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Scranton vs Erie for Rental Property Investing

Side-by-side comparison of Scranton, PA and Erie, PA — cap rates, rent, prices, and investment metrics.

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Scranton wins 6–1 across key metrics
Scranton leads on cash flow (4.37% vs 3.38% cap rate)
Metric
Scranton, PA
Erie, PA
Est. Cap Rate
4.37%
3.38%
Median Home Price
$220,000
$210,000
Median Monthly Rent
$1,300
$1,050
1% Rule
0.59%
0.50%
GRM
14.1x
16.7x
Price / Income
5.5x
5.5x
Property Tax Rate
1.44%
1.4%
Vacancy Rate
6.8%
7%
Population Growth
-0.2% / yr
-0.4% / yr
Annual Appreciation
1.9%
1.7%
Population
76,089
94,000
Median Income
$40,200
$38,200

Scranton vs Erie: Which Is Better for Investors?

Cash flow: Scranton has the edge with an estimated cap rate of 4.37% compared to Erie's 3.38%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $220,000 in Scranton vs $210,000 in Erie, while rents come in at $1,300/mo and $1,050/mo respectively. For context, the national average cap rate is 3.81% and average price is $333K.

Growth & appreciation: Scranton is growing faster at -0.2% annually, while Erie is losing population. Scranton leads on home value appreciation at 1.9% per year.

Costs & risk: Property taxes are 1.44% in Scranton vs 1.4% in Erie. Vacancy rates of 6.8% and 7% are mixed — Scranton has the tighter rental market.

Entry point: Erie offers a lower entry at $210K vs Scranton's $220K — a difference of $10K. With a 20% down payment, that's $42K vs $44K. Scranton's higher price may be justified by stronger growth.

Bottom line: Scranton edges out Erie on most key metrics. While cap rates are moderate at 4.37%, Scranton's overall profile is stronger. Use our free calculators to model specific deals in Scranton or Erie.

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Scranton, PA
4.37% cap rate · $220,000 median · $1,300/mo
Full analysis →
Erie, PA
3.38% cap rate · $210,000 median · $1,050/mo
Full analysis →

Frequently Asked Questions

Is Scranton or Erie better for rental investing?
Scranton wins 6–1 across our 7 key metrics (cap rate, 1% rule, GRM, taxes, vacancy, growth, appreciation). Scranton's 4.37% cap rate and $220K median price edge out Erie's 3.38% at $210K.
What is the cap rate difference between Scranton and Erie?
Scranton has a 4.37% cap rate vs Erie's 3.38% — a difference of 0.99 percentage points. This is a relatively small difference — other factors like growth, taxes, and local market conditions may matter more. For context, the national average is 3.81%.
Which city has lower property taxes?
Erie has lower property taxes at 1.4% vs 1.44%. On a $215K property, that's a difference of approximately $228/year in tax expense — money that goes directly to (or from) your cash flow.
Which city is growing faster?
Scranton is growing at -0.2% annually vs Erie's -0.4%. Both cities have slow growth — focus on the strongest neighborhoods. Scranton's appreciation rate of 1.9% also leads on home value growth.

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