Real Estate Investing in Erie, Pennsylvania (16506)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 16506 (Erie, PA)? Our answer, based on the numbers below.
Strong fundamentals — affordable, appreciating, and stable. A confident pick for primary residence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Erie, PA (16506)?
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Market Analysis: 16506 Erie
The 16506 ZIP in Erie, PA is a local-operator market. Outside capital chasing a $298K entry has to pair deep knowledge with the discount.
The investment case in 16506 is significant only for operators who understand what they are buying. A $298K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Within PA, ZIP 16506 trails on several market indicators that neighboring Erie County submarkets outperform. The gap is real and robust enough to shape underwriting.
The 16506 ZIP's population of 24,190 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that comes in at the need for careful underwriting.
Experienced landlords with local relationships tend to find 16506 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Erie:
Property Strategy for 16506
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $176,143 | $1,540 | 6.3% | +8.7% | $88,071 |
| 3BR | $255,501 | $1,900 | 5.4% | +8.9% | $85,167 |
| 4BR | $381,944 | $2,140 | 4.0% | +8.8% | $95,486 |
| 5BR | $507,643 | — | — | +8.8% | $101,529 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 16506 Compare?
| Metric | 16506 | Erie | Erie, PA | Pennsylvania |
|---|---|---|---|---|
| Home Value | $298,045 | $90,364 | N/A | $278,018 |
| 5-Year CAGR | 7.6% | 8.4% | N/A | 6.3% |
| Avg Rent | $1,729 | $1,123 | N/A | - |
| Cap Rate | 4.5% | 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 16506 (Erie, PA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $298,045 |
| Monthly Rent | $1,729 |
| Price-to-Rent | 14.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.0% |
| Cap Rate | 4.5% |
| 5-Year IRR | 12.1% |
📈 Home Appreciation
| 1-Year | +8.4% ▲ |
| 3-Year CAGR | +7.2% ▲ |
| 5-Year CAGR | +7.6% ▲ |
| 10-Year CAGR | +5.9% ▲ |
🏠 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 (4.5%). 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 16506
Population: 24,190
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 16506
Schools in This ZIP Code
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
What is the rental occupancy rate in Erie, PA?
Erie, PA sees elevated vacancy, which is reasonable relative to the broader PA rental market.
How strong are rents in Erie, PA?
Average rent in Erie, PA is approximately $1,729/mo per month. Against $298K home values that yields a reasonable rent-to-price ratio.
Are homes affordable in Erie, PA?
The median home value in Erie, PA is roughly $298K. That puts it reasonable relative to the PA statewide average.
Can I house hack in Erie, PA?
House hacking works a challenging in Erie, PA. Rents of $1,729/mo against $298K acquisition make the strategy solid for owner-occupants.
How does Erie, PA stack up for property investment?
Our data puts Erie, PA at 3.0/5 for investability. Home prices of $298K and rents around $1,729/mo create a solid backdrop for investor activity.
You know 16506 now. You don’t know where it ranks.
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How 16506 ranks in Erie, PA
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