Mortgage payment estimates, closing cost breakdowns, and homebuying data for Erie, Pennsylvania.
Median Home Price
$145K
Population
95K
Avg Monthly Rent
$880
Property Tax Rate
1.36% *
* Property tax shown is the Pennsylvania state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Erie.
Erie vs Pennsylvania Median
The median home price in Erie is $145,000, which is 48% below the Pennsylvania state median of $280,000.
Mortgage Calculator — Erie, PA
Pre-filled with Erie median home price and Pennsylvania tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $145K home using Pennsylvania's 1.36% tax rate and $1,400/yr insurance.
5% Down
$1,232/mo
Down: $7,250
Loan: $138K
P&I: $871
Tax: $164
Insurance: $117
PMI: $80
10% Down
$1,182/mo
Down: $14,500
Loan: $131K
P&I: $825
Tax: $164
Insurance: $117
PMI: $76
20% Down (No PMI)
$1,014/mo
Down: $29,000
Loan: $116K
P&I: $733
Tax: $164
Insurance: $117
Income needed (28% rule): $43K/year with 20% down, $51K/year with 10% down.
Rent vs Buy in Erie
Rent
$880/mo
vs
Buy (10% down)
$1,182/mo
Price-to-rent ratio: 13.7 — With a ratio under 15, buying in Erie is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $302 more than renting, but you build equity with every payment.
The median home price in Erie is $145,000, 48% below the Pennsylvania state median of $280,000. With a population of 94,831, Erie is a smaller market where home prices tend to be more accessible than in many parts of Pennsylvania.
Property taxes in Pennsylvania average 1.36% annually. This moderate property tax rate means a $145,000 home in Erie would carry roughly $164/month in property taxes. Homeowners insurance in Pennsylvania runs approximately $1,400 per year. This is within the normal range nationally.
Average rent in Erie is $880/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Erie over the long term.
Erie offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Pennsylvania's PHFA Keystone Advantage program.