The Commonwealth of Pennsylvania was admitted as the second of the United States of America on December 12, 1778. From the headquarters of George Washington's army in Valley Forge during the late 1770s to the Battle of Gettysburg during the Civil War and more, an endless amount of history has taken place in this state. From sports teams to dining, recreation, and attractions, Pennsylvania has so much to offer.
It is an economic powerhouse-its Gross Domestic Product of $817 billion as of the third quarter of 2019 was ranked 6th in the nation-with plenty of room for new residents to join. Comprised of 44,742 square miles, approximately 12.8 million people reside in the "Keystone State." Pennsylvania conveniently abuts the U.S. states of New York, New Jersey, West Virginia, Ohio, Maryland, and Delaware, as well as the Canadian Province of Ontario. Read on to find out why you should join the ranks and find your next rent-to-own home in Pennsylvania.
Pennsylvania is a great place for affordable rent-to-own
With a median household income of over $63,627
and a median rent of $958, the Pennsylvania
rent-to-own market is more affordable than the traditional housing market
which has shown tremendous growth across the U.S. and with it, aggressive
competition for home purchases.
With the current housing shortage trend it can make it harder to become a
homeowner, including in Pennsylvania. This means higher
than average down payments for homes and higher qualification standards for
conventional home loans. With a rent-to-own property, tenants are also
buyers. You can live in the house for a set amount of time before you
purchase it, meaning that you get to know the house, your neighbors, and
your community before making the final purchase. This enables you and your
family to make the right choice based on both information and experience.
Rent-to-own is also a great alternative way to get into a home if you have
bad credit or don't have enough saved for a down payment.
Average Cost of Living in Pennsylvania
Pennsylvania has an average household income of nearly $57,000 and a cost of living that's 7.5 percent below the national average, but there's a wide range of averages throughout the state. In West Chester, the overall average income is 29 percent higher than the rest of the country, but Pittsburgh is 12.5 percent lower.
Average Home Prices in Pennsylvania
The median home price in Pennsylvania is $173,700, which is nearly 25 percent lower than the United States' average of $231,200. The price could vary depending on which city interests you-State College, PA, has a median price of $328,500, while West Mifflin's average is right around $100,000. This makes opting for a rent-to-own home a great option, especially in those areas where home prices are higher.
If you're interested in Pennsylvania rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Pennsylvania statistics compared to the U.S. national average.
| ||Pennsylvania Averages ||National Averages |
|One-Way Commute ||26.7 minutes ||26.4 minutes |
|Violent Crime ||19.1 ||22.7 |
|Property Crime ||26.2 ||35.4 |
|Unemployment Rate ||4.5% ||3.7% |
|Income Tax Rate ||3.1% ||4.6% |
|Air Quality ||58 ||58 |
|Water Quality ||66 ||55 |
|Median Household Income ||$53,115 ||$53,482 |
|Median Property Taxes ||$2,220 ||$2,200 |
|Utilities ||$115/month ||$112/month |
|Monthly Rent ||$1,350 ||$1,470 |
|Median Home Cost ||$173,700 ||$231,200 |
|Median Home Age ||52 years ||40 years |
Popular Pennsylvania Cities
Philadelphia - Home to sports teams such as the 76ers, Phillies, Eagles, Flyers, and the Union, there's always a sporting event and rivalry in "Philly" regardless of the season. Walk the streets of Independence National Historical Park, and you'll get to see the Liberty Bell, Independence Hall (where the Declaration of Independence was signed), and the National Constitution Center. You can stay in one of the many downtown hotels, visit the first and oldest zoo in the United States, and enjoy every type of cuisine in the "City of Brotherly Love."
Hershey - Though it's an unincorporated community spanning only 14.36 square miles with fewer than 15,000 residents, more than 3 million people visit the "Chocolate Capital of the World" every year to enjoy the world-famous Hersheypark. While you're there, you can learn about the history and accomplishments of Milton S. Hershey at the Hershey Story Museum. Or you can visit Chocolate World to take an indoor train tour of the chocolate factory, taste-test all sorts of goodies, and create your own candy bar. You can also take a trolley tour of the historic town to learn about its rich history.
Pittsburgh - The Steel City is known to have a deep history of arts and culture. With iconic centers for the performing arts, such as the Benedum Center and Heinz Hall, visitors can catch a great show that appeals to their artistic side. Museums and attractions abound throughout the city. From the Duquesne Incline, where you can ride a 150-year-old wooden cable car to catch breathtaking views of the city, to the Carnegie Museum of Natural History, to aquariums, zoos, aviaries, and much more, there's plenty to do for people of all ages.
Popular Attractions in Pennsylvania
- If you love the outdoors, you'll adore all 3,200 acres of Pennsylvania's Presque Isle State Park along Lake Erie. Open every day from sunrise to sunset, the park features hiking, swimming, and boating areas, along with a 65,000-square-foot facility that educates visitors about the history of Presque Isle.
- For history buffs, the Gettysburg National Military Park is the place to be. The site that inspired President Lincoln's Gettysburg Address hosts a museum with more than 40,000 Civil War artifacts, restoration homes, cemetery tours, and a host of educational programs.
- Even if you aren't into government, you will be amazed at what you'll find at the Pennsylvania State Capitol Complex in Harrisburg, featuring Pennsylvania's War Veterans' Memorial Fountain, Medal of Honor Memorial, Soldiers and Sailors Memorial Bridge, the Normandy Tree, and the State Museum of Pennsylvania.
The state has more than 2,500 municipalities, encompassing every type of lifestyle and social status, for potential residents to choose to call Pennsylvania their home.