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.
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%.