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City · 8,624 residents · Centre County, Pennsylvania

Park Forest Village , Pennsylvania

In Park Forest Village, a typical home is worth $389,600 and typical rent is $1,331 a month. Compared with all of Centre County, the typical home value is 20% higher, typical rent is 10% higher, and the share of households that own their home is 6 points lower.

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  • Typical home value

    $389,600

    20% above the county

    53% above Pennsylvania

    • Park Forest Village
    • Centre
    • Pennsylvania

  • Typical rent

    $1,331a month

    10% above the county

    10% above Pennsylvania

    • Park Forest Village
    • Centre
    • Pennsylvania

  • Typical household income

    $79,120a year

    7% above the county

    About the same as Pennsylvania

    • Park Forest Village
    • Centre
    • Pennsylvania

  • Households that own their home

    56%

    6 points below the county

    14 points below Pennsylvania

    • Park Forest Village
    • Centre
    • Pennsylvania

Source: U.S. Census Bureau, Average 2020–2024

Park Forest Village is in Centre County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Centre County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Park Forest Village apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Lewistown, the typical home value is $98,500: 75% less than in Park Forest Village ($389,600).

  2. Park Forest Village has the 6th largest share of rent-burdened renters of the 232 cities in Pennsylvania with more than 5,000 people (73%).

  3. Nearby, in Tyrone, the typical rent is $788: 41% less than in Park Forest Village ($1,331).

  4. The typical home in Park Forest Village is worth $389,600, 20% more than in Centre County as a whole ($323,500).

  5. 56% of households in Park Forest Village own their home, against 62% in Centre County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Park Forest Village

What homes there are in Park Forest Village, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Homes in Park Forest Village are varied: detached houses are the largest group, at 47%, against 57% in Centre County.

Year built

In Park Forest Village, half of the homes were built before 1982; in Centre County, before 1980.

In Park Forest Village, 67% of homes have 3 bedrooms or more, more than in Centre County (61%).

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$2,157 a month

Centre County: $1,869 a month

Without a mortgage

$760 a month

Centre County: $641 a month

Owners with a mortgage

66%

Centre County: 59%

The typical cost for an owner with a mortgage in Park Forest Village is $2,157 a month, more than in Centre County ($1,869); without one, $760.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Park Forest Village rose 34%; in Centre County, it rose 38%.

Since 2015–2019, the typical rent in Park Forest Village rose 24%, more than in Centre County (21%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasurePark Forest VillageCentre CountyPennsylvaniaUnited States
Rental vacancy Unreliable estimate7.2%4.9%5.5%
Homeowner vacancy Unreliable estimate0.6%0.8%0.9%
More than one person per room Unreliable estimate2.3%1.6%3.4%
People per household 2.262.322.392.53
Drive alone 52%63%68%69%
Carpool 5%7%8%9%
Public transit Unreliable estimate3%4%3%
Walk or bike 10%11%4%3%
Work from home 26%15%16%15%
Other means Unreliable estimate1%1%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

By size, households in Park Forest Village look like those in Centre County: 2.26 people on average.

Many people here do not commute at all: 26% work from home; in Centre County, 15%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Park Forest Village?

A typical home costs more than the typical income allows

We start with a typical home in Park Forest Village, worth $389,600, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 50% of the typical household income in Park Forest Village, which is $79,120 a year. For that payment to be 28% of income, a household would need to earn about $141,825 a year.

The calculator's FHA and conventional loan limits are those of all of Centre County.

Your numbers

Local data
$

Starts at the typical home value in Park Forest Village. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $13,636 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,309

at 7.18% · 30 years

Loan amount
$382,543
Total interest
$550,390
Paid off in
November 2056

Includes $6,579 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,846 a month

  • Tight

    $1,846 to $2,374 a month

  • Hard

    more than $2,374 a month

    Your payment · 50%

Compared with the typical household income in Park Forest Village ($79,120 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,309
Principal & interest$2,591
Property tax$383
Home insurance$162
FHA mortgage insurance (MIP)$172

You need at least $13,636 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Park Forest Village and Centre County

Park Forest Village is in Centre County, Pennsylvania. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Park Forest Village's own numbers

Typical home value
$389,600
Typical monthly rent
$1,331
Typical yearly household income
$79,120
Households that own their home
56%
Effective property tax rate
1.18%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Centre County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,537
Price change over 5 years (FHFA)
+37%
Homes in a high flood-risk zone
2.8%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Centre County.

Everything about Centre County

Buying

Buying a home in Park Forest Village

A typical home in Park Forest Village is worth $389,600: 20% above the county and 53% above Pennsylvania. With the typical household income in Park Forest Village ($79,120 a year), a typical home costs 4.9 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Park Forest Village 4.9 years
  • Centre 4.4 years
  • Pennsylvania 3.3 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Centre County

According to FHFA’s house price index, home prices in Centre County rose 65% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Centre County.

Period County Pennsylvania U.S.
Last year (2025) +2.8% +4.7% +2.9%
5 years (2020–2025) +37% +48% +47%
10 years (2015–2025) +65% +77% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Park Forest Village next to Centre County, Pennsylvania and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Park Forest Village $389,600
  • Centre $323,500
  • Pennsylvania $254,500
  • United States $332,700
Typical monthly rent
  • Park Forest Village $1,331
  • Centre $1,207
  • Pennsylvania $1,209
  • United States $1,413
Typical yearly household income
  • Park Forest Village $79,120
  • Centre $74,291
  • Pennsylvania $77,971
  • United States $80,734
See the full table
Park Forest Village next to Centre County and Pennsylvania
Measure Park Forest Village Centre County Pennsylvania U.S.
Typical home value $389,600 $323,500 $254,500 $332,700
Typical monthly rent $1,331 $1,207 $1,209 $1,413
Typical yearly household income $79,120 $74,291 $77,971 $80,734
Households that own their home 56% 62% 69% 65%
Typical yearly property tax $4,592 $3,386 $3,311 $3,119
Effective property tax rate 1.18% 1.05% 1.3% 0.94%
Renters with high rent for their income 73% 57% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Centre County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Park Forest Village

For a typical $389,600 home in Park Forest Village, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Park Forest Village's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,309a month

    Least cash to close
    Down payment
    $13,636
    Cash to close
    $25,324
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $172

  • Conventional, 5% down $3,238a month

    Down payment
    $19,480
    Cash to close
    $31,168
    Rate
    7.18%
    Mortgage insurance
    PMI · $185

  • Conventional, 20% down, no PMI $2,657a month

    Down payment
    $77,920
    Cash to close
    $89,608
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,017a month

    Down payment
    $58,440
    Cash to close
    $70,128
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Park Forest Village and for Centre County.

Property tax

Effective rate in Park Forest Village

1.18%of the home’s value each year

$4,592 a year for the typical owner in Park Forest Village.

  • Park Forest Village 1.18%
  • Centre 1.05%
  • Pennsylvania 1.3%

What Pennsylvania publishes Property Tax/Rent Rebate Program (PTRR) (Pennsylvania Department of Revenue)

Exemptions and deadlines in Pennsylvania

Flood risk in Centre County

FEMA does not publish these numbers by city: they are for all of Centre County.

Homes in the high-risk zone
2.8%
1,376
Of those, with NFIP insurance
14%
County Pennsylvania U.S.
Homes in the high-risk zone 2.8% 2% 3.5%
Of those, with NFIP insurance 14% 23% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Park Forest Village

Typical rent in Park Forest Village is $1,331 a month: 10% above the county. In Park Forest Village, 73% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Centre County, by unit size. To pay the 2-bedroom one ($1,537 a month) without spending more than 30% of your income, you would need to earn $29.56 an hour working full time.

HUD fair market rent for all of Centre County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,274 $24.50 $50,960
1 bedroom $1,282 $24.65 $51,280
2 bedrooms $1,537 $29.56 $61,480
3 bedrooms $1,977 $38.02 $79,080
4 bedrooms $2,020 $38.85 $80,800

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Park Forest Village

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Park Forest Village is in ZIP code 16803.

For 2 bedrooms it is $1,730: $193 more than the fair market rent for Centre County ($1,537).

  • 16803 $1,730$2,230

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Park Forest Village when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in Park Forest Village

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There is 1 HUD-approved agency with an office in Centre County; none says it serves in Spanish.

A young man and a young woman look something up together on a laptop.

HUD counseling is free or low-cost

Assistance programs in Park Forest Village

No down payment, repair or rent-help program on our list is for Park Forest Village or Centre County. The ones below are statewide in Pennsylvania: they work in Park Forest Village the same as in the rest of the state.

Which programs do I qualify for? All programs in Pennsylvania

Housing counselors near Park Forest Village

The HUD-approved agencies closest to the center of Park Forest Village, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • The Home Foundation

    226 E Nittany Ave, State College · 3 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 4 more
    (814) 954-4215

  • Cumberland County Housing and Redevelopment Authorities

    114 N Hanover St, Carlisle · 56 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 7 more
    (717) 249-0789

  • Pathstone Corporation-Pennsylvania

    450 Cleveland Ave, Chambersburg · 62 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 8 more
    (717) 264-5913

Every agency in Centre County All counseling agencies in Pennsylvania

Help in Spanish near Park Forest Village

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Park Forest Village

HUD’s record names them for Park Forest Village or Centre County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Centre County Housing Authority Public housing and Section 8 vouchers (814) 355-6965

All housing agencies in Pennsylvania Source: HUD

Cities

Other cities in Centre County

These cities are also in Centre County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Centre County Housing in Pennsylvania

Nearby cities

The cities closest to Park Forest Village, with the typical home value.

Neighboring counties

If Centre County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Park Forest Village.

All guides
A father and mother walk their son by the hand down the sidewalk.

Questions

Housing questions about Park Forest Village

Short answers with the numbers for Park Forest Village and all of Centre County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Park Forest Village?

The typical home value in Park Forest Village is $389,600, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Centre County it is $323,500.

How much does it cost to rent in Park Forest Village?

Typical rent in Park Forest Village is $1,331 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Centre County is $1,537.

What is the FHA loan limit in Park Forest Village?

Park Forest Village uses the FHA limit for all of Centre County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Park Forest Village?

The typical homeowner in Park Forest Village pays $4,592 a year, according to the U.S. Census Bureau. That is 1.18% of the home’s value; in Centre County, the rate is 1.05%.

Where can I find free help to buy or rent in Park Forest Village?

There is 1 HUD-approved counseling agency with an office in Centre County. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).