Erie, PA—16511
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 $195,000, with a year-over-year change of 9.3%. This indicates that home prices in Erie, PA are increasing. According to Zillow, the 1-year price projection is 2.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $195,000 | 9.3% |
| Single Family | $195,000 | 9.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $137,000 | 9.6% |
3 Bed | $201,000 | 9.8% |
4 Bed | $235,000 | 8.8% |
| 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 $1,750, with a year-over-year rent change of 59.1%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $890, 2-bedrooms: $2,700, 3-bedrooms: $1,610, 4-bedrooms: $1,980. The most common rental property sizes in Erie, PA are 3-bedroom and 2-bedroom, accounting for 33.2% and 27.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,750 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $890 | $890 |
| 2 Bed Rent | $2,700 | $2,700 |
| 3 Bed Rent | $1,340 | $1,610 |
| 4 Bed Rent | $1,500 | $1,980 |
% 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 48. This is a decrease of -25.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $226,000 | -24.0% |
Listing Count | 30 | 16.0% |
| Listings as % of Homes | 0.4% | 16.0% |
Days on Market | 48 | -25.0% |
Demographics — Erie, PA
As of the latest ACS Survey released in 2023, Erie, PA has a population of 11,700, which has remained stable by 0.5% over the past 5 years. Erie, PA is a popular place for families, as children make up 28.6% of the population. The area has a moderately educated workforce, with 32.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,700 | 0.5% |
% Under 18 | 28.6% | 27.7% |
% Seniors | 19.0% | -5.9% |
% WFH | 6.1% | 45.2% |
% w/ College Degree | 32.2% | 18.8% |
As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 80.0% of the population identifying as white. The white population has shrunk by 4.5% in the last 5 years. The second most common race or ethnicity in Erie, PA is black, making up 10.1% of the population. Foreign-born residents account for 4.0% of the population in Erie, PA, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 80.0% | -4.5% |
% Black | 10.1% | 26.2% |
% Hispanic | 5.8% | -6.5% |
% Asian | 1.5% | 66.7% |
% Foreign Born | 4.0% | 0.0% |
Mortgage and Risk — Erie, PA
According to HUD data as of 2023, there were 163 mortgage originations in Erie, PA, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Erie, PA. Investor activity is low, as 1.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 163 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Erie, PA
As of 2024, the percent of homes in Erie, PA under the Section 8 program is 6.2%. 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. 1-bedroom and 3-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 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 543 |
Total Units Section 8 | 78 |
% Rentals under Section 8 | 6.2% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $80 | $890 | $970 |
| 2 Bedroom | -$1,440 | $2,700 | $1,260 |
| 3 Bedroom | $230 | $1,340 | $1,570 |
| 4 Bedroom | $200 | $1,500 | $1,700 |
Affordability — Erie, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.2 |
| Median Home Price | $195,000 |
| Median Household Income | $71,600 |