Erie, Pennsylvania Housing Market Prices
Erie Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 32% below the Pennsylvania median$103,496
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Median rent 28% below the Pennsylvania median$867
Housing Market Overview
| Metric | Erie | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $103,496 | $152,469 | $248,835 |
| Price Trend (Annual %) | 7.2% | 3.7% | 7.5% |
| Median Gross Rent | $867 | $1,208 | $1,407 |
| Rent Trend (Annual %) | 3.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Erie is about 32% lower than in Pennsylvania. Rent is about 28% lower than the Pennsylvania average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Erie, up about 7.2% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Erie rose about 34.2% between 2015 and 2024, from $646 to $867. Over the same span, rent in Pennsylvania rose about 43.9%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Erie.
Buying the median-priced home in Erie costs roughly 10.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Erie. The price-to-rent ratio in Pennsylvania is about 10.5.
| Metric | Erie | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $103,496 | $152,469 | $248,835 |
| Median Household Income | $46,054 | $78,249 | $80,455 |
| Price-to-Income Ratio | 2.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Erie rose about 34.7%, while median household income rose about 30.7% between 2009 and 2025 — 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 | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.6% | 63.0% | 58.5% |
| Rental Rate | 41.7% | 27.9% | 31.2% |
| Vacancy Rate | 8.7% | 9.1% | 10.2% |
| Median Tenure (years) | 14.0 | 17.0 | 15.0 |
| Median Year Moved In | 2012 | 2009 | 2011 |
Erie has a homeownership rate of 49.6%, lower than the Pennsylvania average of 63.0%. Its housing vacancy rate is 8.7%, compared with 9.1% in Pennsylvania.
Housing Stock
| Metric | Erie | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.39 people | 2.53 people |
| Median Structure Built Year | 1949 | 1966 | 1978 |
| Median Number of Rooms | 5.7 | 6.0 | 5.5 |
The typical housing unit in Erie was built around 1949. On average, 2.2 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Erie, Pennsylvania.
What is the median home price in Erie, Pennsylvania?
The median home price in Erie, Pennsylvania is $103,496, lower than the Pennsylvania average of $152,469.
What is the average home price in Erie, Pennsylvania?
The typical home price in Erie, Pennsylvania, reported as the median sale price, is $103,496. 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, Pennsylvania?
The median gross rent in Erie, Pennsylvania is $867 per month, lower than the Pennsylvania average of $1,208.
What was the median gross rent in Erie in 2020?
In 2020, the median gross rent in Erie, Pennsylvania was $724 per month.
What is the price-to-rent ratio in Erie, Pennsylvania?
The price-to-rent ratio in Erie, Pennsylvania is about 10.0, meaning it would take roughly 10.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Erie.
Are home prices or rent rising faster in Erie, Pennsylvania?
Both home prices and rent are rising in Erie, up about 7.2% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Erie, Pennsylvania?
49.6% of households in Erie, Pennsylvania own their home, lower than the Pennsylvania average of 63.0%.
What is the vacancy rate in Erie, Pennsylvania?
The housing vacancy rate in Erie, Pennsylvania is 8.7%, lower than the Pennsylvania average of 9.1%.
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