Buy vs Rent in Scranton, PA (2026)
Median home price $165K · 1BR rent $1,050/mo · Price-to-rent ratio 13.1x.
Median home price
$165K
1BR rent
$1,050/mo
Price-to-rent ratio
13.1x
Verdict
Buy signal
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $5,775 | $16,500 | $33,000 |
| Mortgage (P&I) | $1,059/mo | $988/mo | $878/mo |
| Property tax (est.) | $151/mo | $151/mo | $151/mo |
| Insurance (est.) | $69/mo | $69/mo | $69/mo |
| Maintenance (est.) | $138/mo | $138/mo | $138/mo |
| Total monthly cost | $1,417vs rent: +$367/mo | $1,346vs rent: +$296/mo | $1,236vs rent: +$186/mo |
| Income to qualify | $45,386/yr | $42,343/yr | $37,629/yr |
| Break-even (approx.) | ~1 yrs | ~5 yrs | ~15 yrs |
Scranton housing context
$46K
Median HH income
per year
$37,629
Income needed (20% down)
per year
Qualified
Affordability gap
vs median income
Frequently asked questions
Is it better to buy or rent in Scranton?
Scranton's price-to-rent ratio of 13.1x suggests buying may be financially advantageous. When PTR is below 15, the cost of ownership often comes close to renting over a 5-7 year horizon.
How much do I need to earn to buy a home in Scranton?
With a median home price of $165K in Scranton, you'd need an annual income of roughly $37,629 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $42,343/year.
Scranton full cost of living breakdownCheaper cities near ScrantonHow much to retire in ScrantonCompare mortgage rates
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only