Erie, MI—48133
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Erie, MI
As of Oct '25, the median home price in Erie, MI is $241,000, with a year-over-year change of 6.0%. This indicates that home prices in Erie, MI are increasing. According to Zillow, the 1-year price projection is 2.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $241,000 | 6.0% |
| Single Family | $241,000 | 7.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $177,000 | 5.4% |
3 Bed | $239,000 | 4.8% |
4 Bed | $278,000 | 3.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Erie, MI
As of July '25, Rentcast reports the average rent in Erie, MI is $1,140, with a year-over-year rent change of 8.6%. Per bedroom, the median rent as of July '25 in Erie, MI is 2-bedrooms: $825, 3-bedrooms: $1,340. The most common rental property sizes in Erie, MI are 2-bedroom and 3-bedroom, accounting for 46.8% and 26.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,240 | $1,140 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $750 | $825 |
| 3 Bed Rent | $1,300 | $1,340 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Erie, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Erie, MI is 103. This is a increase of 86.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $316,000 | 38.0% |
Listing Count | 11 | 64.0% |
| Listings as % of Homes | 0.3% | 64.0% |
Days on Market | 103 | 86.0% |
Demographics — Erie, MI
As of the latest ACS Survey released in 2023, Erie, MI has a population of 6,710, which has increased by 18.7% over the past 5 years. Erie, MI is a popular place for families, as children make up 26.9% of the population. The area has a poorly educated workforce, with 19.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,710 | 18.7% |
% Under 18 | 26.9% | 15.5% |
% Seniors | 17.8% | 15.6% |
% WFH | 7.7% | 208.0% |
% w/ College Degree | 19.6% | 53.1% |
As of the latest ACS Survey released in 2023, Erie, MI is a predominantly white area, with 88.8% of the population identifying as white. The white population has shrunk by 2.3% in the last 5 years. The second most common race or ethnicity in Erie, MI is hispanic, making up 6.6% of the population. Foreign-born residents account for 0.3% of the population in Erie, MI, and this percentage has decreased by 62.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 88.8% | -2.3% |
% Black | 0.2% | -90.5% |
% Hispanic | 6.6% | 144.4% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 0.3% | -62.5% |
Mortgage and Risk — Erie, MI
According to HUD data as of 2023, there were 55 mortgage originations in Erie, MI, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Erie, MI. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 55 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Erie, MI
Erie, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 5 |
Total Units Section 8 | 5 |
% Rentals under Section 8 | 2.9% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $950 |
| 2 Bedroom | $490 | $750 | $1,240 |
| 3 Bedroom | $240 | $1,300 | $1,540 |
| 4 Bedroom | N/A | N/A | $1,970 |
Affordability — Erie, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $241,000 |
| Median Household Income | $65,900 |