Compare Scranton, PA mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Scranton.
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September 28, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Scranton. Understand how much you need to earn to afford a home in Scranton, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Scranton fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Scranton is right for you.
The median home value for Scranton, PA (Lackawanna County) is $194,814
Based on current mortgage rates and a 10% down payment, you need to make $31,919 per year to buy the median priced home in Scranton
With this income, you could qualify for a $175,333 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Scranton is $739
The median household income for Scranton, PA (Lackawanna County) is $58,179
Based on this income, you can afford a home valued at approximately $355,084
The home price you can afford to buy based on household income in Scranton is 182% of the median home value which means housing prices are average. Scranton (Lackawanna County) ranks 47 out of 67 counties in Pennsylvania and 2,085 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Scranton, PA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Scranton (Lackawanna County) below.
Conforming loan limits for Scranton, PA
FHA loan limits for Scranton, PA