Ultimate Erie Real Estate Investing Guide for 2024
Overview
Erie Real Estate Investing Market Overview
The population growth rate in Erie has had a yearly average of throughout the past ten-year period. By comparison, the average rate at the same time was for the entire state, and nationwide.
Throughout the same 10-year term, the rate of increase for the total population in Erie was , in comparison with for the state, and nationally.
Currently, the median home value in Erie is . In contrast, the median value for the state is , while the national indicator is .
The appreciation rate for houses in Erie during the most recent decade was annually. Through the same term, the yearly average appreciation rate for home prices in the state was . Nationally, the yearly appreciation tempo for homes was an average of .
The gross median rent in Erie is , with a state median of , and a United States median of .
Erie Real Estate Investing Highlights
Erie Top Highlights
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Strategies
Strategy Selection
So that you can figure out whether or not an area is good for purchasing an investment home, first it is mandatory to determine the real estate investment plan you are going to use.
We’re going to share advice on how you should view market trends and demography statistics that will affect your specific kind of investment. This will enable you to study the statistics presented further on this web page, as required for your desired program and the respective set of information.
Certain market indicators will be significant for all kinds of real estate investment. Low crime rate, principal interstate access, local airport, etc. When you search harder into a market’s data, you have to concentrate on the market indicators that are crucial to your investment requirements.
If you prefer short-term vacation rental properties, you will spotlight cities with good tourism. Fix and flip investors will notice the Days On Market data for homes for sale. If you find a six-month stockpile of homes in your price category, you might want to search somewhere else.
The unemployment rate should be one of the primary metrics that a long-term real estate investor will search for. Real estate investors will research the area’s most significant employers to understand if it has a diverse assortment of employers for the investors’ tenants.
If you are conflicted regarding a strategy that you would like to adopt, contemplate borrowing guidance from property investment mentors in Erie PA. You’ll also accelerate your career by signing up for any of the best real estate investor groups in Erie PA and attend real estate investor seminars and conferences in Erie PA so you will hear advice from several pros.
Now, we will contemplate real property investment plans and the surest ways that real estate investors can inspect a possible investment area.
Active Real Estate Investing Strategies
Buy and Hold
This investment approach includes purchasing a building or land and keeping it for a long period. Their investment return calculation involves renting that investment property while they keep it to enhance their profits.
At any period down the road, the investment property can be sold if capital is needed for other acquisitions, or if the real estate market is exceptionally active.
An outstanding expert who is graded high on the list of realtors who serve investors in Erie PA can take you through the specifics of your intended property purchase area. We will go over the components that should be considered carefully for a profitable buy-and-hold investment plan.
Factors to Consider
Property Appreciation Rate
This parameter is vital to your investment property location choice. You’re searching for dependable increases each year. Historical records displaying repeatedly increasing property market values will give you confidence in your investment profit calculations. Markets that don’t have growing real estate market values will not satisfy a long-term real estate investment profile.
Population Growth
If a site’s population is not growing, it evidently has less demand for housing. This is a sign of lower lease prices and property market values. A declining site is unable to make the enhancements that would bring relocating employers and families to the community. You should exclude these markets. The population growth that you are searching for is reliable every year. Both long-term and short-term investment metrics are helped by population increase.
Property Taxes
Real property taxes largely influence a Buy and Hold investor’s returns. Communities with high property tax rates will be declined. Authorities generally don’t push tax rates lower. A city that keeps raising taxes could not be the well-managed city that you are searching for.
Some pieces of real estate have their value mistakenly overvalued by the area authorities. When that is your case, you might choose from top property tax consultants in Erie PA for an expert to transfer your situation to the municipality and potentially get the real property tax valuation reduced. Nonetheless, if the matters are complex and require litigation, you will need the assistance of the best Erie property tax appeal lawyers.
Price to rent ratio
Price to rent ratio (p/r) is found when you start with the median property price and divide it by the annual median gross rent. A site with high rental prices will have a low p/r. The more rent you can collect, the sooner you can pay back your investment capital. Look out for a very low p/r, which could make it more costly to lease a residence than to acquire one. You might give up tenants to the home buying market that will leave you with vacant rental properties. You are searching for cities with a reasonably low p/r, definitely not a high one.
Median Gross Rent
Median gross rent is a valid signal of the stability of a location’s lease market. The location’s historical information should confirm a median gross rent that repeatedly grows.
Median Population Age
Median population age is a portrait of the size of a city’s labor pool which correlates to the extent of its rental market. You are trying to find a median age that is approximately the middle of the age of a working person. A median age that is too high can signal increased imminent demands on public services with a diminishing tax base. An older population could precipitate increases in property tax bills.
Employment Industry Diversity
Buy and Hold investors don’t want to see the site’s job opportunities concentrated in just a few companies. Diversification in the total number and varieties of business categories is ideal. This prevents a dropoff or interruption in business activity for one business category from impacting other industries in the community. If your renters are stretched out throughout different businesses, you minimize your vacancy risk.
Unemployment Rate
If a market has a steep rate of unemployment, there are not enough tenants and homebuyers in that area. The high rate indicates the possibility of an uncertain revenue cash flow from those tenants presently in place. High unemployment has an expanding impact through a community causing declining business for other employers and decreasing salaries for many workers. A community with high unemployment rates gets uncertain tax revenues, fewer people moving in, and a demanding financial outlook.
Income Levels
Income levels will show a good view of the market’s capability to support your investment program. Your appraisal of the market, and its particular portions most suitable for investing, should include a review of median household and per capita income. When the income levels are expanding over time, the location will likely produce stable renters and permit expanding rents and progressive raises.
Number of New Jobs Created
Being aware of how often new openings are generated in the market can strengthen your appraisal of the location. A steady source of tenants requires a growing job market. The generation of additional openings maintains your tenancy rates high as you invest in more rental homes and replace current tenants. Additional jobs make a city more attractive for relocating and purchasing a home there. Growing need for workforce makes your real property worth appreciate before you need to unload it.
School Ratings
School quality should also be seriously scrutinized. New companies want to see quality schools if they are going to relocate there. Good local schools can impact a household’s decision to stay and can entice others from other areas. An unreliable source of renters and homebuyers will make it challenging for you to obtain your investment goals.
Natural Disasters
Since your goal is based on on your capability to liquidate the investment when its value has grown, the investment’s cosmetic and structural status are important. That is why you will want to avoid communities that often experience natural catastrophes. Nonetheless, your property insurance ought to insure the real property for destruction generated by circumstances like an earth tremor.
To cover property loss caused by tenants, search for help in the directory of the best Erie landlord insurance companies.
Long Term Rental (BRRRR)
BRRRR is an abbreviation of “Buy, Rehab, Rent, Refinance, Repeat”. This is a plan to increase your investment assets rather than own a single asset. This strategy depends on your capability to remove cash out when you refinance.
You add to the worth of the investment property above the amount you spent buying and fixing the asset. Then you extract the value you generated from the investment property in a “cash-out” mortgage refinance. You purchase your next asset with the cash-out funds and start anew. You add income-producing assets to your balance sheet and lease revenue to your cash flow.
If your investment property portfolio is large enough, you may contract out its oversight and get passive income. Discover one of the best investment property management firms in Erie PA with a review of our complete list.
Factors to Consider
Population Growth
Population increase or fall shows you if you can count on reliable results from long-term real estate investments. If the population growth in a region is strong, then more renters are likely relocating into the area. Employers view such a region as an appealing area to relocate their business, and for workers to move their households. An expanding population constructs a reliable base of tenants who can survive rent bumps, and a robust seller’s market if you need to unload any investment assets.
Property Taxes
Property taxes, just like insurance and upkeep costs, can vary from place to market and should be looked at carefully when estimating potential profits. Steep real estate taxes will hurt a property investor’s profits. If property tax rates are excessive in a specific location, you will prefer to look somewhere else.
Price to Rent Ratio
The price to rent ratio (p/r) is a signal of how much rent can be demanded compared to the acquisition price of the property. An investor will not pay a steep price for a property if they can only collect a limited rent not letting them to repay the investment in a suitable timeframe. A large p/r signals you that you can collect less rent in that community, a low one says that you can demand more.
Median Gross Rents
Median gross rents demonstrate whether a site’s rental market is strong. Median rents must be increasing to justify your investment. Declining rents are an alert to long-term investor landlords.
Median Population Age
Median population age in a reliable long-term investment market should reflect the usual worker’s age. This can also illustrate that people are relocating into the area. If you find a high median age, your stream of renters is going down. This isn’t good for the future financial market of that community.
Employment Base Diversity
A varied number of companies in the area will boost your prospects for better profits. When the region’s working individuals, who are your renters, are hired by a diverse group of employers, you cannot lose all all tenants at the same time (and your property’s market worth), if a dominant employer in the market goes bankrupt.
Unemployment Rate
High unemployment equals a lower number of renters and an uncertain housing market. Normally strong businesses lose clients when other businesses lay off employees. People who still have jobs may discover their hours and wages reduced. This may increase the instances of delayed rent payments and lease defaults.
Income Rates
Median household and per capita income information is a vital tool to help you find the areas where the tenants you are looking for are residing. Improving incomes also tell you that rental payments can be hiked throughout your ownership of the investment property.
Number of New Jobs Created
An increasing job market provides a constant pool of tenants. An economy that creates jobs also adds more players in the property market. This assures you that you can keep a sufficient occupancy level and purchase additional properties.
School Ratings
School rankings in the city will have a big impact on the local real estate market. When a company evaluates a region for potential relocation, they keep in mind that quality education is a must for their workforce. Moving businesses bring and attract prospective tenants. Home values rise thanks to additional employees who are buying houses. Superior schools are a key component for a reliable real estate investment market.
Property Appreciation Rates
The basis of a long-term investment method is to keep the asset. You have to be certain that your assets will increase in price until you want to sell them. Subpar or declining property value in a community under assessment is not acceptable.
Short Term Rentals
A short-term rental is a furnished residence where a tenant stays for shorter than four weeks. Long-term rental units, such as apartments, charge lower payment per night than short-term rentals. Because of the high number of tenants, short-term rentals require more regular repairs and cleaning.
House sellers standing by to move into a new property, people on vacation, and individuals on a business trip who are staying in the location for about week prefer to rent a residential unit short term. Anyone can transform their residence into a short-term rental with the tools made available by online home-sharing sites like VRBO and AirBnB. This makes short-term rental strategy a feasible technique to endeavor residential real estate investing.
The short-term rental housing venture involves dealing with occupants more frequently compared to annual rental units. Because of this, landlords manage problems regularly. You may need to cover your legal liability by working with one of the top Erie real estate lawyers.
Factors to Consider
Short-Term Rental Income
You should calculate the amount of rental income you are targeting according to your investment strategy. A quick look at a city’s up-to-date standard short-term rental rates will show you if that is a good location for your investment.
Median Property Prices
Carefully evaluate the budget that you want to pay for additional investment assets. The median values of property will tell you whether you can manage to invest in that community. You can tailor your area search by looking at the median values in particular neighborhoods.
Price Per Square Foot
Price per square foot may be inaccurate if you are comparing different properties. When the designs of prospective homes are very contrasting, the price per square foot might not make a correct comparison. It may be a fast way to gauge multiple neighborhoods or residential units.
Short-Term Rental Occupancy Rate
The percentage of short-term rental units that are currently tenanted in an area is critical knowledge for a landlord. A location that requires more rental units will have a high occupancy level. Weak occupancy rates reflect that there are more than too many short-term rentals in that area.
Short-Term Rental Cash-on-Cash Return
Cash-on-cash return is a means to determine the value of an investment plan. Divide the Net Operating Income (NOI) by the total amount of cash put in. The result is shown as a percentage. When a venture is high-paying enough to repay the amount invested promptly, you’ll have a high percentage. Loan-assisted projects will have a stronger cash-on-cash return because you’re investing less of your cash.
Average Short-Term Rental Capitalization (Cap) Rates
This criterion shows the comparability of investment property value to its yearly return. An income-generating asset that has a high cap rate as well as charging average market rents has a good value. Low cap rates reflect more expensive rental units. Divide your projected Net Operating Income (NOI) by the investment property’s market value or purchase price. The percentage you will obtain is the property’s cap rate.
Local Attractions
Important public events and entertainment attractions will attract visitors who need short-term rental houses. This includes professional sporting tournaments, youth sports activities, colleges and universities, large concert halls and arenas, festivals, and amusement parks. Outdoor attractions like mountains, lakes, coastal areas, and state and national parks can also bring in prospective tenants.
Fix and Flip
To fix and flip real estate, you need to buy it for below market price, complete any needed repairs and improvements, then sell the asset for better market worth. Your estimate of renovation spendings has to be precise, and you have to be able to buy the unit below market value.
It’s critical for you to be aware of the rates houses are going for in the market. The average number of Days On Market (DOM) for properties listed in the market is important. As a ”rehabber”, you will need to sell the upgraded property immediately in order to stay away from maintenance expenses that will lessen your returns.
In order that real estate owners who need to get cash for their home can easily find you, highlight your status by utilizing our list of the best property cash buyers in Erie PA along with the best real estate investment firms in Erie PA.
Also, search for real estate bird dogs in Erie PA. Professionals discovered here will assist you by rapidly finding possibly successful ventures prior to the opportunities being sold.
Factors to Consider
Median Home Price
Median real estate value data is a key tool for evaluating a future investment location. If values are high, there may not be a steady supply of fixer-upper real estate in the area. This is a principal ingredient of a fix and flip market.
If you see a sudden decrease in real estate market values, this could indicate that there are possibly properties in the area that will work for a short sale. Real estate investors who work with short sale facilitators in Erie PA receive continual notifications concerning potential investment real estate. Discover more concerning this sort of investment described by our guide How to Buy Short Sale Homes.
Property Appreciation Rate
The shifts in real estate prices in a city are crucial. You have to have a region where property prices are steadily and continuously moving up. Accelerated market worth surges could show a value bubble that is not sustainable. Buying at an inappropriate point in an unsteady environment can be problematic.
Average Renovation Costs
Look closely at the potential rehab costs so you’ll find out whether you can reach your goals. The time it will require for acquiring permits and the municipality’s regulations for a permit request will also impact your plans. If you are required to present a stamped set of plans, you’ll need to incorporate architect’s rates in your budget.
Population Growth
Population increase figures let you take a peek at housing demand in the area. Flat or declining population growth is an indication of a feeble market with not a good amount of purchasers to validate your effort.
Median Population Age
The median citizens’ age is a factor that you might not have taken into consideration. It mustn’t be lower or higher than the age of the average worker. Workforce can be the individuals who are probable home purchasers. The goals of retirees will most likely not fit into your investment project plans.
Unemployment Rate
While checking a location for real estate investment, keep your eyes open for low unemployment rates. It must always be less than the nation’s average. A positively solid investment community will have an unemployment rate lower than the state’s average. Non-working people cannot purchase your real estate.
Income Rates
Median household and per capita income are a solid indicator of the robustness of the home-purchasing market in the area. When people buy a home, they typically need to obtain financing for the purchase. To qualify for a home loan, a person cannot be using for a house payment a larger amount than a particular percentage of their salary. Median income can help you analyze if the regular home purchaser can afford the property you are going to put up for sale. In particular, income growth is critical if you want to grow your investment business. If you need to augment the purchase price of your residential properties, you need to be positive that your homebuyers’ income is also improving.
Number of New Jobs Created
The number of jobs created on a consistent basis tells whether income and population growth are feasible. A higher number of citizens buy homes when the community’s economy is generating jobs. Additional jobs also attract people moving to the city from other districts, which additionally strengthens the local market.
Hard Money Loan Rates
Investors who acquire, repair, and sell investment properties like to engage hard money instead of typical real estate loans. This plan allows them make lucrative ventures without hindrance. Research Erie hard money lenders and compare financiers’ charges.
Investors who are not well-versed regarding hard money lenders can find out what they should understand with our article for those who are only starting — What Is a Private Money Lender?.
Wholesaling
As a real estate wholesaler, you sign a purchase contract to purchase a house that some other real estate investors will want. When a real estate investor who wants the residential property is found, the contract is assigned to the buyer for a fee. The seller sells the home to the investor instead of the wholesaler. You are selling the rights to buy the property, not the property itself.
This business includes employing a title company that’s knowledgeable about the wholesale contract assignment operation and is able and inclined to manage double close purchases. Find title companies that specialize in real estate property investments in Erie PA in our directory.
To understand how wholesaling works, read our detailed article What Is Wholesaling in Real Estate Investing?. As you select wholesaling, include your investment business on our list of the best investment property wholesalers in Erie PA. This will enable any likely partners to find you and get in touch.
Factors to Consider
Median Home Prices
Median home values in the region will tell you if your preferred purchase price point is viable in that market. As real estate investors prefer investment properties that are available below market price, you will want to see reduced median purchase prices as an implied tip on the potential source of houses that you may purchase for less than market price.
Accelerated deterioration in property values could lead to a supply of real estate with no equity that appeal to short sale flippers. Wholesaling short sale properties frequently carries a number of different advantages. However, it also creates a legal risk. Learn about this from our extensive explanation Can You Wholesale a Short Sale?. When you are ready to start wholesaling, look through Erie top short sale legal advice experts as well as Erie top-rated mortgage foreclosure lawyers lists to discover the best advisor.
Property Appreciation Rate
Property appreciation rate enhances the median price statistics. Real estate investors who plan to resell their investment properties later, such as long-term rental landlords, need a place where real estate purchase prices are increasing. A dropping median home value will show a vulnerable rental and home-buying market and will disappoint all kinds of real estate investors.
Population Growth
Population growth stats are a predictor that investors will look at thoroughly. If the population is growing, additional housing is required. This involves both rental and ‘for sale’ properties. If a place is declining in population, it doesn’t need more residential units and investors will not look there.
Median Population Age
A desirable housing market for investors is active in all areas, notably tenants, who become home purchasers, who move up into larger houses. A place with a big workforce has a constant supply of tenants and purchasers. That is why the community’s median age needs to be the age of skilled workers in the workplace.
Income Rates
The median household and per capita income show constant increases over time in communities that are good for real estate investment. When tenants’ and home purchasers’ salaries are expanding, they can keep up with surging lease rates and home purchase prices. That will be important to the investors you are looking to work with.
Unemployment Rate
The community’s unemployment rates are a critical point to consider for any future contracted house purchaser. Renters in high unemployment cities have a challenging time paying rent on schedule and a lot of them will skip payments altogether. Long-term investors who rely on uninterrupted rental payments will lose revenue in these communities. Tenants cannot move up to property ownership and existing owners cannot liquidate their property and go up to a larger home. Short-term investors won’t risk getting stuck with a house they can’t resell easily.
Number of New Jobs Created
The number of fresh jobs appearing in the local economy completes a real estate investor’s evaluation of a future investment spot. Fresh jobs produced attract a high number of employees who require properties to lease and buy. Long-term real estate investors, such as landlords, and short-term investors that include rehabbers, are attracted to markets with impressive job creation rates.
Average Renovation Costs
An imperative consideration for your client real estate investors, especially house flippers, are rehab costs in the location. When a short-term investor improves a property, they have to be able to resell it for a larger amount than the whole expense for the acquisition and the renovations. Give preference to lower average renovation costs.
Mortgage Note Investing
Acquiring mortgage notes (loans) pays off when the mortgage loan can be obtained for less than the remaining balance. When this happens, the note investor takes the place of the client’s mortgage lender.
When a loan is being repaid on time, it’s thought of as a performing loan. These loans are a steady generator of cash flow. Non-performing loans can be rewritten or you can acquire the property for less than face value via a foreclosure procedure.
Someday, you could accrue a group of mortgage note investments and lack the ability to manage the portfolio by yourself. In this event, you can opt to enlist one of third party mortgage servicers in Erie PA that will basically turn your investment into passive income.
If you decide to adopt this investment plan, you ought to include your business in our directory of the best mortgage note buyers in Erie PA. Being on our list sets you in front of lenders who make lucrative investment opportunities accessible to note investors such as yourself.
Factors to Consider
Foreclosure Rates
Performing loan purchasers research regions with low foreclosure rates. If the foreclosures are frequent, the community might nevertheless be desirable for non-performing note investors. The neighborhood ought to be strong enough so that investors can foreclose and unload properties if called for.
Foreclosure Laws
It’s necessary for mortgage note investors to learn the foreclosure laws in their state. Some states require mortgage paperwork and some utilize Deeds of Trust. While using a mortgage, a court has to allow a foreclosure. You only have to file a public notice and begin foreclosure process if you are working with a Deed of Trust.
Mortgage Interest Rates
Note investors acquire the interest rate of the loan notes that they obtain. That interest rate will undoubtedly impact your profitability. Interest rates impact the plans of both kinds of mortgage note investors.
The mortgage rates quoted by traditional lending companies aren’t identical in every market. Private loan rates can be a little higher than conventional loan rates because of the greater risk taken by private lenders.
A mortgage loan note buyer needs to know the private and traditional mortgage loan rates in their communities all the time.
Demographics
A successful mortgage note investment plan uses a research of the region by using demographic information. The city’s population growth, employment rate, job market growth, wage standards, and even its median age contain important data for mortgage note investors.
Performing note buyers require borrowers who will pay on time, generating a consistent revenue source of mortgage payments.
Non-performing mortgage note purchasers are interested in comparable indicators for various reasons. If foreclosure is called for, the foreclosed home is more conveniently unloaded in a good real estate market.
Property Values
The more equity that a homeowner has in their property, the more advantageous it is for the mortgage loan holder. If the property value is not significantly higher than the loan amount, and the lender has to start foreclosure, the property might not realize enough to payoff the loan. Growing property values help increase the equity in the home as the homeowner reduces the balance.
Property Taxes
Usually, mortgage lenders receive the house tax payments from the borrower each month. That way, the mortgage lender makes certain that the taxes are submitted when payable. If mortgage loan payments aren’t current, the mortgage lender will have to either pay the taxes themselves, or the taxes become past due. If taxes are past due, the government’s lien jumps over all other liens to the front of the line and is taken care of first.
Because property tax escrows are collected with the mortgage loan payment, growing property taxes indicate higher mortgage loan payments. This makes it difficult for financially strapped homeowners to stay current, and the mortgage loan might become past due.
Real Estate Market Strength
Both performing and non-performing mortgage note buyers can work in an expanding real estate environment. They can be confident that, when required, a foreclosed property can be liquidated for an amount that is profitable.
Mortgage note investors also have a chance to make mortgage notes directly to borrowers in sound real estate areas. This is a good stream of revenue for successful investors.
Passive Real Estate Investing Strategies
Syndications
When individuals collaborate by investing funds and creating a group to hold investment property, it’s called a syndication. The syndication is structured by someone who enlists other investors to participate in the endeavor.
The partner who brings everything together is the Sponsor, frequently called the Syndicator. It’s their responsibility to arrange the acquisition or development of investment properties and their use. He or she is also in charge of distributing the promised revenue to the remaining partners.
Syndication participants are passive investors. They are assured of a certain portion of the net income after the procurement or development conclusion. These partners have no obligations concerned with overseeing the partnership or managing the operation of the assets.
Factors to Consider
Real Estate Market
Selecting the kind of community you want for a lucrative syndication investment will call for you to choose the preferred strategy the syndication venture will be operated by. The previous sections of this article related to active real estate investing will help you pick market selection requirements for your possible syndication investment.
Sponsor/Syndicator
As a passive investor relying on the Syndicator with your cash, you need to examine their honesty. Successful real estate Syndication relies on having a knowledgeable experienced real estate expert as a Sponsor.
The syndicator may not invest any money in the venture. You might prefer that your Sponsor does have funds invested. Certain partnerships designate the effort that the Syndicator performed to structure the project as “sweat” equity. Some projects have the Syndicator being paid an initial fee in addition to ownership share in the company.
Ownership Interest
Every member has a portion of the company. Everyone who puts money into the partnership should expect to own a larger share of the partnership than partners who do not.
Investors are often given a preferred return of net revenues to induce them to invest. Preferred return is a percentage of the cash invested that is disbursed to cash investors out of profits. Profits in excess of that amount are disbursed among all the participants based on the size of their ownership.
When company assets are liquidated, net revenues, if any, are paid to the owners. The overall return on an investment like this can definitely increase when asset sale profits are added to the annual income from a profitable project. The members’ percentage of ownership and profit participation is written in the syndication operating agreement.
REITs
A REIT, or Real Estate Investment Trust, means a firm that invests in income-generating real estate. REITs were created to enable average investors to invest in properties. REIT shares are economical for most people.
Participants in these trusts are completely passive investors. Investment liability is spread throughout a group of investment properties. Shares may be liquidated whenever it’s convenient for the investor. One thing you can’t do with REIT shares is to choose the investment assets. Their investment is limited to the properties selected by the REIT.
Real Estate Investment Funds
A Real Estate Investment Fund is a mutual fund that possesses stocks of real estate companies. The fund doesn’t own real estate — it owns interest in real estate firms. Investment funds are an affordable method to include real estate in your appropriation of assets without avoidable liability. Investment funds aren’t obligated to pay dividends unlike a REIT. The worth of a fund to an investor is the projected appreciation of the worth of the shares.
You can pick a fund that concentrates on a targeted category of real estate you are aware of, but you do not get to choose the geographical area of every real estate investment. As passive investors, fund shareholders are happy to permit the administration of the fund determine all investment selections.
Housing
Erie Housing 2024
The median home market worth in Erie is , in contrast to the state median of and the nationwide median value which is .
In Erie, the annual growth of housing values through the last 10 years has averaged . Throughout the state, the 10-year annual average has been . During that period, the United States’ yearly home market worth growth rate is .
Reviewing the rental housing market, Erie has a median gross rent of . The median gross rent status statewide is , and the US median gross rent is .
The homeownership rate is at in Erie. The total state homeownership rate is presently of the whole population, while across the nation, the rate of homeownership is .
The leased residential real estate occupancy rate in Erie is . The tenant occupancy rate for the state is . The United States’ occupancy level for leased housing is .
The rate of occupied homes and apartments in Erie is , and the percentage of empty single-family and multi-family units is .
Real Estate Trends
Erie Home Appreciation Rates
https://housecashin.com/investing-guides/investing-erie-pa/#home_appreciation_rates_10
Erie Home Value
https://housecashin.com/investing-guides/investing-erie-pa/#home_value_10
Erie Median Home Value
https://housecashin.com/investing-guides/investing-erie-pa/#median_home_value_10
Erie Median Gross Rent
https://housecashin.com/investing-guides/investing-erie-pa/#median_gross_rent_10
Erie Price To Rent Ratio Over Time
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Erie Home Ownership
Erie Rent & Ownership
https://housecashin.com/investing-guides/investing-erie-pa/#rent_&_ownership_11
Erie Rent Vs Owner Occupied By Household Type
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Erie Occupied & Vacant Number Of Homes And Apartments
https://housecashin.com/investing-guides/investing-erie-pa/#occupied_&_vacant_number_of_homes_and_apartments_11
Erie Household Type
https://housecashin.com/investing-guides/investing-erie-pa/#household_type_11
Erie Property Types
Erie Age Of Homes
https://housecashin.com/investing-guides/investing-erie-pa/#age_of_homes_12
Erie Types Of Homes
https://housecashin.com/investing-guides/investing-erie-pa/#types_of_homes_12
Erie Homes Size
https://housecashin.com/investing-guides/investing-erie-pa/#homes_size_12
Marketplace
Erie Investment Property Marketplace
If you are looking to invest in Erie real estate, our Investment Property Marketplace can become your indispensable tool in your investing business. To help you easily find the best off-market deals in the Erie area, we created a nationwide investor-friendly online platform. Use it to shop for lucrative off-market properties for sale according to your specific buying criteria.
Unlike other real estate listing websites, our marketplace’s interface is particularly designed for investors. Besides the purchase price, you can see other, essential to investors, key indicators such as: rehab costs and ARV, potential profit, FSBO, or realtor-assisted deal, and others. To get started, visit our marketplace and search for Erie investment properties for sale.
Erie Investment Properties for Sale
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Financing
Erie Real Estate Investing Financing
If you are looking for a loan to finance investment property purchase, rehab or ground up construction in Erie PA, easily get quotes from multiple lenders at once and compare rates.
Fill out our quick online real estate financing application form to receive multiple quotes for your preferred type of loan from our preferred Erie private and hard money lenders.
Erie Investment Property Loan Types
- Rehab Loans
- Fix and Flip Loans
- Bridge Loans
- Asset Based Loans
- Cash Out/Refinance Loans
- Transactional Funding
- Transactional Hard Money Loans
- Private Money Loans
- New Construction Loans
Population
Erie Population Trends
Erie has an overall population of .
Over the previous 10 years, the population growth rate of Erie has been . In that same period, the state showed a growth rate of . The decade’s population growth rate for the nation in general was .
If you split it up annually, the average population growth rate in Erie is , next to the state average growth rate of . The US average population growth rate within that same period was .
The population’s median age in Erie is .
Erie Population Over Time
https://housecashin.com/investing-guides/investing-erie-pa/#population_over_time_24
Erie Population By Year
https://housecashin.com/investing-guides/investing-erie-pa/#population_by_year_24
Erie Population By Age And Sex
https://housecashin.com/investing-guides/investing-erie-pa/#population_by_age_and_sex_24
Economy
Erie Economy 2024
Erie has a median household income of . The median income for all households in the state is , compared to the US median which is .
This averages out to a per capita income of in Erie, and across the state. The populace of the country in its entirety has a per capita amount of income of .
The citizens in Erie take home an average salary of in a state whose average salary is , with average wages of nationwide.
In Erie, the unemployment rate is , while at the same time the state’s rate of unemployment is , in contrast to the country’s rate of .
The economic picture in Erie incorporates a total poverty rate of . The state’s numbers display a total rate of poverty of , and a similar study of nationwide stats puts the United States’ rate at .
Erie Residents’ Income
Erie Median Household Income
https://housecashin.com/investing-guides/investing-erie-pa/#median_household_income_27
Erie Per Capita Income
https://housecashin.com/investing-guides/investing-erie-pa/#per_capita_income_27
Erie Income Distribution
https://housecashin.com/investing-guides/investing-erie-pa/#income_distribution_27
Erie Poverty Over Time
https://housecashin.com/investing-guides/investing-erie-pa/#poverty_over_time_27
Erie Property Price To Income Ratio Over Time
https://housecashin.com/investing-guides/investing-erie-pa/#property_price_to_income_ratio_over_time_27
Erie Job Market
Erie Employment Industries (Top 10)
https://housecashin.com/investing-guides/investing-erie-pa/#employment_industries_(top_10)_28
Erie Unemployment Rate
https://housecashin.com/investing-guides/investing-erie-pa/#unemployment_rate_28
Erie Employment Distribution By Age
https://housecashin.com/investing-guides/investing-erie-pa/#employment_distribution_by_age_28
Erie Average Salary Over Time
https://housecashin.com/investing-guides/investing-erie-pa/#average_salary_over_time_28
Erie Employment Rate Over Time
https://housecashin.com/investing-guides/investing-erie-pa/#employment_rate_over_time_28
Erie Employed Population Over Time
https://housecashin.com/investing-guides/investing-erie-pa/#employed_population_over_time_28
Schools
Erie School Ratings
Erie has a public school system comprised of elementary schools, middle schools, and high schools.
of public school students in Erie are high school graduates.
Erie School Ratings
https://housecashin.com/investing-guides/investing-erie-pa/#school_ratings_31