Erie, PA—16506
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 $280,000, with a year-over-year change of 6.9%. This indicates that home prices in Erie, PA are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $280,000 | 6.9% |
| Single Family | $285,000 | 7.1% |
| Condos | $208,000 | 7.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $176,000 | 10.7% |
3 Bed | $256,000 | 7.1% |
4 Bed | $382,000 | 7.6% |
| 5 Bed | $508,000 | 7.6% |
% of Housing Stock
Rental Trends — Erie, PA
As of July '25, Rentcast reports the average rent in Erie, PA is $1,710, with a year-over-year rent change of 66.0%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $762, 2-bedrooms: $1,600, 3-bedrooms: $1,710, 4-bedrooms: $2,780. The most common rental property sizes in Erie, PA are 2-bedroom and 1-bedroom, accounting for 52.8% and 23.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,710 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $725 | $762 |
| 2 Bed Rent | $1,200 | $1,600 |
| 3 Bed Rent | $1,600 | $1,710 |
| 4 Bed Rent | $1,600 | $2,780 |
% 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 increase of 25.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $330,000 | -1.0% |
Listing Count | 49 | 11.0% |
| Listings as % of Homes | 0.3% | 11.0% |
Days on Market | 48 | 25.0% |
Demographics — Erie, PA
As of the latest ACS Survey released in 2023, Erie, PA has a population of 24,200, which has remained stable by 0.3% over the past 5 years. Erie, PA is a moderately popular place for families, as children make up 20.9% of the population. The area has a moderately educated workforce, with 39.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,200 | 0.3% |
% Under 18 | 20.9% | -3.7% |
% Seniors | 21.8% | 9.5% |
% WFH | 8.5% | 165.6% |
% w/ College Degree | 39.4% | -4.6% |
As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 88.1% of the population identifying as white. The white population has shrunk by 4.6% in the last 5 years. The second most common race or ethnicity in Erie, PA is asian, making up 4.5% of the population. Foreign-born residents account for 5.3% of the population in Erie, PA, and this percentage has increased by 15.2% 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 | 88.1% | -4.6% |
% Black | 2.0% | 0.0% |
% Hispanic | 1.8% | -25.0% |
% Asian | 4.5% | 275.0% |
% Foreign Born | 5.3% | 15.2% |
Mortgage and Risk — Erie, PA
According to HUD data as of 2023, there were 416 mortgage originations in Erie, PA, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 18.0% above 90% LTV (elevated). This implies medium 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 | 416 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% 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 6.0%. 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. 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 | 215 |
Total Units Section 8 | 170 |
% Rentals under Section 8 | 6.0% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $345 | $725 | $1,070 |
| 2 Bedroom | $190 | $1,200 | $1,390 |
| 3 Bedroom | $130 | $1,600 | $1,730 |
| 4 Bedroom | $280 | $1,600 | $1,880 |
Affordability — Erie, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $280,000 |
| Median Household Income | $84,000 |