In Luzerne County, homeowners are spending some of the smallest percent of their wages on housing in the U.S.
According to Attom Data Solutions, residing in Luzerne County takes just 13.7% of homeowners’ salaries. The analysis calculated the amount of income needed to make monthly house payments, which included mortgage, property taxes and insurance on a median-priced home, and assumed a 20% down payment and a 28% maximum “front-end” debt-to-income ratio. The income is compared to annualized average weekly wage data. An earlier report found that 61% of U.S. counties in the study had homeowners’ paying at least 28% of their wages, if not more, for housing.
“I love that Luzerne County was named one the of most affordable places to live in the U.S.,” said Luzerne County Association of Realtors® President Terry Solomon-August. “With only 13.7% of your income going to housing, that leaves more discretionary income to spend on activities and improved quality of life. The job market is very diverse. We have more major warehouses opening monthly.”
In Luzerne County, the lowest annual wages are needed to purchase a median-priced home in the nation. With an annual salary of $22,104, most people could afford a median-priced home in the area.
“Currently, Luzerne County is a sellers’ market. Housing inventory is low. Maybe we are no longer ‘the best kept secret.’ We have a lot of people moving back here after living in the big cities. This is being driven by the new work-from-home model and a desire to be closer to family,” she said.
“Luzerne County offers a great quality of life. We have several large venues here that offer a wide range of entertainment. We have professional sporting teams and are home to several colleges and universities. Our interstate system can get you to New York, New Jersey and Philadelphia rather quickly. We have beautiful rails-to-trails system and a renovated riverfront for hiking, biking and boating. The stunning Pocono Mountains is in our backyard, for skiing, shopping, hiking, boating and hunting. We are not only an affordable place to live, but we offer a little something extra that everyone can enjoy,” added Solomon-August.