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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Erie County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $235,650 | $130,696 | $242,182 |
| Price Trend (Annual %) | 15.5% | 6.8% | 8.2% |
| Median Gross Rent | $881 | $987 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Erie County is about 80% higher than in Ohio. Rent is about 11% lower than the Ohio 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 County, up about 15.5% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Erie County rose about 24.6% between 2015 and 2023, from $707 to $881. Over the same span, rent in Ohio rose about 35.4%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Erie County.
Buying the median-priced home in Erie County costs roughly 22.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Erie County. The price-to-rent ratio in Ohio is about 11.0.
| Metric | Erie County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $235,650 | $130,696 | $242,182 |
| Median Household Income | $68,726 | $69,785 | $78,145 |
| Price-to-Income Ratio | 3.4 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Erie County rose about 61.9%, while median household income rose about 48.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Erie County | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.5% | 61.4% | 58.2% |
| Rental Rate | 24.2% | 30.2% | 31.3% |
| Vacancy Rate | 16.3% | 8.4% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Erie County has a homeownership rate of 59.5%, lower than the Ohio average of 61.4%. Its housing vacancy rate is 16.3%, compared with 8.4% in Ohio.
Housing Stock
| Metric | Erie County | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1968 | 1970 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Erie County was built around 1968. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Erie County, Ohio.
What is the median home price in Erie County, Ohio?
The median home price in Erie County, Ohio is $235,650, higher than the Ohio average of $130,696.
What is the average home price in Erie County, Ohio?
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 County, Ohio?
The median gross rent in Erie County, Ohio is $881 per month, lower than the Ohio average of $987.
What was the median gross rent in Erie County in 2020?
In 2020, the median gross rent in Erie County, Ohio was $772 per month.
What is the price-to-rent ratio in Erie County, Ohio?
The price-to-rent ratio in Erie County, Ohio is about 22.3, meaning it would take roughly 22.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Erie County.
Are home prices or rent rising faster in Erie County, Ohio?
Both home prices and rent are rising in Erie County, up about 15.5% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Erie County, Ohio?
59.5% of households in Erie County, Ohio own their home, lower than the Ohio average of 61.4%.
What is the vacancy rate in Erie County, Ohio?
The housing vacancy rate in Erie County, Ohio is 16.3%, higher than the Ohio average of 8.4%.