Chambersburg-Waynesboro, PA
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.15×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Pennsylvania
- 3.03×
- vs U.S.
- 3.43×-0.28
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
22.1%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Pennsylvania
- 22.4%-0.3
- vs U.S.
- 23.3%-1.2
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.55%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Pennsylvania
- 4.86%
- vs U.S.
- 4.35%+0.20
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.18%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Pennsylvania
- 0.09%+0.10
- vs U.S.
- 0.03%+0.16
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
5.88
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Pennsylvania
- 2.17+3.71
- vs U.S.
- 3.52+2.36
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.1%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Pennsylvania
- 3.6%-0.5
- vs U.S.
- 3.9%-0.8
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+51.2%
homeValues.yearOverYear
+5.5%
Median home value
$236,300
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,119 | $13,428 | 17.9% |
| 2 BR | $1,379 | $16,548 | 22.1% |
| 3 BR | $1,825 | $21,900 | 29.2% |
Labor market direction
Unemployment
3.1%
Median household income
$74,946
What's being built
Total TTM
918
+22.6% YoY
Single-family
548
2–4 unit
50
5+ unit
320
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Franklin County | 156,084 | $236,300 | $74,946 | 918 | +22.6% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Chambersburg | 156,084 | $74,946 | 3.15× | 4.55% | +51.2% | 5.88 | 3.1% |
| Monroe, MI | 154,823 | $75,272 | — | — | +44.1% | — | 4.6% |
| Santa Fe, NM | 154,481 | $74,689 | — | — | +52.6% | — | 3.6% |
| State College, PA | 158,665 | $72,748 | — | — | +37.3% | — | 2.7% |
| Idaho Falls, ID | 158,478 | $77,300 | — | — | +50.2% | — | 3.0% |
| Grand Junction, CO | 156,131 | $71,485 | — | — | +57.3% | — | 3.7% |
Where people are moving in from
Net migration
+286
+0.18% of population
| Origin county | Tax returns |
|---|---|
| Washington County, MD | 473 |
| Cumberland County, PA | 454 |
| Adams County, PA | 169 |
| Frederick County, MD | 125 |
| Berkeley County, WV | 88 |
| York County, PA | 84 |
Who lives in Chambersburg
- Median age
- 42
- Bachelor's+
- 24.0%
- Owner-occupancy
- 73.2%
- Vacancy rate
- 5.6%
- Rent burdened (30%+)
- 36.6%
- Median household income
- $74,946
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.