Mortgage Calculator & Closing Costs: Lancaster, PA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Lancaster, Pennsylvania.
Median Home Price
$225K
Population
64K
Avg Monthly Rent
$1,150
Property Tax Rate
1.36% *
* Property tax shown is the Pennsylvania state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Lancaster.
Lancaster vs Pennsylvania Median
The median home price in Lancaster is $225,000, which is 20% below the Pennsylvania state median of $280,000.
Mortgage Calculator — Lancaster, PA
Pre-filled with Lancaster median home price and Pennsylvania tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $225K home using Pennsylvania's 1.36% tax rate and $1,400/yr insurance.
5% Down
$1,847/mo
Down: $11,250
Loan: $214K
P&I: $1,351
Tax: $255
Insurance: $117
PMI: $125
10% Down
$1,770/mo
Down: $22,500
Loan: $203K
P&I: $1,280
Tax: $255
Insurance: $117
PMI: $118
20% Down (No PMI)
$1,509/mo
Down: $45,000
Loan: $180K
P&I: $1,138
Tax: $255
Insurance: $117
Income needed (28% rule): $65K/year with 20% down, $76K/year with 10% down.
Rent vs Buy in Lancaster
Rent
$1,150/mo
vs
Buy (10% down)
$1,770/mo
Price-to-rent ratio: 16.3 — A ratio between 15-20 means the rent vs buy decision in Lancaster depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Lancaster is $225,000, 20% below the Pennsylvania state median of $280,000. With a population of 63,696, Lancaster is a smaller market where home prices tend to be more accessible than in many parts of Pennsylvania.
Property taxes in Pennsylvania average 1.36% annually. This moderate property tax rate means a $225,000 home in Lancaster would carry roughly $255/month in property taxes. Homeowners insurance in Pennsylvania runs approximately $1,400 per year. This is within the normal range nationally.
Average rent in Lancaster is $1,150/month. The price-to-rent ratio in Lancaster is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Lancaster offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Pennsylvania's PHFA Keystone Advantage program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Lancaster.