Unlocking Investment Potential: A Guide to Rental Properties in Luzerne County, PA

Introduction

Investing in rental properties can be a lucrative venture, but choosing the right property is crucial for maximizing returns. A good rental property offers a balance of affordability, convenience, and desirability, ensuring steady demand from tenants and potential for appreciation. Location plays a pivotal role in determining these factors. Luzerne County, PA, offers a variety of neighborhoods, each with unique characteristics that make them suitable for rental investments.

In this guide, we'll explore the best neighborhoods in Luzerne County, grading each area based on convenience, tourist attractions, things to do, average home prices, return on investment (ROI), proximity to work-related travel, and the 'x-factor'—what makes each area unique and desirable.

1. Wilkes-Barre

Grades

• Convenience: A
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: B
• Return on Investment: A-
• Proximity to Work-Related Travel: A
• X-Factor: A

Convenience

Wilkes-Barre is one of the most accessible cities in Luzerne County, with excellent road networks and public transportation options. It’s close to Interstate 81 and the Pennsylvania Turnpike, making it easy for residents to commute to nearby cities.

Tourist Attractions

While Wilkes-Barre may not be a top tourist destination, it has several notable attractions, including the F.M. Kirby Center for the Performing Arts and the River Common park, which offers beautiful riverfront views and hosts various community events.

Things to Do

Residents can enjoy a variety of activities such as shopping at the Wyoming Valley Mall, visiting the Mohegan Sun Arena for sports and concerts, and exploring local parks and recreational areas.

Average Home Prices

Home prices in Wilkes-Barre are relatively affordable, making it a good entry point for investors. The average home price is around $110,000, which provides a favorable price-to-rent ratio.

Return on Investment

Wilkes-Barre offers strong rental yields, with an ROI that attracts many investors. The demand for rental properties remains high due to the area's affordability and amenities.

Proximity to Work-Related Travel

The city is home to major employers and close to several hospitals, educational institutions, and business centers, ensuring a steady demand for rental properties from professionals and families.

X-Factor

What sets Wilkes-Barre apart is its combination of affordability and urban amenities. The revitalized downtown area offers a blend of historic charm and modern conveniences, making it an attractive place to live and invest in.

2. Hazleton

Grades

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B
• Average Home Prices: B+
• Return on Investment: B+
• Proximity to Work-Related Travel: B
• X-Factor: B+

Convenience

Hazleton is conveniently located near major highways such as Interstate 81, providing easy access to larger cities like Scranton and Wilkes-Barre. The city has a good public transportation system and essential services.

Tourist Attractions

Hazleton offers a mix of attractions, including the Eckley Miners' Village, which provides a glimpse into the area's coal mining history, and the scenic Community Park.

Things to Do

The city has several recreational options, including parks, hiking trails, and local eateries. The Laurel Mall provides shopping opportunities, and there are community events throughout the year.

Average Home Prices

With average home prices around $120,000, Hazleton offers affordable investment opportunities. The rental market is stable, supported by a diverse population.

Return on Investment

Hazleton presents a solid ROI due to lower property prices and steady rental demand. Investors can expect reliable returns with moderate appreciation potential.

Proximity to Work-Related Travel

While not as centrally located as Wilkes-Barre, Hazleton is still close to several major employers and has a strong local economy, making it a good choice for rental investments.

X-Factor

Hazleton's rich cultural heritage and community spirit are its unique selling points. The city has a diverse population and a variety of cultural festivals and events, making it a vibrant place to live.

3. Kingston

Grades

• Convenience: A
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: B+
• Return on Investment: A-
• Proximity to Work-Related Travel: A
• X-Factor: A

Convenience

Kingston offers excellent convenience with its proximity to Wilkes-Barre and easy access to major highways. The area has a well-developed public transportation system and plenty of amenities.

Tourist Attractions

While not a major tourist hub, Kingston has several attractions such as the Forty Fort Cemetery and local parks that offer recreational opportunities.

Things to Do

Residents can enjoy a variety of activities, including shopping at local boutiques, dining at diverse restaurants, and participating in community events and recreational sports.

Average Home Prices

The average home price in Kingston is around $150,000, which is slightly higher but still affordable. This area offers good potential for rental income due to its desirable location.

Return on Investment

Kingston provides a strong ROI with high demand for rental properties from both families and professionals. The area's amenities and quality of life contribute to its attractiveness.

Proximity to Work-Related Travel

Kingston is close to major employment centers, hospitals, and educational institutions, ensuring a steady demand for rental properties.

X-Factor

Kingston's unique blend of suburban tranquility and urban convenience makes it a standout choice. The area is known for its excellent schools and family-friendly environment, adding to its desirability.

4. Pittston

Grades

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B
• Average Home Prices: B+
• Return on Investment: B+
• Proximity to Work-Related Travel: B+
• X-Factor: B

Convenience

Pittston is well-located between Wilkes-Barre and Scranton, offering easy access to both cities. The area has good public transportation and essential services.

Tourist Attractions

Pittston has several local attractions, including the Pittston Tomato Festival, which draws visitors from across the region, and various historical sites.

Things to Do

Residents can enjoy local parks, community events, and a growing dining scene. The nearby Susquehanna River provides opportunities for outdoor activities.

Average Home Prices

With average home prices around $130,000, Pittston offers affordable investment opportunities with a stable rental market.

Return on Investment

Pittston presents a solid ROI with consistent rental demand and moderate property appreciation. The city's strategic location enhances its investment potential.

Proximity to Work-Related Travel

Proximity to major highways and employers in both Wilkes-Barre and Scranton makes Pittston a convenient location for renters who commute.

X-Factor

Pittston's community-oriented atmosphere and annual festivals make it a unique and appealing place to live. The city's revitalization efforts have also enhanced its attractiveness.

5. Nanticoke

Grades

• Convenience: B
• Tourist Attractions: B-
• Things to Do: B-
• Average Home Prices: B+
• Return on Investment: B
• Proximity to Work-Related Travel: B
• X-Factor: B

Convenience

Nanticoke offers good convenience with access to major roads and essential services. While smaller, it provides a comfortable living environment.

Tourist Attractions

Nanticoke has fewer tourist attractions but offers local parks and historical sites that appeal to residents.

Things to Do

The area provides basic amenities, including local shopping and dining options, and access to outdoor activities.

Average Home Prices

Average home prices in Nanticoke are around $100,000, making it one of the more affordable areas for investment in Luzerne County.

Return on Investment

Nanticoke offers a decent ROI with steady rental demand, particularly from families and retirees looking for affordable living options.

Proximity to Work-Related Travel

While not centrally located, Nanticoke is close enough to major employment hubs to remain convenient for commuters.

X-Factor

Nanticoke's affordability and quiet suburban lifestyle make it a unique and appealing choice for renters seeking a more relaxed pace of life.

Conclusion

Luzerne County, PA, offers a diverse range of neighborhoods with unique characteristics that make them suitable for rental property investments. Whether you're looking for urban convenience, cultural vibrancy, or suburban tranquility, there’s a neighborhood in Luzerne County that meets your investment criteria. By carefully considering factors such as convenience, tourist attractions, things to do, average home prices, ROI, proximity to work-related travel, and the x-factor, investors can unlock the full potential of rental properties in this region.