The Harrisburg-Carlisle housing market area includes Cumberland, Dauphin, and Perry Counties. Located 100 miles west of Philadelphia, the Dauphin County submarket is home to the state capital of Pennsylvania, Harrisburg, and The Hershey Company.
The sales housing market in Harrisburg is presently soft, with vacancy rates estimated at 2 percent. However, during the next 3 years, demand is forecast for 4,375 new homes, including 300 mobile homes . The 180 homes currently under construction and a portion of the 9,700 other vacant units that may reenter the market will likely satisfy some of the forecast demand. The rental market is similarly soft. Consequentially, homebuilding in Harrisburg has declined as a result of soft sales market conditions.
The Harrisburg, PA economy is chiefly supported by the government and the education and health services industries. Among the largest employers are the Commonwealth of Pennsylvania, The Hershey Company, and the Penn State Milton S. Hershey Medical Center.
The City of Harrisburg does not impose restrictions on land use that create barriers for the development of affordable housing. There are no impact fees or other regulatory hurdles such as public referendum requirements to permit higher density development.
Despite this, predatory mortgage lending remains a barrier to affordable housing. Predatory lending provides low income households with readily available credit but at terms and costs that create a financial burden on these households. The lack of education and information about lending practices, the use of credit, and other financial literacy skills has disadvantaged low income households and many first-time buyers. Although opportunities exist in the community for learning about credit and purchasing a home, many households do not avail themselves of such services until they find themselves in foreclosure or unable to make their payments.
Priority Mortgage has a plethora of information on researching and securing a mortgage for your Harrisburg, PA real estate purchase. Getting a home loan requires knowing your specific financial situation and custom-tailoring a mortgage to your needs. We will enable you to find a mortgage broker in Harrisburg and educate you on the best rates, so you have the upper hand in negotiations.
