.6%117
Chester$315,000$95,599$68,58839.0%47.8%122
Monroe$140,000$49,844$41,82133.4%41.6%125
Montgomery$263,200$82,571$67,41834.3%43.9%128
Lancaster$185,000$58,196$45,21436.0%49.5%137
Source: ATTOM Data Solutions

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