Centre County, Pennsylvania Housing Market
In Centre County, Pennsylvania, the median home value is $323,500, with a median monthly rent of $1,207. This places Centre County at #517 nationally out of 3134 counties by median home value, and #5 within Pennsylvania.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,103
- Establishments: 3,442
- BLS QCEW, 2025
Housing Supply
- Single-family: 255
- Multi-family: 59
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 53,839 (avg $95,268)
- Outflow: 51,015 (avg $95,899)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 8 active ZIP codes in Centre County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 16866 | 222.9 | — | 2025 |
| 2 | 16865 | 248.8 | — | 2025 |
| 3 | 16827 | 249.8 | -2.56% | 2025 |
| 4 | 16851 | 250.6 | — | 2025 |
| 5 | 16823 | 256.1 | +6.61% | 2025 |
| 6 | 16870 | 273.1 | +2.55% | 2025 |
| 7 | 16801 | 281.7 | +1.73% | 2025 |
| 8 | 16803 | 257.0 | +0.75% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Centre County Compares
| Metric | Centre County | Pennsylvania Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $323,500 | $212,079 | $227,706 |
| Median Gross Rent | $1,207 | $990 | $968 |
| Owner Occupancy Rate | 61.8% | 74.2% | 73.3% |
| Price/Rent Ratio | 22.3 | 17.5 | 18.7 |
Market Analysis
The median home value in Centre County is 52.5% above the Pennsylvania state average and 42.1% above the U.S. national average. The median rent of $1,207/month is 21.9% above the state average.
With a price-to-rent ratio of 22.3, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Centre County has an owner-occupancy rate of 61.8%, compared to 74.2% in Pennsylvania and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Benton County | Arkansas | $323,500 | $1,277 |
| Ottawa County | Michigan | $323,400 | $1,211 |
| Southeastern Connecticut Planning Region | Connecticut | $323,400 | $1,365 |
| Capitol Planning Region | Connecticut | $323,700 | $1,411 |
| Kenai Peninsula Borough | Alaska | $323,200 | $1,184 |
Other Counties in Pennsylvania
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Delaware County | $332,200 | $1,372 | 69.6% |
| Northampton County | $308,600 | $1,395 | 71.1% |
| Lancaster County | $301,100 | $1,357 | 69.8% |
| Lehigh County | $300,400 | $1,383 | 65.6% |
| Butler County | $294,200 | $1,041 | 76.9% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).