Despite the recent slowdown caused by the COVID-19 pandemic, Lehigh Valley has enjoyed several years of economic and population growth. In fact, it’s one of the best places for homebuyers looking to relocate in Pennsylvania especially when it comes to affordability and job opportunities.
As a Lehigh Valley moving company, O’Brien’s Moving & Storage has seen many young couples and families moving in the area. The local economy seems to be the major draw.
Lehigh Valley Economic Outlook
The Lehigh Valley tri-county area is one of the top 100 largest economies in the country with a Gross Domestic Product of $41.2 billion per the Lehigh Valley Economic Development Corporation (LVED). Spending is the highest in the financing, insurance, and real estate sectors with manufacturing and healthcare following up.
There are certainly a lot of job and career opportunities in the area to draw attention from those looking to start fresh. In fact, the biggest homebuyers in Lehigh Valley are young adults and couples 18- to 35-years old, per Realtor.com. About 51% of home mortgages were obtained by millennial buyers born between 1982 and 2000.
This group is the largest portion of the labor force today, which definitely supports the notion that economic activity in Lehigh Valley is bringing in new homebuyers.
How Much is Being Spent?
Since Lehigh Valley is more than an hour from major metropolitan areas, like Pittsburgh and New York, the area tends to be more affordable. There are three main cities, Allentown, Bethlehem, and Easton, and a number of smaller towns throughout the Valley where homebuyers can find inexpensive properties.
Most homes throughout the Valley are very affordable for middle-class income earners. The Greater Lehigh Valley Realtors group reported that the medium home price was $206,000 for this region, which was up 3.3% since 2018. This came from their 2019 Annual Report on the Greater Lehigh Valley Housing Market.
Hence, prices are still quite affordable to the average homebuyer. This is further backed by the Q3 2019 Generational Propensity Report from the National Association of Realtors (NAR), which found that 59% of homes for sale in the area were affordable to homebuyers. The NAR also reported that the region’s medium income per household was $63,000.
Make the Move with O’Brien’s Moving & Storage
No matter how much you spend on that home purchase, you’ll likely want to get professional Lehigh Valley movers to help out when settling in. Consider turning to O'Brien's Moving & Storage for your household move. We’ve offered moving and storage services for this community and towns in nearby areas since 1928.
Give us a call or fill out our online form to ask about a no-obligation moving estimate today. If you are interested in an in-home or virtual consultation from our movers in Lehigh Valley, PA, we can provide either option.