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?
Median housing values with a mortgage skew higher west and southwest of the City limits, particularly in ZIP codes 16415 ($219,800), and 16412 ($182,800). Conversely, within Erie City center and just East are the lowest median mortgaged housing values, with ZIP codes 16503 ($44,100), 16507 ($52,800), and 16502 ($75,600) as the lowest in the county. Over time, the median mortgaged home value for Erie County has risen to $134,100 in 2019 from $111,300 in 2010, this equates to a +20.5% increase over the last decade.
Rental costs are less uniform in their density, likely due to college settings, but the highest average rental cost is in ZIP 16506 ($936) whereas the lowest is 16501 ($373). Over time, the average rental cost for Erie County has risen to $753 in 2019 from $616 in 2010, this equates to a +22.2% increase over the last decade.
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) was down and worse in 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 was up and worse in 2019, with a reported increase of +1.9% within the County, representing +$14.
How does Erie compare to its Peers?
How does Erie compare to Pennsylvania?
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