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Erie, PA mortgage & affordability calculator

The typical home in Erie, PA is worth about $210,000. With 20% down that's a loan near $168,000 — the calculator is pre-filled with that figure. Erie sits on the shore of its namesake Great Lake and has one of the most affordable housing markets of any mid-sized Northeast metro, a legacy of decades of manufacturing decline that has only recently begun to reverse. Lake-effect snow and an aging housing stock make insurance and maintenance a bigger share of ownership cost than the low prices suggest.

$1,090.76 / month

Total interest
$224,676
Total paid
$392,676
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$42k$84k$126k$168k0612182430Year

How much you need to earn

Erie, PA's median household income is about $60,000 a year. Under standard 28/36 lending rules that supports a home price around $189,732 with 20% down — below the $210,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$189,706 max home price

Max loan amount
$147,706
Housing payment budget
$1,400
P&I budget
$959
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Erie, PA is about $1,100 a month, so owning the median home costs roughly $432 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Erie, PA?
On the metro's roughly $210,000 typical home with 20% down, the loan is about $168,000. Principal and interest run near $1,091 a month at today's rate, and Erie, PA's property tax plus insurance add about $441, for a full payment near $1,532.
Can I afford a home in Erie, PA on the median income?
The median household income is about $60,000 a year. Under standard 28/36 lending rules that supports a home price around $189,732 with 20% down — below the $210,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Erie, PA?
Typical asking rent is about $1,100 a month. The full owner payment on a median home is near $1,532, so owning costs roughly $432 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Erie, PA?
The effective property tax rate in the core county is about 1.90% of market value — roughly $3,990 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Erie, PA rising or falling?
Home values are up about 6% over the past year. Erie sits on the shore of its namesake Great Lake and has one of the most affordable housing markets of any mid-sized Northeast metro, a legacy of decades of manufacturing decline that has only recently begun to reverse. Lake-effect snow and an aging housing stock make insurance and maintenance a bigger share of ownership cost than the low prices suggest.

Nearby metros

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