Erie, PA16502

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$121,000
3.7% YoY Growth
Median Household Income
$34,600
5.4% 5-Year Growth
Days on Market
34
20.0% Longer than last year
Home Price Forecast
2.5%
Median Rent
$995
17.4% YoY Growth
1-Bed Rent
$800
34.6% YoY Growth
2-Bed Rent
$900
2.9% YoY Growth
3-Bed Rent
$1,100
16.9% YoY Growth

Property Listings — Erie, PA

As of Oct '25, Realtor.com reports that the median days on market for a home in Erie, PA is 34. This is a increase of 20.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 20.0%, representing a small inventory and little supply pressure on home prices.

MetricZip Code AverageYear over Year % Change
Median Listing Price
$136,0005.0%
Listing Count
3039.0%
Listings as % of Homes0.3%39.0%
Days on Market
3420.0%
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Demographics — Erie, PA

As of the latest ACS Survey released in 2023, Erie, PA has a population of 15,800, which has increased by 1.2% over the past 5 years. Erie, PA is a moderately popular place for families, as children make up 21.2% of the population. The area has a poorly educated workforce, with 17.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.9% reporting working from home.

MetricLatest CensusYoY % Change
Population
15,8001.2%
% Under 18
21.2%-3.6%
% Seniors
15.2%15.2%
% WFH
6.9%46.8%
% w/ College Degree
17.9%-11.4%
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As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 65.6% of the population identifying as white. The white population has shrunk by 3.8% in the last 5 years. The second most common race or ethnicity in Erie, PA is hispanic, making up 13.3% of the population. Foreign-born residents account for 5.0% of the population in Erie, PA, and this percentage has decreased by 26.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

Race and Ethnicity

MetricLatest Census5-Year % Change
% White
65.6%-3.8%
% Black
11.1%-16.5%
% Hispanic
13.3%29.1%
% Asian
1.9%0.0%
% Foreign Born
5.0%-26.5%
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Mortgage and Risk — Erie, PA

According to HUD data as of 2023, there were 146 mortgage originations in Erie, PA, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Erie, PA. Investor activity is low, as 12.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

MetricZip Code Average
Total Loan Originations
146
% Conventional Loans
82.0%
% Government Loans
18.0%
% Investor Loans
12.0%
% Second Loans
0.0%
% Cash Out Refinance
6.0%

Loan Activity

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Rentals and Section 8 — Erie, PA

As of 2024, the percent of homes in Erie, PA under the Section 8 program is 9.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Erie, PA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.

Section 8 Market Size

Total Units under HUD
528
Total Units Section 8
428
% Rentals under Section 8
9.5%
% Occupied Section 8
90.1%

Section 8 Opportunity

Home SizeHUD PremiumMarket RentMax HUD Rent
1 Bedroom$10$800$810
2 Bedroom$150$900$1,050
3 Bedroom$210$1,100$1,310
4 Bedroom$220$1,200$1,420

Affordability — Erie, PA

Home Price to Income Ratio

MetricZip Code Average
Home Price to Income Ratio2.8
Median Home Price$121,000
Median Household Income$34,600

Erie, PA — ZIP Code Boundary Map

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Frequently Asked Questions