1031 Exchange Erie, Pennsylvania

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Erie due to their correlations with market demand, and conversely, vacancy rate.

Surrounding metropolitan Area

Erie, Pennsylvania is a part of the Erie, PA metropolitan area, and contains 26 zip codes, including: 16563, 16502, 16509, 16538, 16515, and 16512.

Erie Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Erie, PA metropolitan area was $761, which is 5.99% lower than 2014 average rent. This represents a compounded annual growth rate of 1.17%. 2019 vacancy in Erie, PA was 1.90%.

The total population of the city of Erie, PA has decreased 5.22% since 2010. As of 2018, the population was 96,471. The median household income of the Erie was $36,882, which is 38.83% lower than the national average.

  • metropolitan area Erie, PA
  • avg rent $761
  • rent growth 5.99%
  • vacancy 1.90%
  • median income $36,882
  • population (2018) 96,471
  • population growth -5.22%
  • vs. nat'l avg 38.83%
  • zip codes 16501 16502 16503 16504 16505 16506 16507 16508 16509 16510 16511 16512 16514 16515 16522 16530 16531 16534 16538 16541 16544 16546 16550 16553 16563 16565

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