Rent vs buy in Erie, PA

In Erie, Pennsylvania, typical rent is $1,098 a month and a typical home is $204,067.

Rent

Across 7 years, renting comes out $27k ahead

Based on 20% down and today's mortgage rate, using Erie's typical rent and typical home value. The two options come out even in year 24.

Clearly labelled opinion, math shown. Estimates, not quotes. Change one number and the stamp changes.

Renting leads by: $27k
Break-even point: in year 24
Full cost of ownership: $2,003 each month

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Erie's typical rent and home value are the figures used by the stamp. The result may flip when your rent, price or years change.

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Is renting or buying cheaper in Erie?

Over 7 years, renting saves $26,843 after counting the money returned to you when you sell. For the first 23 years, renting costs less. By year 24, owning has caught up.

Renting. Owning. By year, the net cost so far.

Rent and mortgage payment averages in Erie

Rent and mortgage payments are only part of the picture. The full monthly expenses in year 1 are based on Erie's typical price.

Each month, year 1	Amount	What it is
Rent	$1,098	All of it, every month
Mortgage payment	$1,113	$981 of it is interest in year 1
Property tax	$371	2.18% of the value a year
Insurance	$65	Census median for the city
Upkeep	$170	1% of the value a year
Owning, cash out	$1,718	$132 of it builds equity
Lost return on the down payment	$332	The yearly return on cash at 8.3%
Buying costs, spread out	$85	3.5% of the price over 7 years
True cost of owning	$2,003	Cash paid out, minus equity, with both lines above added

The Erie verdict, in numbers

Typical home value: Zillow ZHVI, September 2026: $204,067
Typical rent: Zillow ZORI, September 2026: $1,098 each month
Down payment: 20% avoids private mortgage insurance, and the engine doesn't model it.: 20%
Mortgage rate: Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US): 7.24%
Growth in home prices comes from the FHFA index, Pennsylvania, 1995 to 2025.: 4.1% yearly
Rent growth: yearly CPI growth for rent of primary residence, 2006 to 2026: 3.5% each year
Return on savings: S&P 500 with dividends, 60%, and 10-year Treasuries, 40%, rebalanced yearly, 1928 to 2025: 8.3% each year
Property tax: Census ACS 2020-2024, Erie figures: 2.18% of the value
Home insurance: Census ACS 2020-2024, Erie figures: $65 /mo
Maintenance: Fannie Mae, low end of the 1% to 4% range: 1% of the value a year
Buying costs: Freddie Mac, middle of the 2% to 5% range: 3.5% of the price
Selling costs: Agent commission and closing costs: 6% of the price

What would flip the Erie verdict?

Each line below shows where Erie's 7-year verdict changes, while all other figures stay the same.

Renting comes out ahead when

Growth in home prices comes in under 5.7% a year, and we use 4.1% a year, Pennsylvania's long-run rate.
The rate on a mortgage stays above 4.89%.
This kind of home rents for less than $1,390 monthly (typical here: $1,098).
You move earlier than year 24.

When buying wins

Home prices rise by more than 5.7% a year.
You fix your mortgage rate under 4.89% (today's is 7.24%).
You'd spend more than $1,390 each month to rent the same home.
You remain for 24 years or more.

Erie compared with the other 812 cities

Measure	Erie	Median city
Typical home value	$204,067	$422,451
Typical rent	$1,098 /mo	$1,837 /mo
Price-to-rent ratio	15.5 (#597 of 813)	18.5
Home prices, last 10 years	6.3% a year	6.2% a year
Rents, last 5 years	6.4% a year	4% a year
Property tax	2.18%	0.87%
Households that rent	46%	42%

The figures come from Zillow's ZHVI and ZORI, Census ACS 2020-2024.

Pennsylvania cities besides Erie

Buy. Philadelphia, PA: buying comes out ahead by $40k.
Rent. Allentown, PA: renting comes out ahead by $33k.

Pennsylvania rent vs buy: the state's numbers