Scranton vs Madrid for First-Time Homebuyers (2026)
Scroll down for down payment requirements, savings timelines, and FAQ.
Full first-time buyer cost breakdown
| Metric | Scranton Pennsylvania | Madrid Community of Madrid |
|---|---|---|
| Median home price | $165K | — |
| Price-to-income ratio | 3.6× | — |
| Down payment (20%) | $33,000 | — |
| Months to save down payment | 9 mo | — |
| Est. monthly mortgage (7%, 30yr) | $878 | — |
| Monthly utilities | $165 | $95Better |
| State income tax | 3.1%Better | 21% |
| Sales tax (combined) | 6%Better | 21% |
| Overall COL index (100 = US avg) | 83 | 65Better |
Your biggest money opportunities based on this comparison.
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Frequently asked questions
Is Scranton or Madrid better for first-time homebuyers?
Scranton and Madrid are closely matched for first-time homebuyers. Home prices, income levels, and tax burdens are comparable. Your specific priorities — job market, neighborhood, commute — should drive the decision.
What is the down payment needed to buy in Scranton vs Madrid?
Down payment data is not available for one or both cities.
What would my mortgage be in Scranton vs Madrid?
Mortgage estimate data is not available for one or both cities.
How long would it take to save for a down payment in Scranton?
Down payment savings timeline data is not available for one or both cities.
Which city has lower property and income taxes for homeowners?
Scranton has a 3.1% state income tax rate vs Madrid's 21% rate. Property taxes vary significantly by neighborhood and assessed value — check local county rates when evaluating specific homes.
$75K in Scranton has the same purchasing power as $59K in Madrid
Mortgage estimate assumes 20% down payment at 7% fixed rate, 30-year term. Actual rates vary. Down payment savings timeline assumes 15% of gross income saved monthly. Data: Zillow, BLS, Tax Foundation · Q1 2026