Even though we are in a recession, the Lehigh Valley, Pennsylvania, fared better in the housing market than the state and the nation according to the 2010 Census figures. This includes both Northampton and Lehigh Counties.
It showed that the region’s vacancy rates were lowest of vacant housing in the state. That is great news for the area! What this means is that a rise in vacancy rates can bring down property values and quality of life.
Why has the Lehigh Valley fared so well? Believe it or not, it is because of the region’s proximity to higher paying jobs in New Jersey and New York. This helped prevent the high vacancy rates that other regions have felt.
Now, the housing vacancies have risen in the region between 2000 and 2010, but it has been quite marginal. Northampton County had a vacancy rate of 5.5% and Lehigh County had a 6.1% vacancy rate. During the best econnomy, the vacancy rates usually run at approximately 3.5%. (Las Vegas vacancy rate is 15%.)
What does this mean? This means that the Lehigh Valley’s rates are good, considering how long the housing market has been in decline. The people in the region can expect the value of their homes to begin increasing much sooner than people living in places with high vacancy rates such as Miami and Orlando in Florida, Las Vegas and even western Pennsylvania, even though it may take a while.