Real Estate Investing in Erie, Pennsylvania (16504)
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Should you buy in 16504 (Erie, PA)? Our answer, based on the numbers below.
Strong fundamentals — affordable, appreciating, and stable. A confident pick for primary residence.
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 (16504)?
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Market Analysis: 16504 Erie
The 16504 ZIP covers a section of Erie that demands careful diligence. Prices near $158K look accessible, but the work to make a deal cash flow is real.
Distressed markets are won on execution, not on spreadsheets. ZIP 16504 shows the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Nearby ZIPs in Erie have seen price recovery that 16504 has not matched. Erie County data supports the view that the spread is structural rather than temporary.
The 16504 ZIP's population of 15,632 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that reports the need for careful underwriting.
Distressed ZIPs reward experience. durable returns are possible in 16504, 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 16504
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $130,397 | $1,320 | 7.3% | +11.6% | $65,198 |
| 3BR | $150,791 | $1,630 | 7.8% | +10.6% | $50,264 |
| 4BR | $153,719 | $1,830 | 8.6% | +10.2% | $38,430 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 16504 Compare?
| Metric | 16504 | Erie | Erie, PA | Pennsylvania |
|---|---|---|---|---|
| Home Value | $157,670 | $90,364 | N/A | $278,018 |
| 5-Year CAGR | 9.1% | 8.4% | N/A | 6.3% |
| Avg Rent | $1,241 | $1,123 | N/A | - |
| Cap Rate | 6.1% | 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 16504 (Erie, PA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $157,670 |
| Monthly Rent | $1,241 |
| Price-to-Rent | 10.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 9.5% |
| Cap Rate | 6.1% |
| 5-Year IRR | 15.2% |
📈 Home Appreciation
| 1-Year | +9.2% ▲ |
| 3-Year CAGR | +8.9% ▲ |
| 5-Year CAGR | +9.1% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 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 (6.1%). 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 16504
Population: 15,632
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 16504
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
McKinley El Sch
East MS
Grover Cleveland El Sch
Northwest PA Collegiate Academy
Perry 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 a friendly market for rental owners?
Erie, PA falls under PA landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
Are renters plentiful in Erie, PA?
Erie, PA draws a reliable base of working renters. Demand at the $1,241/mo rent level is reasonable for standard single-family and small multi rentals.
How strong is Erie, PA for real estate investors?
Erie, PA scores 4.0/5 for investability. Home values sit at $158K and rents near $1,241/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
Which investment style suits Erie, PA?
Investors usually favor careful cash-flow rentals with hands-on management in Erie, PA. With home values at $158K and rents near $1,241/mo, other strategies can work but produce stable rather than outsized returns.
What price range are homes in Erie, PA?
Median home price in Erie, PA is near $158K, with a 5-year CAGR of 0.0%. Prices have been stable and supportive of buy-and-hold strategies.
You know 16504 now. You don’t know where it ranks.
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How 16504 ranks in Erie, PA
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