Real Estate Investing in Erie, Pennsylvania (16507)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 16507 (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: 27.9% poverty rate — can affect rent collection.
- Lower household income: $34,016 median — tenant affordability is tighter.
What’s happening in Erie, PA (16507)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 16507 Erie
The 16507 ZIP reports an sturdy value-add profile — below-median pricing at $107K, a renter base of 65%, and room for operational improvement.
In 16507, the deal is made on the buy and on the capex. notable entry prices of $107K leave room in the budget for light-to-medium renovation, with rent lift to match.
Statewide, PA value-add investors migrate toward ZIPs with 16507's profile — older stock, soft but real rent growth, and $107K pricing that keeps rehab math workable.
The 16507 ZIP's demographic trend has been one of stability with upside — population of 8,653, steady renter share, and an incoming cohort that is willing to pay for improved units.
The healthy opportunity in 16507 is buying the worst house on the block, fixing it, and renting it at the top of the local band. That is the strategy, repeated.
Here's what matters if you're considering buying a home in Erie:
Property Strategy for 16507
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $94,141 | $1,270 | 9.7% | +11.5% | $47,070 |
| 3BR | $92,570 | $1,570 | 12.2% | +10.5% | $30,857 |
| 4BR | $90,034 | $1,760 | 14.1% | +11.4% | $22,508 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 16507 Compare?
| Metric | 16507 | Erie | Erie, PA | Pennsylvania |
|---|---|---|---|---|
| Home Value | $107,015 | $90,364 | N/A | $278,018 |
| 5-Year CAGR | 8.6% | 8.4% | N/A | 6.3% |
| Avg Rent | $1,116 | $1,123 | N/A | - |
| Cap Rate | 8.1% | 5.2% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 16507 (Erie, PA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $107,015 |
| Monthly Rent | $1,116 |
| Price-to-Rent | 8.0:1 |
| 1% Rule | ✓ Passes |
💰 Return Metrics
| Gross Yield | 12.5% |
| Cap Rate | 8.1% |
| 5-Year IRR | 16.8% |
📈 Home Appreciation
| 1-Year | +12.8% ▲ |
| 3-Year CAGR | +9.4% ▲ |
| 5-Year CAGR | +8.6% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 Rent Trends
| 1-Year | -2.8% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The estimated cap rate (8.1%) exceeds the current 30-yr mortgage rate (6.8%). When borrowing costs less than a property yields, leverage can increase your cash-on-cash return above the cap rate.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 16507
Population: 8,653
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 16507
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
East MS
Grover Cleveland El Sch
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 suited for a house hack?
House hacking in Erie, PA is an attractive. With home values around $107K and rents at $1,116/mo, owner-occupants can offset a meaningful share of PITI.
What is the average monthly rent in Erie, PA?
Rents in Erie, PA run near $1,116/mo. Compared with median home prices of $107K that produces solid gross yields for typical rentals.
Does Erie, PA rent-to-price ratio clear the 1% rule?
Yes, many Erie, PA properties clear the 1% rule. The rent-to-price ratio averages 1.04%, supported by $1,116/mo rents.
What approach is best for Erie, PA real estate?
A value-add and BRRRR deals strategy Erie, PA best. The market produces reliable results for that approach at the $107K price point.
Can BRRRR investors find deals in Erie, PA?
Investors running BRRRR in Erie, PA see a strong outcomes. Deal flow and rehab execution matter more than the macro here.
You know 16507 now. You don’t know where it ranks.
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How 16507 ranks in Erie, PA
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