Quick facts: Erie, PA

Quick Facts

101.5
Cost of Living
above US average
93,511
Population
28.67
Crime Rate per 1000
above US average
$43,135
Median Income
below US average
$242,500
Median House Price
above US average
$1511
Average Rent
above US average
20%
Poverty Rate
above US average
3.9%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $43,135.

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Income Needed to Buy

βœ— Stretch
$76k/year
Based on $242,500 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $76k vs median $43,135
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Income Needed to Rent

⚠ Stretch
$65k/year
Based on $1511/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $65k vs median $43,135
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Erie, PA

Erie, Pennsylvania, located on the shores of Lake Erie, is the fourth-largest city in the state. It serves as a vital hub for commerce, education, and industry in the region. As a port city, Erie boasts a rich maritime history and offers access to numerous recreational activities, including fishing, boating, and swimming along its waterfront. The city is known for its diverse cultural influences, showcased through various festivals, art galleries, and local theaters, such as the Erie Art Museum and the Warner Theatre. Erie is also home to several educational institutions, including Penn State Erie, The Behrend College, and Gannon University, contributing to a vibrant academic community. In addition to its cultural scene, Erie features numerous parks and natural attractions, such as Presque Isle State Park, which offers beautiful beaches, biking trails, and stunning views of the lake. The area experiences all four seasons, with snowy winters and warm summers, making it an appealing destination year-round. Overall, Erie presents a unique blend of history, culture, education, and outdoor activities, making it a delightful place to live or visit.

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