Erie, PA—16504
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Erie, PA
As of Oct '25, the median home price in Erie, PA is $147,000, with a year-over-year change of 6.7%. This indicates that home prices in Erie, PA are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $147,000 | 6.7% |
| Single Family | $147,000 | 7.3% |
| Condos | $212,000 | 2.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $130,000 | 6.6% |
3 Bed | $151,000 | 7.1% |
4 Bed | $154,000 | 6.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Erie, PA
As of July '25, Rentcast reports the average rent in Erie, PA is $1,480, with a year-over-year rent change of 34.5%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $1,360, 2-bedrooms: $1,270, 3-bedrooms: $1,930, 4-bedrooms: $900. The most common rental property sizes in Erie, PA are 2-bedroom and 1-bedroom, accounting for 39.5% and 24.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,360 | $1,480 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,360 | $1,360 |
| 2 Bed Rent | $1,100 | $1,270 |
| 3 Bed Rent | $1,800 | $1,930 |
| 4 Bed Rent | $900 | $900 |
% of Rental Stock
Property Listings — Erie, PA
As of Oct '25, Realtor.com reports that the median days on market for a home in Erie, PA is 38. This is a decrease of -17.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $159,000 | 6.0% |
Listing Count | 45 | 23.0% |
| Listings as % of Homes | 0.4% | 23.0% |
Days on Market | 38 | -17.0% |
Demographics — Erie, PA
As of the latest ACS Survey released in 2023, Erie, PA has a population of 15,600, which has remained stable by -0.1% over the past 5 years. Erie, PA is a moderately popular place for families, as children make up 18.0% of the population. The area has a poorly educated workforce, with 24.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,600 | -0.1% |
% Under 18 | 18.0% | -17.4% |
% Seniors | 19.2% | 23.1% |
% WFH | 7.3% | 247.6% |
% w/ College Degree | 24.9% | 7.3% |
As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 72.6% of the population identifying as white. The white population has shrunk by 7.9% in the last 5 years. The second most common race or ethnicity in Erie, PA is black, making up 9.8% of the population. Foreign-born residents account for 9.2% of the population in Erie, PA, and this percentage has increased by 37.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 72.6% | -7.9% |
% Black | 9.8% | -21.0% |
% Hispanic | 6.4% | 120.7% |
% Asian | 2.6% | 0.0% |
% Foreign Born | 9.2% | 37.3% |
Mortgage and Risk — Erie, PA
According to HUD data as of 2023, there were 222 mortgage originations in Erie, PA, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Erie, PA. Investor activity is low, as 3.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 222 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Erie, PA
As of 2024, the percent of homes in Erie, PA under the Section 8 program is 14.0%. 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. 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Erie, PA, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 380 |
Total Units Section 8 | 260 |
% Rentals under Section 8 | 14.0% |
% Occupied Section 8 | 91.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$430 | $1,360 | $930 |
| 2 Bedroom | $110 | $1,100 | $1,210 |
| 3 Bedroom | -$290 | $1,800 | $1,510 |
| 4 Bedroom | $740 | $900 | $1,640 |
Affordability — Erie, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $147,000 |
| Median Household Income | $52,000 |