Erie, PA—16503
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 $63,000, with a year-over-year change of -0.5%. This indicates that home prices in Erie, PA are flat. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $63,000 | -0.5% |
| Single Family | $63,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $55,000 | 3.8% |
3 Bed | $61,000 | -1.6% |
4 Bed | $65,000 | -1.5% |
| 5 Bed | $70,000 | -2.8% |
% of Housing Stock
Rental Trends — Erie, PA
As of July '25, Rentcast reports the average rent in Erie, PA is $885, with a year-over-year rent change of 16.9%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $688, 2-bedrooms: $785, 3-bedrooms: $1,070. The most common rental property sizes in Erie, PA are 2-bedroom and 3-bedroom, accounting for 48.6% and 22.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $850 | $885 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $725 | $688 |
| 2 Bed Rent | $750 | $785 |
| 3 Bed Rent | $1,100 | $1,070 |
| 4 Bed Rent | N/A | N/A |
% 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 50. This is a decrease of -6.0% 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 15.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $99,400 | -1.0% |
Listing Count | 13 | -20.0% |
| Listings as % of Homes | 0.3% | -20.0% |
Days on Market | 50 | -6.0% |
Demographics — Erie, PA
As of the latest ACS Survey released in 2023, Erie, PA has a population of 15,200, which has decreased by -9.4% over the past 5 years. Erie, PA is a popular place for families, as children make up 26.4% of the population. The area has a poorly educated workforce, with 12.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,200 | -9.4% |
% Under 18 | 26.4% | -12.6% |
% Seniors | 9.0% | 20.0% |
% WFH | 2.6% | 23.8% |
% w/ College Degree | 12.2% | 76.8% |
As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 44.8% of the population identifying as white. The white population has grown by 3.0% in the last 5 years. The second most common race or ethnicity in Erie, PA is black, making up 39.5% of the population. Foreign-born residents account for 5.6% of the population in Erie, PA, and this percentage has decreased by 45.1% 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 | 44.8% | 3.0% |
% Black | 39.5% | 25.4% |
% Hispanic | 9.9% | -34.9% |
% Asian | 1.8% | -55.0% |
% Foreign Born | 5.6% | -45.1% |
Mortgage and Risk — Erie, PA
According to HUD data as of 2023, there were 72 mortgage originations in Erie, PA, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 77.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Erie, PA. Investor activity is low, as 14.0% 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 | 72 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 14.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Erie, PA
Erie, PA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 642 |
Total Units Section 8 | 429 |
% Rentals under Section 8 | 12.3% |
% Occupied Section 8 | 88.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $85 | $725 | $810 |
| 2 Bedroom | $300 | $750 | $1,050 |
| 3 Bedroom | $210 | $1,100 | $1,310 |
| 4 Bedroom | N/A | N/A | $1,420 |
Affordability — Erie, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $63,000 |
| Median Household Income | $29,100 |