Erie, PA—16502
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 $121,000, with a year-over-year change of 3.7%. 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 | $121,000 | 3.7% |
| Single Family | $121,000 | 3.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $109,000 | 9.0% |
3 Bed | $120,000 | 4.3% |
4 Bed | $125,000 | 2.5% |
| 5 Bed | $145,000 | 5.8% |
% of Housing Stock
Rental Trends — Erie, PA
As of July '25, Rentcast reports the average rent in Erie, PA is $1,100, with a year-over-year rent change of 17.4%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $946, 2-bedrooms: $932, 3-bedrooms: $1,140, 4-bedrooms: $1,510. The most common rental property sizes in Erie, PA are 2-bedroom and 3-bedroom, accounting for 43.4% and 25.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $995 | $1,100 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $800 | $946 |
| 2 Bed Rent | $900 | $932 |
| 3 Bed Rent | $1,100 | $1,140 |
| 4 Bed Rent | $1,200 | $1,510 |
% 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 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.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $136,000 | 5.0% |
Listing Count | 30 | 39.0% |
| Listings as % of Homes | 0.3% | 39.0% |
Days on Market | 34 | 20.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,800 | 1.2% |
% Under 18 | 21.2% | -3.6% |
% Seniors | 15.2% | 15.2% |
% WFH | 6.9% | 46.8% |
% w/ College Degree | 17.9% | -11.4% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $121,000 |
| Median Household Income | $34,600 |