The historic home of the nation's first Quakers, Pennsylvania blends farmland and rural regions with highly dense population centers in its major cities. Home to the birthplace of the Constitution in Philadelphia, the state has a rich history in the founding of the country and was one of the 13 original colonies. Today, Pennsylvania's economy is supported by industries including healthcare, financial services, advanced manufacturing, energy, agriculture, tourism, and technology. The state is also a major center for higher education, home to schools such as Carnegie Mellon University, Penn State, the University of Pennsylvania, and the University of Pittsburgh. Pennsylvania has deep sports roots as well, hosting the Little League World Series along with major-league baseball, football, basketball, and hockey franchises.
By area, Pennsylvania is a mid-sized state, ranking 33rd in the United States. It is far more significant by population: as of the 2024 Census Bureau estimate, roughly 13 million people call the Keystone State home, making it the fifth-most populous state in the country. As of the mid-2020s, Pennsylvania's economy produces close to $1 trillion in annual output, ranking among the largest of any U.S. state.
Places to Live
Home values in Pennsylvania vary dramatically by region. The typical home value statewide is roughly $290,000, according to Zillow, though prices have risen sharply over the past decade. Affluent suburbs in the Philadelphia collar counties, such as parts of Bucks and Montgomery counties, routinely see median sale prices well above the statewide figure, while many communities in the state's rural and post-industrial areas remain considerably more affordable. Buyers should always check current, local data for the specific market they are considering, since a single statewide average can mask wide differences from one town to the next.
Philadelphia
Philadelphia is Pennsylvania's largest city, with roughly 1.5 million residents, and anchors a metropolitan area of about 6 million people. Well known as the City of Brotherly Love, it is also a passionate sports town, home to MLB's Phillies, the NFL's Eagles, the NHL's Flyers, and the NBA's 76ers. The Philadelphia region is a major economic engine for the state, with strengths in healthcare, education, financial services, information technology, and manufacturing. Several large companies, including Comcast and Lincoln Financial, are headquartered in or around the city.
Pittsburgh
Pittsburgh is Pennsylvania's second-largest city, with roughly 300,000 residents, but its metropolitan area is home to well over 2 million people, making it one of the larger metros in the United States. Long famous for steel production, Pittsburgh has reinvented itself as a hub for healthcare, education, robotics, artificial intelligence, and biotechnology. PNC Financial Services, the parent company of PNC Bank, is headquartered in Pittsburgh.
Allentown
Allentown is Pennsylvania's third-largest city, with roughly 125,000 residents, and anchors the Lehigh Valley metropolitan area of Allentown-Bethlehem-Easton. The region remains an important manufacturing and logistics center, and companies such as Air Products and PPL are headquartered there. The Lehigh Valley sits between the Philadelphia and New York City metro areas and is sometimes grouped within the broader New York combined statistical area.
Banking Options in PA
Searching for your first Pennsylvania bank, or ready for a change from the one you use now? Whatever your situation, there is a financial institution ready to serve you. Residents of the Keystone State have a great deal of choice, from community lenders that have served their towns for generations, to well-regarded credit unions, to national banks with branches across the state, including PNC, which is headquartered in Pittsburgh. Below are a few examples. Bank ownership and branding change over time through mergers, so confirm that any institution still operates in your area before you open an account.
Local and community banks:
- Citizens & Northern Bank
- QNB Bank (Quakertown National Bank)
- Juniata Valley Bank
- Brentwood Bank
- LINKBANK
- Fulton Bank
- S&T Bank
Credit unions:
- PSECU
- Members 1st Federal Credit Union
- Citadel Federal Credit Union
- TruMark Financial Credit Union
- American Heritage Credit Union
- Philadelphia Federal Credit Union
- Franklin Mint Federal Credit Union
- Police and Fire Federal Credit Union
- Clearview Federal Credit Union
Big banks with local branches:
- PNC Bank
- Bank of America
- Wells Fargo
- TD Bank
- Citizens Bank
- Truist
As you can see, there are a lot of choices. You will want to weigh convenience when picking a financial institution, but it is just as important to shop around for the best rates and terms. You can get started on our website.
Pennsylvania Mortgage Rates
Those thinking about a new home in Pennsylvania should consult RateZip.com before making any financing decisions. Our site provides access to current mortgage rate information, helping buyers compare their options with up-to-date data. The first step is learning about the types of mortgage loans available.
The most common loans in Pennsylvania are conventional mortgages, meaning loans that conform to the standards of Fannie Mae and Freddie Mac, the two well-known government-sponsored enterprises. To qualify, you generally need solid credit, a stable employment history, and a loan amount at or below the conforming loan limit for your area.
For those who do not qualify for a conventional home loan, there are government-backed programs insured by the FHA and VA. The Federal Housing Administration (FHA) insures loans that allow lower down payments and more flexible credit requirements, which can make them a useful option for first-time buyers, though they carry mortgage insurance costs.
VA loans are guaranteed by the U.S. Department of Veterans Affairs and are designed to help eligible service members, veterans, and surviving spouses become homeowners. Like FHA loans, they offer flexible credit requirements, and many qualified borrowers can purchase with no down payment.
Pennsylvania buyers should also look into the Pennsylvania Housing Finance Agency (PHFA), the state's housing finance agency, which offers affordable first mortgages along with down payment and closing cost assistance programs for eligible buyers. PHFA works through a statewide network of approved lenders and brokers rather than lending directly. Because mortgage rates change constantly, compare current rates and loan options before you decide.