How Much $300,000 Will Get You for a Pennsylvania Home
Some people grow up thinking about what their Pennsylvania dream home would look like and saving up their pennies to make it happen. But, the market is always volatile, and…
Some people grow up thinking about what their Pennsylvania dream home would look like and saving up their pennies to make it happen. But, the market is always volatile, and for the past few years, it's been more and more expensive to invest in a home. Hopefully that trend turns around soon, but right now, it's still a fairly expensive time to buy, at least for those new to the housing market. So, how much does a home in our state cost per square foot right now?
Cost of a Home in Pennsylvania
CNBC has a new feature out based on a recent GOBankingRates study, which looks at the median home price per square foot to see how far $300,000 goes in each state. There was a time when $300,000 went really far, but that's not always the case anymore. According to CNBC, "The study used home price data from the Federal Reserve of St. Louis and housing cost indexes from the Missouri Economic and Research Information Center to calculate how much homebuyers can afford in each state as of January 2025."
Let's get into those important numbers for our state. According to the study, for Pennsylvania, $300,000 will get you a 1,604 square foot home. The price per square foot is $187. Say you want to go higher? Well, $500,000 will get you a 2,673 square foot home. Reach out to me with your thoughts on those numbers.
Now, let's get into the cost of buying a home this year. A lot of the feeling of the market depends on how long you've been looking for a home, because the prices and mortgage rates are relative. As Nerd Wallet notes, "In the short term view, recent rates might sting: The 30-year mortgage rate dropped to a monthly average of 6.07% in September and has remained higher in the weeks since. But if you’ve been house hunting for a year or so, that very same rate could feel like a relief: Buyers are still better off today than when the 30-year mortgage rate peaked at 8% in October 2023, or even when rates surpassed 7% in May 2024."
So, should you buy now or wait? In the end, Bankrate notes, "The current housing market has led many prospective buyers to wait for better conditions, but there’s no guarantee that things will improve considerably anytime soon."
