New Hope, PA
Population 2,623 · Pennsylvania
About New Hope, PA
New Hope is a small town located in Pennsylvania with a population of 2,623 residents according to the latest US Census Bureau American Community Survey data. The median household income is $158,929 per year, which is 111% above the national median of $75,149. The median age of 58.1 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in New Hope features a median home value of $633,800, which is 159% above the national median of $244,900. This places New Hope in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,957, 68% above the national average of $1,163/month. Of the 1,477 total housing units, 63% are owner-occupied (861 units) and 37% are renter-occupied (505 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in New Hope shows an unemployment rate of 5.6%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 3.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in New Hope have an average one-way commute time of 33.1 minutes.
Education & Demographics
74.9% of New Hope residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.5% White, 0.7% Hispanic or Latino, 0.7% Black or African American, and 3.4% Asian residents, with 8.3% of the population being foreign-born.
How New Hope Ranks in Pennsylvania
Cost of Living in New Hope, PA
Compared to national averages, New Hope has a median household income of $158,929 (111% above the national median of $75,149). Home values average $633,800, which is 159% above the national median. Monthly rent at $1,957 is 68% above the US average of $1,163. Within Pennsylvania, New Hope's income is 117% above the state average of $73,376, and home values are 232% above the state median of $190,903.
Why Live in New Hope, PA?
New Hope offers a strong local economy with a median household income of $158,929, well above the national average, and a well-educated community where 74.9% of residents hold a bachelor’s degree or higher, and a low poverty rate of 3.8%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $633,800. However, New Hope’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
New Hope has a population of 2,623 with a median age of 58.1 years. Compare New Hope with other cities to see how it stacks up, or explore all cities in Pennsylvania.
Similar Cities Near New Hope
Cities in Pennsylvania with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Belmont | 2,624 | $57,132 | $148,600 | Compare |
| Reynoldsville | 2,622 | $46,433 | $89,000 | Compare |
| Leith-Hatfield | 2,621 | $107,206 | $315,500 | Compare |
| McAdoo | 2,617 | $45,239 | $84,800 | Compare |
| Derry | 2,616 | $49,051 | $122,200 | Compare |
| West Newton | 2,630 | $47,250 | $130,300 | Compare |
| Rockledge | 2,609 | $82,708 | $295,800 | Compare |
| Dillsburg | 2,638 | $80,977 | $206,100 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Pennsylvania
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare New Hope With Other Cities
Frequently Asked Questions about New Hope
What is the population of New Hope, PA?
The population of New Hope, PA is 2,623 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Pennsylvania.
What is the median household income in New Hope?
The median household income in New Hope, PA is $158,929 per year, which is 111% above the national median of $75,149.
What is the median home value in New Hope?
The median home value in New Hope, PA is $633,800, which is 159% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in New Hope?
The median monthly rent in New Hope, PA is $1,957, which is 68% above the national average of $1,163/month.
What is the unemployment rate in New Hope?
The unemployment rate in New Hope, PA is 5.6%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is New Hope, PA a good place to live?
New Hope offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 2,623 and a median age of 58.1, the city appeals to established professionals and retirees.
How educated is New Hope, PA?
74.9% of residents in New Hope aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in New Hope?
Key cost-of-living indicators for New Hope, PA: median home value is $633,800 (159% above national), median rent is $1,957/month, and median household income is $158,929. The home-value-to-income ratio is 4.0x, a moderate figure by national standards.
What is the poverty rate in New Hope?
The poverty rate in New Hope, PA is 3.8%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is New Hope, PA?
New Hope's population is 0.5% White, 0.7% Hispanic or Latino, 0.7% Black or African American, 3.4% Asian, and 0.0% two or more races. 8.3% of residents are foreign-born.