Real Estate Investing in Erie, Pennsylvania (16509)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 16509 (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.
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 (16509)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 16509 Erie
ZIP 16509 inside Erie County looks affordable on the surface — median value of $276K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed markets are won on execution, not on spreadsheets. ZIP 16509 records the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
The gap between 16509 and stronger Erie ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Meanwhile, 28,133 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
seems to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Erie:
Property Strategy for 16509
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $200,476 | $1,410 | 5.1% | +8.9% | $100,238 |
| 3BR | $244,683 | $1,740 | 5.1% | +9.4% | $81,561 |
| 4BR | $322,521 | $1,960 | 4.4% | +9.2% | $80,630 |
| 5BR | $402,526 | — | — | +8.4% | $80,505 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 16509 Compare?
| Metric | 16509 | Erie | Erie, PA | Pennsylvania |
|---|---|---|---|---|
| Home Value | $275,773 | $90,364 | N/A | $278,018 |
| 5-Year CAGR | 8.0% | 8.4% | N/A | 6.3% |
| Avg Rent | $1,223 | $1,123 | N/A | - |
| Cap Rate | 3.5% | 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 16509 (Erie, PA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $275,773 |
| Monthly Rent | $1,223 |
| Price-to-Rent | 18.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.3% |
| Cap Rate | 3.5% |
| 5-Year IRR | 11.4% |
📈 Home Appreciation
| 1-Year | +9.0% ▲ |
| 3-Year CAGR | +7.3% ▲ |
| 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 (3.5%). 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 16509
Population: 28,133
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 16509
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
Is vacancy a concern in Erie, PA?
Vacancy in Erie, PA is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $1,223/mo.
Can I house hack in Erie, PA?
For house hackers, Erie, PA is a challenging. The $1,223/mo rent on a unit helps defray the mortgage on a $276K property.
What is the typical rental rate in Erie, PA?
Erie, PA rentals go for roughly $1,223/mo a month. That puts gross yield in solid territory relative to $276K acquisition costs.
How much does a house cost in Erie, PA?
Erie, PA median home values land near $276K. That is reasonable territory for investors looking at $1,223/mo-per-month rentals.
Does Erie, PA make sense for an investment property?
Our data puts Erie, PA at 3.0/5 for investability. Home prices of $276K and rents around $1,223/mo create a solid backdrop for investor activity.
You know 16509 now. You don’t know where it ranks.
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How 16509 ranks in Erie, PA
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