Local Housing Trends

Local Housing Trends: All About Bellefonte

Bellefonte, Pennsylvania, population 6,281, is situated 10 miles from State College and Penn State University, and is sometimes called “Central Pennsylvania’s Victorian Secret.” This charming borough, also the county seat, was settled in 1795 and is named after the natural spring found there.

The borough has been historically important in Pennsylvania and American history, serving as the hometown of five state governors and two other governors. It was the second town in the country to have its streets lighted with electricity (after New York City), and in its heyday, saw famous visitors like Thomas Edison and Amelia Earhart.

History lovers will fancy the older homes found in the borough, and those looking for more contemporary housing will surely find something...

Local Housing Trends: Renting vs. Buying

At some point, you’re going to ask yourself: Should I buy instead of rent?

It’s a complex question that includes a variety of factors. Buying is a smart choice for many, but not always the best deal, depending on the market you live in and other factors like how long you plan to live there, the size of the home you plan to purchase, and more.

Consider the following points before you decide to buy:

  • It’s a big investment. You’ll have to put down a substantial amount of money for your down payment (generally three to 20 percent) and closing costs (which can cost up to three percent of the home’s purchase price).
  • Can you get approved? Your debt-to-income ration is important for lenders to see how your debts stack up against your pay. Traditionally, lenders use...