Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Erie | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $621,490 | $480,058 | $242,182 |
| Price Trend (Annual %) | 16.2% | 11.8% | 8.2% |
| Median Gross Rent | $2,631 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 9.4% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Erie is about 29% higher than in Colorado. Rent is about 55% higher than the Colorado average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Erie, up about 16.2% and 9.4% a year respectively. Home prices are changing faster.
Median rent in Erie rose about 69.4% between 2015 and 2023, from $1,553 to $2,631. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Erie.
Buying the median-priced home in Erie costs roughly 19.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Erie. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Erie | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $621,490 | $480,058 | $242,182 |
| Median Household Income | $162,343 | $93,055 | $78,145 |
| Price-to-Income Ratio | 3.8 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Erie rose about 63.8%, while median household income rose about 72.9% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Erie | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 84.8% | 60.6% | 58.2% |
| Rental Rate | 13.9% | 30.8% | 31.3% |
| Vacancy Rate | 1.3% | 8.6% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Erie has a homeownership rate of 84.8%, higher than the Colorado average of 60.6%. Its housing vacancy rate is 1.3%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Erie | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.82 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 2002 | 1984 | 1978 |
| Median Number of Rooms | 7.4 | 5.7 | 5.5 |
The typical housing unit in Erie was built around 2002. On average, 2.8 people live in a home with about 7.4 rooms, staying for about 11.0 years on average.
Erie, CO Housing Compared With Nearby Cities
How Erie, CO compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Erie, CO | 24,310 | $621,490 #1/2 | $2,631 #1/2 | 85.9% #1/2 |
| Broomfield, CO | 74,746 | $489,287 | $2,074 | 62.6% |
Frequently Asked Questions
Common questions about the housing market in Erie, Colorado.
What is the median home price in Erie, Colorado?
The median home price in Erie, Colorado is $621,490, higher than the Colorado average of $480,058.
What is the average home price in Erie, Colorado?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Erie, Colorado?
The median gross rent in Erie, Colorado is $2,631 per month, higher than the Colorado average of $1,692.
What was the median gross rent in Erie in 2020?
In 2020, the median gross rent in Erie, Colorado was $1,948 per month.
What is the price-to-rent ratio in Erie, Colorado?
The price-to-rent ratio in Erie, Colorado is about 19.7, meaning it would take roughly 19.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Erie.
Are home prices or rent rising faster in Erie, Colorado?
Both home prices and rent are rising in Erie, up about 16.2% and 9.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Erie, Colorado?
84.8% of households in Erie, Colorado own their home, higher than the Colorado average of 60.6%.
What is the vacancy rate in Erie, Colorado?
The housing vacancy rate in Erie, Colorado is 1.3%, lower than the Colorado average of 8.6%.