Buying a Home in Pennsylvania: What You Need to Know
If you're considering buying a home in Pennsylvania, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Pennsylvania homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Pennsylvania-specific data to give you accurate monthly payment estimates.
Pennsylvania Property Taxes
Pennsylvania has an effective property tax rate of 1.19%, ranking #13 out of 50 states (where #1 is the highest). On a median-priced home of $283,000, you'd pay approximately $3,368 per year in property taxes, or about $281/month.
Pennsylvania's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Pennsylvania Homeowners Insurance
The average annual homeowners insurance premium in Pennsylvania is $1,278 for $300,000 in dwelling coverage, or about $107/month.
Pennsylvania enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Pennsylvania Closing Costs
Closing costs in Pennsylvania average 2.36% of the home's purchase price. On a $283,000 home, that's approximately $6,679. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
- Transfer taxes (Pennsylvania has higher than average transfer taxes)
Pennsylvania Housing Market
The median home price in Pennsylvania is $283,000. This is below the national median of approximately $410,000, making Pennsylvania one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More Pennsylvania Mortgage Tools
Use these additional calculators to plan your Pennsylvania home purchase: