Real Estate Investing in Erie, Pennsylvania (16502)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 16502 (Erie, PA)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
- High vacancy: 14.6% of homes vacant — above national norms.
- Elevated poverty: 24.2% poverty rate — can affect rent collection.
- Lower household income: $35,508 median — tenant affordability is tighter.
What’s happening in Erie, PA (16502)?
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Market Analysis: 16502 Erie
Turning to rents, ZIP 16502 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $132K median. It rewards specialists, not generalists.
Put differently, the numbers look inviting — $132K purchase price, 0.0% nominal cap — the work to hit that pro forma in 16502 is substantial and deserves full respect.
In the broader PA picture, 16502 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 16502 ZIP's population of 15,815 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that records the need for careful underwriting.
Strategy in 16502 is an operator game, not a passive one. On balance, entry prices of $132K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Erie:
Property Strategy for 16502
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $108,837 | $1,140 | 7.5% | +12.6% | $54,418 |
| 3BR | $119,682 | $1,410 | 8.5% | +10.6% | $39,894 |
| 4BR | $125,487 | $1,580 | 9.1% | +10.2% | $31,372 |
| 5BR | $144,596 | — | — | +10.6% | $28,919 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 16502 Compare?
| Metric | 16502 | Erie | Erie, PA | Pennsylvania |
|---|---|---|---|---|
| Home Value | $131,719 | $90,364 | N/A | $278,018 |
| 5-Year CAGR | 8.8% | 8.4% | N/A | 6.3% |
| Avg Rent | $900 | $1,123 | N/A | - |
| Cap Rate | 5.3% | 5.2% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 16502 (Erie, PA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $131,719 |
| Monthly Rent | $900 |
| Price-to-Rent | 12.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.2% |
| Cap Rate | 5.3% |
| 5-Year IRR | 14.1% |
📈 Home Appreciation
| 1-Year | +10.1% ▲ |
| 3-Year CAGR | +9.3% ▲ |
| 5-Year CAGR | +8.8% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 Rent Trends
| 1-Year | -6.0% ▼ |
| 3-Year CAGR | +3.8% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.3%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 16502
Population: 15,815
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 16502
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Jefferson El Sch
Lincoln El Sch
McKinley El Sch
Westlake MS
East MS
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
How much do tenants pay in Erie, PA?
Erie, PA rentals go for roughly $900/mo a month. That puts gross yield in solid territory relative to $132K acquisition costs.
What is the renter demographic in Erie, PA?
Working renters make up the core of the Erie, PA tenant base. The pool is reasonable for investors targeting long-term holds.
Is Erie, PA a good place for real estate investing?
Our data puts Erie, PA at 3.0/5 for investability. Home prices of $132K and rents around $900/mo create a solid backdrop for investor activity.
Is house hacking profitable in Erie, PA?
Erie, PA is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $132K price point reasonable to enter.
What investment strategy works best in Erie, PA?
Erie, PA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($132K prices, $900/mo rents) make it a reasonable choice.
You know 16502 now. You don’t know where it ranks.
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How 16502 ranks in Erie, PA
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