Home Purchase & rental costs in Erie county

Home Purchase & Rental Costs

Analysis Categories

What does this measure?

Median housing Sales Price, value With a Mortgage, and Rent by ZIP code. As well as homeownership or vacancy rates, and the total units count for single family detached units, owner-occupied units, or renter-occupied units by ZIP code.

Sales Price for homes zoned single-, two-, three-, four-family, condominium, and mobile, above $1,000.

Why is this important?

The single largest segment of consumer spending in Erie County is housing cost. This data arms prospective home owners or renters with the average cost associated with the monthly payment.

How is Erie County doing?

Mortgage Value

Median housing values with a mortgage skew higher west of the City limits, particularly in ZIP codes 16415 ($225,808), 16443 ($242,502), and 16506 ($194,696). Conversely, within Erie City center and just East are the lowest median mortgaged housing values, with ZIP codes 16503 ($55,675), 16507 ($67,886), and 16502 ($89,012) as the lowest in the county. Over time, the median mortgaged home value for Erie County has risen to $134,000 in 2018 from $115,400 in 2009, this equates to a +13.9% increase over the last decade.

Rent

Rental costs are less uniform in their density, likely due to college settings, but the highest average rental costs is in ZIP 16443 ($930) whereas the lowest is 16501 ($431). Over time, the average rental cost for Erie County has risen to $723 in 2018 from $599 in 2009, this equates to a +17.2% increase over the last decade.

EVS Indicators

EVS analyzes the data in each topic category using indicators, which report a targeted and digestible number, rate, or amount to represent Erie County as a whole. While this does not cover every aspect of the topic, it assists in establishing Erie's performance relative to the prior year(s). The indicators for the Livability: Home Purchase & Rental Costs topic are:

 

 

This indicator measures median home price sold across all Erie County for the latest data year. The trend for Median Home Price (Sold) is down and worse from 2018 to 2019, with a reported decrease of -3.67% within the County, representing -$4,200. However, this one-year decrease does not signify a downward trend, and is not the lowest this indicator has been in the last 5 years. Relatively, this trend is flat for the 5-year period.

 

This indicator measures the median rent cost across all Erie County for latest data year. The trend for Median Rent Cost is up and worse from 2017 to 2018, with a reported increase  of +1.94% within the County, representing +$14.

How does Erie compare to its Peers?


How does Erie compare to Pennsylvania?

About this Data

Data from U.S. Census ACS and Erie County Data Center as of 2020.