Quick facts: Oil city, PA

Quick Facts

101.5
Cost of Living
above US average
9,459
Population
15.22
Crime Rate per 1000
below US average
$48,632
Median Income
below US average
$115,000
Median House Price
above US average
$1202.36
Average Rent
below US average
15%
Poverty Rate
above US average
6.0%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $48,632.

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Income Needed to Buy

βœ“ Affordable
$36k/year
Based on $115,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($48,632) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$52k/year
Based on $1202.36/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $52k vs median $48,632
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Oil city, PA

Oil City is a small city in Venango County, Pennsylvania, situated along the banks of the Allegheny River. Known historically for its role in the oil industry during the 19th century, it played a significant part in the early oil boom, which led to rapid growth and development in the region. Today, Oil City has a population of around 10,000 residents and is characterized by its scenic landscapes, historic architecture, and quaint downtown area. The city offers various recreational activities thanks to its proximity to the river and nearby state parks. Outdoor enthusiasts can enjoy fishing, hiking, and picnicking in the picturesque surroundings. Oil City also hosts community events and festivals throughout the year, reflecting its close-knit community spirit. Key attractions include the Oil City Library, the historic train station, and several parks that provide green spaces for leisure activities. The city serves as a gateway to exploring the beauty of northwestern Pennsylvania, making it an appealing destination for those interested in both history and outdoor adventures.

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