Today’s Mortgage Rates in Pennsylvania

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5 affordable places to live in Pennsylvania

You can find plenty of low-cost housing in Pennsylvania. Here are some cities worth looking at.

1. Pittsburgh

Pittsburgh is known for its exciting food scene and rich local culture, and with a number of Fortune 500 companies, it’s loaded with job opportunities. The median home value in Pittsburgh is $116,300, according to Nichestyle=”text-decoration: underline”>. That’s well below the median home value statewide — $198,377, according to Zillowstyle=”text-decoration: underline”>. At the same time, the average property tax rate in Allegheny County is 2.22% of a home’s assessed value (Tax-Rates.orgstyle=”text-decoration: underline”>). That’s pretty high compared to the average property tax rate statewide, which is just 1.35% of a home’s assessed value.

2. Philadelphia

Culture, fine food, and history make Philadelphia an exciting city to call home. The median home value in Philadelphia is $156,800, though keep in mind that if you stay inside city limits (not the suburbs), you may end up with limited square footage. Meanwhile, the average property tax rate in Philadelphia County is 0.91% of a home’s assessed value — well below the state average.

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3. Erie

Two hours north of Pittsburgh, Erie is home to a large network of parks, and attracts families and young professionals. The city is also known for the performing arts, including the Erie Philharmonic. The median home value in Erie is $87,800, while the average property tax rate in Erie County is 1.83% of a home’s assessed value.

4. Allentown

On the Lehigh River, Allentown has undergone a huge revitalization in recent years. Once known as an industrial town, it’s now hailed for its arts, culture, and entertainment. The median home value in Allentown is $126,700, while the average property tax rate in Lehigh County is 1.48%.

5. Munhall

Right outside Pittsburgh, Munhall is known for its bars, restaurants, and parks, and the area is popular among young professionals and retirees alike. The median home value in Munhall is a relatively low $90,400, but the average property tax rate in Allegheny County is a high 2.22% of a home’s assessed value.

There are plenty of good reasons to buy a home in Pennsylvania. But before you apply for a mortgage, it helps to work on boosting your credit score and lowering your debt-to-income ratio. Doing so will position you to snag the best mortgage rates statewide.

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View more information: https://www.fool.com/the-ascent/mortgages/rates/PA/

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