Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$222,048+4.7% YoY · prices are rising fast
Market right nowBalanced marketMore homes for sale than last year, 20% have cut their price
Income needed to buy, per year$48,135About 0.8× the local median income ($63,912): affordable for a typical household
Days on market38 daysFaster than a year ago: sellers have the edge
Next 12 months+4.1%Zillow expects prices to rise strongly
The typical home in Erie, PA is worth $222,048, up 4.7% from a year ago. That is well above what local incomes have historically supported: fair value is about $190,358, so the area is 16.6% overvalued. It is a balanced market: homes take about 38 days to sell, listings are up 27% from a year ago, 20% of listings have had a price cut. Zillow expects prices to rise about 4.1% over the next year. A household needs about $48,135 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $63,912. Typical rent is $1,126 a month, or $1,385 for a house. In the latest IRS figures, 1,171 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$222,048
Change in 1 year
+4.7%
Overvalued %
+16.6%
Show 7 more
Fair home value
$190,358
Change in 5 years
+38.3%
Zillow forecast, next 12 months
+4.1%
Home value to income
3.5×
Monthly mortgage payment (20% down)
$1,203
Income needed to afford it
$48,135
Property tax rate
1.60%
Rent and investing
Typical rent
$1,126
Typical rent for houses
$1,385
Price-to-rent ratio
16.4×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,091
Gross rental yield
6.08%
Cap rate (estimate)
3.95%
Market activity
Listings vs a year ago
+26.6%
Days on market
38
Listings with a price cut
20.2%
Show 3 more
Homes for sale
376
Pending sales per 100 listings
64
Asking price per sq ft
$152
People and jobs
Median household income
$63,912
Population change (1 year)
−0.2%
Unemployment rate
5.4%
Show 4 more
Population
265,832
Income adjusted for cost of living
$70,233
Net moves in (IRS)
−1,171
Cost of living (US = 100)
91.0
Schools, risk and environment
School rating (1 to 10)
5.4
FEMA hazard risk score (0 to 100)
84.1
Unhealthy air days a year
1
Show 4 more
Flood risk score
90.7
Wildfire risk score
36.9
Walkability (1 to 20)
10.9
Road, rail and air noise
53 dB
Questions people ask
Is Erie, PA overvalued?
Home prices in Erie, PA are well above what local incomes have historically supported: fair value is about $190,358, so the area is 16.6% overvalued.
Is Erie, PA a buyer's or seller's market?
Erie, PA is a balanced market: homes take about 38 days to sell, listings are up 27% from a year ago, 20% of listings have had a price cut.
Are home prices going down in Erie, PA?
Home values in Erie, PA are up 4.7% over the last year. Zillow's forecast for the next 12 months is +4.1%.
How much do you need to earn to buy a home in Erie, PA?
A household needs about $48,135 a year to afford the typical home in Erie, PA at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $63,912.