Cost of Living in Penn Lake Park, PA

With a cost of living index of 120, Penn Lake Park, PA is a notably expensive place to live. Living here is 20% more expensive than the national average and 37% above the Pennsylvania state average of 83. Penn Lake Park is a small community of 343 residents.

Housing costs are the biggest factor in Penn Lake Park's cost of living. The median monthly rent is $2,250 (71% above the US median of $1,319), and the median home value sits at $233,000 (24% below the national median of $304,900). At current prices, the median home costs roughly 2.9x the median household income — well within traditional affordability guidelines.

The median household income in Penn Lake Park is $79,375, which is 6% higher than the national median of $75,149. Residents spend roughly 34% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened.

Everyday prices in the Scranton--Wilkes-Barre, PA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.