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Erie city, PA

ZIP 16508 — Housing & Real Estate

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

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 16508

Median Home Value
$121,800
Median Rent
$691
Affordability Snapshot
$34,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$782/mo PITI).

16%
Rent-to-Income Ratio

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

2.3x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

14.7 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 16508 in Erie city, PA, a household would need roughly $34,000 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 $782. That sits below the local median household income ($52,361), 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
65.7%+1% vs US avg
x
Vacancy Rate
6.1%-41% vs US avg
x
Broadband Access
88.4%+2% vs US avg
x
4+ Bedrooms
0.9%-94% vs US avg
x
Built Pre-1939
12.5%-3% vs US avg
x
Built Post-2014
0.2%-97% vs US avg
x
Rent Burden >30%
26.8%-46% vs US avg
x
Mortgage-Free
39.0%+2% vs US avg
x
$121,800
Home Value
$691
Rent
1950
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 detached76.6%
  • 1-unit attached2.1%
  • 2-9 units18.5%
  • 10+ units2.7%
  • Mobile home & other0.2%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$121,800
Median rent$691
Owner-occupied65.7%
Vacant6.1%
Price-to-income2.3x
Est. income to buy$34,000