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Johnstown vs Lebanon for Rental Property Investing

Side-by-side comparison of Johnstown, PA and Lebanon, PA — cap rates, rent, prices, and investment metrics.

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Johnstown wins 3–0 across key metrics
Johnstown leads on cash flow (5.77% vs 2.89% cap rate)
Metric
Johnstown, PA
Lebanon, PA
Est. Cap Rate
5.77%
2.89%
Median Home Price
$115,000
$305,000
Median Monthly Rent
$810
$1,370
1% Rule
0.70%
0.45%
GRM
11.8x
18.6x
Price / Income
2.4x
6.4x
Property Tax Rate
1.38%
1.38%
Vacancy Rate
6%
6%
Population Growth
0.2% / yr
0.2% / yr
Annual Appreciation
2.3%
2.3%
Population
50,000
50,000
Median Income
$47,800
$47,800

Johnstown vs Lebanon: Which Is Better for Investors?

Cash flow: Johnstown has the edge with an estimated cap rate of 5.77% compared to Lebanon's 2.89%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $115,000 in Johnstown vs $305,000 in Lebanon, while rents come in at $810/mo and $1,370/mo respectively. For context, the national average cap rate is 3.81% and average price is $333K.

Growth & appreciation: Johnstown is growing faster at 0.2% annually vs Lebanon's 0.2%. Johnstown leads on home value appreciation at 2.3% per year.

Costs & risk: Property taxes are 1.38% in Johnstown vs 1.38% in Lebanon. Vacancy rates of 6% and 6% are mixed — Lebanon has the tighter rental market.

Entry point: Johnstown offers a lower entry at $115K vs Lebanon's $305K — a difference of $190K. With a 20% down payment, that's $23K vs $61K. Johnstown combines the lower price with a higher cap rate — a compelling combination.

Bottom line: Johnstown edges out Lebanon on most key metrics. With a 5.77% cap rate, it offers solid cash flow potential. Use our free calculators to model specific deals in Johnstown or Lebanon.

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Johnstown, PA
5.77% cap rate · $115,000 median · $810/mo
Full analysis →
Lebanon, PA
2.89% cap rate · $305,000 median · $1,370/mo
Full analysis →

Frequently Asked Questions

Is Johnstown or Lebanon better for rental investing?
Johnstown wins 3–0 across our 7 key metrics (cap rate, 1% rule, GRM, taxes, vacancy, growth, appreciation). Johnstown's 5.77% cap rate and $115K median price offer both higher returns and a lower entry point.
What is the cap rate difference between Johnstown and Lebanon?
Johnstown has a 5.77% cap rate vs Lebanon's 2.89% — a difference of 2.88 percentage points. This is a significant gap that meaningfully impacts cash flow. For context, the national average is 3.81%.
Which city has lower property taxes?
Lebanon has lower property taxes at 1.38% vs 1.38%. On a $210K property, that's a difference of approximately $2,622/year in tax expense — money that goes directly to (or from) your cash flow.
Which city is growing faster?
Johnstown is growing at 0.2% annually vs Lebanon's 0.2%. Both cities have slow growth — focus on the strongest neighborhoods. Johnstown's appreciation rate of 2.3% also leads on home value growth.

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