Want an affordable place to live? Look no further than Bradford, ranked among the top 10 most affordable municipalities to reside in Pennsylvania.
SmartAsset, a financial technology company, recently reported that the city stands out at number six with number one being Shamokin in Northumberland County and Munhall in Allegheny County as number 10.
Bradford’s average closing costs are $2,680; annual property tax, $1,308; annual homeowner’s insurance, $304; average annual mortgage payment, $2,538; median income, $35,551; and affordability index 53.85, according to SmartAsset.
“Being ranked in the top 10 most affordable places to live affords the people who choose to live and work in Bradford a little more bang for their buck,” said Teri Cannon, administrator for the city. “Especially when you consider that the City of Bradford provides many essential services to the residents that do not come without a cost. We have a paid police, fire and ambulance, code enforcement and property maintenance department. We provide curbside garbage disposal to the residents at a competitive rate.”
SmartAsset’s methodology includes looking at closing costs, real estate taxes, homeowners insurance and mortgage rates. The company found the total cost over the course of five years of closing costs, taxes, insurance and mortgage payments for the average home in every county in the United States and every city with a population greater than 5,000. Analyzers then took a five-year cost as a proportion of median household income in every county and city to figure out affordability.
“Although our community has a large percentage of senior citizens that live on a fixed income, there are probably just as many young people that choose to live and work in the City of Bradford,” Cannon said. “The cost of living has different effects on everyone. Whether young, middle aged or elderly there are many factors that contribute to every individual household’s income and well-being.”
She said she thinks folks decide to reside in a small town for many reasons, including family, work and a safer environment.
“The city is currently dealing with demolition of blighted properties,” she said. “The demolition of some of these properties has an effect on the tax base and ultimately the taxpayers. We hope to offset some of that loss with the construction of new homes in the Congress Street area.”
She also pointed to Bradford’s amenities, including two local parks, one of which has a swimming pool, ice rink and pavilions, and the other has a skate park, playground equipment and an exercise track.
“The Office of Economic & Community Development is always actively looking for grant opportunities, working towards the betterment of the community and continued economic growth,” Cannon said. “Bradford has a great school district as well as some private schools. The University of Pittsburgh campus is in our backyard and also has a location downtown.”
The Bradford area also has the Allegany National Forest that provides plenty of outdoor activities, she said.
The information for the rankings came from Bankrate, the U.S. Census Bureau 2016 American Community Survey, National Association of Insurance Commissioners, government websites and SmartAsset.
