Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 94,858 people, 32,692 houses or apartments, and a median cost of homes of $162,594, house prices in Reading are some of the most affordable in Pennsylvania as well as the nation.
Row houses and other attached homes are the single most common housing type in Reading, accounting for 51.64% of the city's housing units. Other types of housing that are prevalent in Reading include duplexes, homes converted to apartments or other small apartment buildings ( 19.30%), large apartment complexes or high rise apartments ( 16.87%), and a few single-family detached homes ( 11.91%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
The most prevalent building size and type in Reading are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The city has a mixture of owners and renters, with 38.09% owning and 61.91% renting.
The housing in Reading was primarily built before 1939 ( 52.83%), making the housing stock in Reading some of the oldest overall in America, although there is a range of ages of homes in Reading. The next most important housing age is between 1940-1969 ( 26.38%), followed by between 1970-1999 ( 18.01%). There's also some housing in Reading built between 2000 and later ( 2.78%).
In the last 10 years, Reading has experienced some of the highest home appreciation rates of any community in the nation. Reading real estate appreciated 170.97% over the last ten years, which is an average annual home appreciation rate of 10.48%, putting Reading in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Reading definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Reading that despite a nationwide downturn in the housing market, Reading real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Reading appreciation rates continue to be some of the highest in America, at 16.45%, which is higher than appreciation rates in 98.29% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Reading. Reading appreciation rates in the latest quarter were at 2.89%, which equates to an annual appreciation rate of 12.07%.
Relative to Pennsylvania, our data show that Reading's latest annual appreciation rate is higher than 90% of the other cities and towns in Pennsylvania.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Reading differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Reading - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Reading real estate investment or home purchase decisions.
$162,594
for Pennsylvania
for nation
32,692
$1,694 / per month