Real Estate Investing in Erie, Pennsylvania (16505)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 16505 (Erie, PA)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 10.9% vacancy may signal weakening demand.
- High price-to-rent: Price-to-rent ratio 26.2 — hard to cash-flow at these prices.
What’s happening in Erie, PA (16505)?
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Market Analysis: 16505 Erie
ZIP 16505 in Erie, PA carries a healthy set of headwinds. Home values near $263K and rents of $838/mo sit inside a market where underwriting has to be tight.
Distressed markets are won on execution, not on spreadsheets. ZIP 16505 reports the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Nearby ZIPs in Erie have seen price recovery that 16505 has not matched. Erie County data supports the view that the spread is structural rather than temporary.
The demographic picture in 16505 includes headwinds that any investor should price in. Income distribution skews lower than Erie averages, and tenant stability requires active management.
Distressed ZIPs reward experience. sturdy returns are possible in 16505, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Erie:
Property Strategy for 16505
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $146,393 | $880 | 4.3% | +10.2% | $146,393 |
| 2BR | $182,778 | $1,130 | 4.5% | +9.7% | $91,389 |
| 3BR | $235,641 | $1,400 | 4.3% | +9.0% | $78,547 |
| 4BR | $343,728 | $1,570 | 3.3% | +9.1% | $85,932 |
| 5BR | $481,012 | — | — | +9.0% | $96,202 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 16505 Compare?
| Metric | 16505 | Erie | Erie, PA | Pennsylvania |
|---|---|---|---|---|
| Home Value | $262,802 | $90,364 | N/A | $278,018 |
| 5-Year CAGR | 8.0% | 8.4% | N/A | 6.3% |
| Avg Rent | $838 | $1,123 | N/A | - |
| Cap Rate | 2.5% | 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 16505 (Erie, PA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $262,802 |
| Monthly Rent | $838 |
| Price-to-Rent | 26.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.8% |
| Cap Rate | 2.5% |
| 5-Year IRR | 10.4% |
📈 Home Appreciation
| 1-Year | +9.0% ▲ |
| 3-Year CAGR | +8.3% ▲ |
| 5-Year CAGR | +8.0% ▲ |
| 10-Year CAGR | +6.2% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.5%). 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 16505
Population: 15,631
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 16505
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Grover Cleveland El Sch
Northwest PA Collegiate Academy
Perry El Sch
Strong Vincent MS
Erie HS
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
Is Erie, PA a good place for real estate investing?
Erie, PA rates 3.0/5 for investability. With median values at $263K and rents near $838/mo, the market offers reasonable fundamentals for rental investors.
How quickly do rentals get leased in Erie, PA?
Erie, PA vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
Is Erie, PA good for house hacking?
House hacking in Erie, PA is reasonable to execute. Prices around $263K and rents of $838/mo solid owner-occupant economics.
What price range are homes in Erie, PA?
Expect median prices around $263K in Erie, PA. The market has run at a 0.0% 5-year CAGR, so entry costs have been reliable.
What is the typical rental rate in Erie, PA?
Erie, PA rentals go for roughly $838/mo a month. That puts gross yield in solid territory relative to $263K acquisition costs.
You know 16505 now. You don’t know where it ranks.
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How 16505 ranks in Erie, PA
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