SCRANTON, LACKAWANNA COUNTY (WBRE/WYOU) — As mortgage rates rise, one nearby city may have the affordable housing home-buyers are looking for.
Future home-buyers continue to struggle with increasing home prices, with most mortgage rates exceeding 7%.
“Biggest driver of the economy, the housing market. And we were going full force for two full years and have to slow it down and what are they gonna do? How are they gonna slow it down? By inching up the interest rates,” explained Jackie Ruddy, broker/owner of CENTURY 21 Realty.
Along with increased rates, inflation is taking an increasingly large bite out of family budgets.
“We’re getting hit everywhere. We’re getting hit at the gas pumps, grocery store, everywhere we turn, utility costs. They’re increasing, so how does someone keep up with that?” Ruddy asked.
Although the market may seem bleek, according to real estate marketplace Zillow, one local city is a home-buyer’s dream.
As mortgage rates continue to push some buyers out of the market, a recent report released by Market Watch claims Scranton is the most affordable housing market in America.
Ruddy says Scranton stands at number one due to lower property taxes and lower property value, offering prices that major cities can’t compete with.
“We’ve always been attractive to the bigger metro areas, Philadelphia, New York City, people in New Jersey. They come here and I always say this, and it may sound corny, but they feel like they hit the lottery,” Ruddy told Eyewitness News.
The housing prices in the Electric City can be just what these hopeful home-buyers are looking for.
We’ll have more on the Federal Reserve’s decision to raise interest rates for fourth straight time in the consumer report.