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  1. Home
  2. /Browse ZIP Codes
  3. /Pennsylvania
  4. /Erie, PA - 16508

Erie, PA—16508

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$172,000
6.0% YoY Growth
Household Income
$52,400
9.2% YoY Growth
Days on Market
36
15.0% Shorter YoY
Home Price Forecast
3.2%
Median Rent
$1,200
14.3% YoY Growth
1-Bed Rent
$675
15.2% YoY Growth
2-Bed Rent
$900
13.8% YoY Growth
3-Bed Rent
$1,300
41.5% YoY Growth

Other Zip Codes in Erie, PA

16505165101651116504165061650916501165021650316507
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Erie, PA

As of May '26, the median home price in Erie, PA is $172,000, with a year-over-year change of 6.0%. This indicates that home prices in Erie, PA are increasing. According to Zillow, the 1-year price projection is 3.2%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$172,0006.0%
Single Family $172,0006.2%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$148,0005.7%
    3 Bed
    		$174,0005.5%
    4 Bed
    		$185,0004.5%
    5 Bed $228,1433.7%
    Loading chart...

    % of Housing Stock

    Studio
    1.4%
    1 Bedroom
    5.4%
    2 Bedrooms
    28.9%
    3 Bedrooms
    45.7%
    4 Bedrooms
    17.8%
    5+ Bedrooms
    0.9%

    Rental Trends — Erie, PA

    As of July '25, Rentcast reports the average rent in Erie, PA is $1,200, with a year-over-year rent change of 14.3%. Per bedroom, the median rent as of July '25 in Erie, PA is 1-bedrooms: $938, 2-bedrooms: $983, 3-bedrooms: $1,500, 4-bedrooms: $1,620. The most common rental property sizes in Erie, PA are 2-bedroom and 3-bedroom, accounting for 50.8% and 24.5% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,200$1,200
    Studio Rent N/AN/A
    1 Bed Rent $675$938
    2 Bed Rent $900$983
    3 Bed Rent $1,300$1,500
    4 Bed Rent $1,650$1,620
    Loading chart...

    % of Rental Stock

    Studio
    1.1%
    1 Bedroom
    12.5%
    2 Bedrooms
    50.8%
    3 Bedrooms
    24.5%
    4 Bedrooms
    9.7%
    5+ Bedrooms
    1.4%

    Property Listings — Erie, PA

    As of May '26, Realtor.com reports that the median days on market for a home in Erie, PA is 36. This is a decrease of -15.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$185,000-4.0%
    Listing Count
    		3515.0%
    Listings as % of Homes0.4%15.0%
    Days on Market
    		36-15.0%
    Loading chart...

    Demographics — Erie, PA

    As of the latest ACS Survey released in 2023, Erie, PA has a population of 15,200, which has decreased by -5.5% over the past 5 years. Erie, PA is a moderately popular place for families, as children make up 23.2% of the population. The area has a moderately educated workforce, with 27.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.8% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		15,200-5.5%
    % Under 18
    		23.2%0.9%
    % Seniors
    		17.8%9.9%
    % WFH
    		4.8%152.6%
    % w/ College Degree
    		27.7%-1.1%
    Loading chart...

    As of the latest ACS Survey released in 2023, Erie, PA is a predominantly white area, with 80.1% of the population identifying as white. The white population has shrunk by 7.1% in the last 5 years. The second most common race or ethnicity in Erie, PA is black, making up 5.2% of the population. Foreign-born residents account for 2.5% of the population in Erie, PA, and this percentage has decreased by 53.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		80.1%-7.1%
    % Black
    		5.2%-22.4%
    % Hispanic
    		4.1%20.6%
    % Asian
    		1.0%-41.2%
    % Foreign Born
    		2.5%-53.7%
    Loading chart...

    Mortgage and Risk — Erie, PA

    According to HUD data as of 2023, there were 259 mortgage originations in Erie, PA, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 38.0% above 90% LTV (very high). This implies large mortgage risk in Erie, PA. Investor activity is low, as 5.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		259
    % Conventional Loans
    		82.0%
    % Government Loans
    		18.0%
    % Investor Loans
    		5.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		5.0%
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    Rentals and Section 8 — Erie, PA

    As of 2024, the percent of homes in Erie, PA under the Section 8 program is 3.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Erie, PA, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		111
    Total Units Section 8
    		100
    % Rentals under Section 8
    		3.7%
    % Occupied Section 8
    		87.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$125$675$800
    2 Bedroom$140$900$1,040
    3 Bedroom-$10$1,300$1,290
    4 Bedroom-$240$1,650$1,410

    Affordability — Erie, PA

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2.5
    Median Home Price$172,000
    Median Household Income$52,400

    Erie, PA — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Erie, PA

    16502

    Erie, PA

    16501

    Erie, PA

    16507

    Glenwood

    16546

    Erie, PA

    16503

    Frequently Asked Questions