Total monthly cost of ownership
Cost to Own a Home in Erie, Pennsylvania
A $108,000 home here costs
$1,173per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $50,500 a year.
A standard mortgage calculator would have told you $594. The real number is $579 higher every month, 98% more than the payment most buyers budget for.
Compare Erie County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Erie against Erie County and Pennsylvania
| Measure | Erie | Erie County |
|---|---|---|
| Median home value | $108,200 | $169,500 |
| Median property tax | $2,495 | $2,754 |
| Effective tax rate | 2.306% | 1.625% |
| Median gross rent | $836 | $876 |
| Population | 94,156 | 269,544 |
The weather behind that power bill
Erie sits in Erie County, which averages a high of 81.1°F in its hottest month and a low of 21.3°F in its coldest, with 42.98" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 752 cooling and 5,905 heating degree days, which is what sets the $178 electricity line above.
See the full climate breakdown for Erie County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Erie County
Full Erie County cost breakdown · Every county in Pennsylvania
Talk to someone who works this market
These are Erie averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Erie every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Erie?
A $108,000 home in Erie, Pennsylvania costs approximately $1,173 per month with 20% down at 7.32%. That is $594 principal and interest, $208 property tax, $36 homeowners insurance, $246 utilities and $90 set aside for maintenance.
What is the property tax rate in Erie?
Erie has an effective property tax rate of 2.306%, based on a median home value of $108,200 and median real estate taxes of $2,495. That is higher than the Erie County average of 1.625%.
What is the average home price in Erie?
The median owner-occupied home value in Erie, Pennsylvania is $108,200, against $169,500 across Erie County.
Is it cheaper to rent or buy in Erie?
Median gross rent in Erie is $836 a month, against $1,173 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Erie?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Erie, Pennsylvania at today's rate takes a household income of roughly $50,500 a year. That covers the full $1,173 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Erie, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Pennsylvania.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.