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Erie city, PA

ZIP 16506 — Housing & Real Estate

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

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 16506

Median Home Value
$224,200
Median Rent
$1,019
Affordability Snapshot
$62,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,440/mo PITI).

15%
Rent-to-Income Ratio

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

2.7x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

18.3 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 16506 in Erie city, PA, a household would need roughly $62,000 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 $1,440. That sits below the local median household income ($84,021), 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

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
69.7%+7% vs US avg
x
Vacancy Rate
4.4%-58% vs US avg
x
Broadband Access
91.1%+5% vs US avg
x
4+ Bedrooms
4.3%-71% vs US avg
x
Built Pre-1939
3.7%-71% vs US avg
x
Built Post-2014
0.2%-97% vs US avg
x
Rent Burden >30%
27.7%-44% vs US avg
x
Mortgage-Free
41.1%+8% vs US avg
x
$224,200
Home Value
$1,019
Rent
1978
Year Built
2011
Moved In

Residents have lived here since ~2011 on average

Housing Structure

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

  • 1-unit detached67.2%
  • 1-unit attached6.3%
  • 2-9 units12.0%
  • 10+ units10.7%
  • Mobile home & other3.9%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$224,200
Median rent$1,019
Owner-occupied69.7%
Vacant4.4%
Price-to-income2.7x
Est. income to buy$62,000