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Erie city, PA

ZIP 16503 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Low Income AreaLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 16503

Median Home Value
$55,400
Median Rent
$623
Affordability Snapshot
$15,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$356/mo PITI).

26%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

1.9x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

7.4 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 16503 in Erie city, PA, a household would need roughly $15,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $356. That sits below the local median household income ($29,108), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 12% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
37.4%-43% vs US avg
x
Vacancy Rate
11.6%+13% vs US avg
x
Broadband Access
81.5%-6% vs US avg
x
4+ Bedrooms
4.6%-69% vs US avg
x
Built Pre-1939
12.8%+0% vs US avg
x
Built Post-2014
0.1%-98% vs US avg
x
Rent Burden >30%
35.0%-30% vs US avg
x
Mortgage-Free
57.8%+51% vs US avg
x
$55,400
Home Value
$623
Rent
1938
Year Built
2015
Moved In

Residents have lived here since ~2015 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached44.1%
  • 1-unit attached2.7%
  • 2-9 units47.2%
  • 10+ units5.2%
  • Mobile home & other0.8%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$55,400
Median rent$623
Owner-occupied37.4%
Vacant11.6%
Price-to-income1.9x
Est. income to buy$15,000