Erie, PA—16508
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Erie, PA
As of Nov '25, the median home price in Erie, PA is $160,000, with a year-over-year change of 6.5%. This indicates that home prices in Erie, PA are increasing. According to Zillow, the 1-year price projection is 2.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $160,000 | 6.5% |
| Single Family | $160,000 | 6.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $139,000 | 6.1% |
3 Bed | $163,000 | 6.5% |
4 Bed | $172,000 | 5.5% |
| 5 Bed | $210,485 | 6.6% |
% of Housing Stock
Rental Trends — Erie, PA
As of July '25, Rentcast reports the average rent in Erie, PA is $1,200, with a year-over-year rent change of 14.3%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $938, 2-bedrooms: $983, 3-bedrooms: $1,500, 4-bedrooms: $1,620. The most common rental property sizes in Erie, PA are 2-bedroom and 3-bedroom, accounting for 50.8% and 24.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,200 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $675 | $938 |
| 2 Bed Rent | $900 | $983 |
| 3 Bed Rent | $1,300 | $1,500 |
| 4 Bed Rent | $1,650 | $1,620 |
% of Rental Stock
Property Listings — Erie, PA
As of Nov '25, Realtor.com reports that the median days on market for a home in Erie, PA is 43. This is a decrease of -18.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $165,000 | -11.0% |
Listing Count | 46 | 56.0% |
| Listings as % of Homes | 0.4% | 56.0% |
Days on Market | 43 | -18.0% |
Demographics — Erie, PA
As of the latest ACS Survey released in 2023, Erie, PA has a population of 15,200, which has decreased by -5.5% over the past 5 years. Erie, PA is a moderately popular place for families, as children make up 23.2% of the population. The area has a moderately educated workforce, with 27.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,200 | -5.5% |
% Under 18 | 23.2% | 0.9% |
% Seniors | 17.8% | 9.9% |
% WFH | 4.8% | 152.6% |
% w/ College Degree | 27.7% | -1.1% |
As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 80.1% of the population identifying as white. The white population has shrunk by 7.1% in the last 5 years. The second most common race or ethnicity in Erie, PA is black, making up 5.2% of the population. Foreign-born residents account for 2.5% of the population in Erie, PA, and this percentage has decreased by 53.7% 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 | 80.1% | -7.1% |
% Black | 5.2% | -22.4% |
% Hispanic | 4.1% | 20.6% |
% Asian | 1.0% | -41.2% |
% Foreign Born | 2.5% | -53.7% |
Mortgage and Risk — Erie, PA
According to HUD data as of 2023, there were 259 mortgage originations in Erie, PA, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 38.0% above 90% LTV (very high). This implies large mortgage risk in Erie, PA. Investor activity is low, as 5.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 259 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 5.0% |
Rentals and Section 8 — Erie, PA
As of 2024, the percent of homes in Erie, PA under the Section 8 program is 3.7%. 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 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Erie, PA, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 111 |
Total Units Section 8 | 100 |
% Rentals under Section 8 | 3.7% |
% Occupied Section 8 | 87.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $125 | $675 | $800 |
| 2 Bedroom | $140 | $900 | $1,040 |
| 3 Bedroom | -$10 | $1,300 | $1,290 |
| 4 Bedroom | -$240 | $1,650 | $1,410 |
Affordability — Erie, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.4 |
| Median Home Price | $160,000 |
| Median Household Income | $52,400 |