Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 99,475, 41,131 total housing units (homes and apartments), and a median house value of $79,703, house prices in Erie are some of the most affordable in Pennsylvania as well as the nation.
Single-family detached homes are the single most common housing type in Erie, accounting for 54.56% of the city's housing units. Other types of housing that are prevalent in Erie include duplexes, homes converted to apartments or other small apartment buildings ( 26.68%), large apartment complexes or high rise apartments ( 12.95%), and a few row houses and other attached homes ( 4.98%).
The most prevalent building size and type in Erie are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.66% owning and 51.34% renting.
The housing in Erie was primarily built before 1939 ( 42.23%), making the housing stock in Erie some of the oldest overall in America, although there is a range of ages of homes in Erie. The next most important housing age is between 1940-1969 ( 37.96%), followed by between 1970-1999 ( 16.06%). There's also some housing in Erie built between 2000 and later ( 3.75%).
Vacant housing appears to be an issue in Erie. Fully 10.36% of the housing stock is classified as vacant. Left unchecked, vacant Erie homes and apartments can be a drag on the real estate market, holding Erie real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Erie have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.46%, which ranks in the top 40% nationwide. This equates to an annual average Erie house appreciation rate of 0.63%.
Over the last year, Erie appreciation rates have trailed the rest of the nation. In the last twelve months, Erie's appreciation rate has been 1.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Erie were at 6.27%, which equates to an annual appreciation rate of 27.54%.
Importantly, NeighborhoodScout’s exclusive research found that Erie's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Pennsylvania, our data show that Erie's latest annual appreciation rate is lower than 60% of the other cities and towns in Pennsylvania.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Erie differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Erie - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Erie real estate investment or home purchase decisions.
|$802,001 - $1,070,000||0.3|
|$535,001 - $802,000||0.5|
|$428,001 - $535,000||0.6|
|$321,001 - $428,000||1.2|
|$214,001 - $321,000||2.3|
|$107,001 - $214,000||22.3|
|$53,001 - $107,000||50.4|
|$0 - $53,000||22.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Erie HOMES|
|2000 or Newer||3.7|
|1970 - 1999||16.1|
|1940 - 1969||38.0|
|1939 or Older||42.2|
|TYPE OF Erie HOMES|
|Small Apt. Buildings||26.7|
|SIZE OF Erie HOMES|
|5 or more bedrooms||2.85|