York-Hanover, 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.
affordable
Price to income
2.86×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Pennsylvania
- 3.03×-0.17
- vs U.S.
- 3.43×-0.57
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
19.5%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Pennsylvania
- 22.4%-2.9
- vs U.S.
- 23.3%-3.8
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.43%
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%+0.08
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.33%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Pennsylvania
- 0.09%+0.24
- vs U.S.
- 0.03%+0.30
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
3.49
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+1.32
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.4%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Pennsylvania
- 3.6%-0.3
- vs U.S.
- 3.9%-0.5
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+53.4%
homeValues.yearOverYear
+4.6%
Median home value
$235,000
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,060 | $12,720 | 15.5% |
| 2 BR | $1,335 | $16,020 | 19.5% |
| 3 BR | $1,796 | $21,552 | 26.2% |
Labor market direction
Unemployment
3.4%
Median household income
$82,238
What's being built
Total TTM
1,593
+31.2% YoY
Single-family
1,057
2–4 unit
12
5+ unit
524
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| York County | 457,051 | $235,000 | $82,238 | 1,593 | +31.2% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★York | 457,051 | $82,238 | 2.86× | 4.43% | +53.4% | 3.49 | 3.4% |
| Reno, NV | 490,769 | $84,684 | — | — | +41.9% | — | 4.0% |
| Huntsville, AL | 493,980 | $83,529 | — | — | +55.2% | — | 1.9% |
| Reading, PA | 428,483 | $77,684 | — | — | +62.7% | — | 3.7% |
| Salem, OR | 433,415 | $76,010 | — | — | +40.0% | — | 4.9% |
| Salinas, CA | 437,609 | $94,486 | — | — | +42.3% | — | 9.1% |
Where people are moving in from
Net migration
+1,497
+0.33% of population
| Origin county | Tax returns |
|---|---|
| Lancaster County, PA | 1,120 |
| Cumberland County, PA | 921 |
| Adams County, PA | 824 |
| Baltimore County, MD | 725 |
| Dauphin County, PA | 667 |
| Carroll County, MD | 321 |
Who lives in York
- Median age
- 41
- Bachelor's+
- 27.2%
- Owner-occupancy
- 75.8%
- Vacancy rate
- 4.5%
- Rent burdened (30%+)
- 45.0%
- Median household income
- $82,238
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.