AFFORDABLE: While inflation has slowed, high prices are still eating into household budgets — like $5 to $8 for a box of cereal.
Home prices, rent and food inflation, as well as higher prices for gas in the last couple of years, are making it so that each dollar earned has even less purchasing power than before. In the first two months of 2024, Americans were able to save about 3.9% of their disposable income, according to the Bureau of Economic Analysis, well below historic levels.
Stacker compiled a list of counties with the lowest cost of living in Pennsylvania using rankings from Niche.
Locally, Potter County came in at number 13. The population was listed at 16,390, and the median household income at $56,491. The median home value was $135,200, and 80% of the population owned their homes. For the 20% who rent, the median amount paid per month was $725.
McKean County was at number four. The population was listed at 40,459, with a median household income of $57,861. The median home value was $96,600, and 77% own their homes. For the 23% who rent, the median amount paid per month was $756.
Elk County hit number three. There were 30,886 residents, a median household income of $61,672 and a median home value of $121,900 with 79% ownership. The median rent was $707 per month for the 21% who were renters.
The most affordable place was listed as Forest County with a population of just 6,959. The median household income was $46,188, and the median home value $102,300 with 83% ownership. The median rent was $720 for the 17% of residents who were renters.
