Many people considering whether or not to buy a house in Erie aren't planning to make it their primary home. However, potential buyers need to also consider the "hidden" costs of buying a home, such as property tax, home insurance, and miscellaneous repairs. Therefore you'll probably save between $120-$692 in monthly expenses. At the average home price point, even with the current interest rates (≈6.25 percent), you're looking at a monthly mortgage payment of $825-$1025.Ĭonversely, the average rent in Erie, PA, is between $945 and $1,717. Now, suppose you opt for a 30-year mortgage, which is the most common mortgage term in the U.S. The average home price in Erie is $165,775. To give you a good idea of what to expect, I’m showcasing nine essential facts you should know about buying a home in this up-and-coming lakeside city and county. But, of course, a few challenges come with buying a home in Erie as well. From its low cost of living and affordable housing prices to its family friendliness and entertainment options, there are a lot of reasons to live here. Whether you're from out of town or a Gem City native, there are a few things you should know about buying a home in Erie, Pennsylvania.
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