Home Purchase & rental costs in Erie county

Home Purchase & Rental Costs

Analysis Categories

What does this measure?

Average housing value, monthly owner cost, or 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.

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?

Home Value

Average housing values 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 average housing prices, with ZIP codes 16503 ($55,675), 16507 ($67,886), and 16502 ($89,012) as the lowest in the county. Over time, the average 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 value of owner-occupied housing with a mortgage across all Erie County for the latest data year. The trend for Median Home Value is up and better from 2017 to 2018, with a reported increase of +1.51% within the County, representing +$2,300.

 

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 +3.14% within the County, representing +$22.

How does Erie compare to its Peers?


How does Erie compare to Pennsylvania?

About this Data

Data from the Census Business Builder: Regional Analyst Edition as of 2017.