Real Estate Investing in Erie, Pennsylvania (16508)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 16508 (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.
No major risk flags on the data we track.
What’s happening in Erie, PA (16508)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 16508 Erie
Not every below-median market is a bargain. Erie's 16508 ZIP clocks in at signals that favor experienced operators who can absorb the risk $172K pricing implies.
The 16508 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Within PA, ZIP 16508 trails on several market indicators that neighboring Erie County submarkets outperform. The gap is real and resilient enough to shape underwriting.
Resident income in 16508 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Strategy in 16508 is an operator game, not a passive one. Meanwhile, entry prices of $172K 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 16508
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $139,132 | $1,120 | 5.8% | +11.2% | $69,566 |
| 3BR | $162,908 | $1,390 | 6.1% | +10.7% | $54,303 |
| 4BR | $172,570 | $1,560 | 6.5% | +10.1% | $43,142 |
| 5BR | $207,758 | — | — | +10.2% | $41,552 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 16508 Compare?
| Metric | 16508 | Erie | Erie, PA | Pennsylvania |
|---|---|---|---|---|
| Home Value | $171,948 | $90,364 | N/A | $278,018 |
| 5-Year CAGR | 9.2% | 8.4% | N/A | 6.3% |
| Avg Rent | $1,036 | $1,123 | N/A | - |
| Cap Rate | 4.7% | 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 16508 (Erie, PA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $171,948 |
| Monthly Rent | $1,036 |
| Price-to-Rent | 13.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.2% |
| Cap Rate | 4.7% |
| 5-Year IRR | 13.9% |
📈 Home Appreciation
| 1-Year | +9.3% ▲ |
| 3-Year CAGR | +9.4% ▲ |
| 5-Year CAGR | +9.2% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 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 (4.7%). 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 16508
Population: 15,156
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 16508
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 does Erie, PA stack up for property investment?
Yes - Erie, PA a 3.0/5 investability score. With $172K home prices against $1,036/mo monthly rent, the market delivers a reasonable entry point for new investors.
How strong are rents in Erie, PA?
The typical rental in Erie, PA commands about $1,036/mo monthly. That rent profile predictable cash flow against the $172K purchase basis.
Is it easy to find good tenants in Erie, PA?
The renter base in Erie, PA is reasonable for the $1,036/mo price point. Screening well and pricing to market typically yields reliable tenants.
Does a duplex house hack pencil in Erie, PA?
The a challenging house-hack environment in Erie, PA reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
What is the typical vacancy rate in Erie, PA?
Erie, PA vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
You know 16508 now. You don’t know where it ranks.
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How 16508 ranks in Erie, PA
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