The story of this market
The typical home in ZIP 16507 sells for about $228,750, or $157 per square foot.
Prices are up +14.4% from a year ago, so sellers still have some momentum. Homes take about 29 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $992 a month.
ZIP 16507 — Erie
The 16507 housing market remains highly affordable compared to state and national averages, with steady demand for entry-level homes. While inventory is tight, the market is seeing moderate price appreciation driven by local economic stability and interest from first-time buyers.
This ZIP is well-suited for first-time homebuyers, renters, and investors seeking affordable urban housing with proximity to downtown amenities and the waterfront.
Median prices moved up 14.4% year over year.
Homes spend a median of 29 days on market with 1.2 months of supply — a fast-moving market.
9% of listings have cut prices · homes sell at 99.9% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 7.0% · poverty 30.0% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 16507, Erie County PA
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Public schools in the area are served by the Erie City School District, which faces ongoing challenges with academic performance and resource allocation.
The area is subject to lake-effect snow events and potential flooding near the Lake Erie shoreline, with standard property insurance coverage recommended.
Economic momentum is driven by healthcare, manufacturing, and education sectors, with ongoing revitalization efforts in the downtown and waterfront districts.
Property taxes are levied by the city, county, and school district, with rates determined by local millage and assessed values; exemptions exist for homesteads and seniors.
The ZIP code is centrally located in Erie, providing short drive times to the downtown employment core and major transit corridors.
Residents have access to the Lake Erie waterfront, Presque Isle State Park, and various local parks, museums, and shopping districts within a 3-mile radius.
The rental market is characterized by steady demand and limited vacancy, with a mix of long-term residential and some short-term rental activity near the waterfront.
The local economy is anchored by healthcare systems, manufacturing, and higher education institutions, providing a stable employment base.
The area is served by local bus transit and major highway access via I-79 and I-90, facilitating regional connectivity.
Ongoing urban renewal projects focus on improving housing stock and commercial infrastructure within the city limits.
The Erie County Assessment Office manages property valuations for tax purposes, with periodic reassessments to reflect market changes.
Parcels are subject to city, county, and Erie City School District taxes, with no major MUD/PID districts reported.
Property insurance premiums are influenced by regional weather risks, including heavy winter snowfall and potential lake-related hazards.
Data retrieved from data.census.gov ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Splash Lagoon4.37.7 mi
- Waldameer & Water World4.64.3 mi
- Elevate Trampoline Park4.45 mi
- Round1 Bowling & Arcade - Erie4.26.2 mi
- Play Port Arcade & Family Fun Center4.64.4 mi
- Erie Insurance Arena4.62.4 mi
- Golden Corral Buffet & Grill4.27.4 mi
- Bayfront Convention Center4.51.5 mi
- Port Farms4.719.5 mi
- Lake Erie Speedway4.514.1 mi
- Presque Isle State Park4.80.6 mi
- Splash Lagoon4.37.7 mi
- Erie Zoo4.44.4 mi
- Presque Isle Beach4.81.3 mi
- Presque Isle Lighthouse4.70.8 mi
- Presque Isle State Park4.80.6 mi
- Asbury Woods4.87.5 mi
- Presque Isle: Beach 114.61.3 mi
- Frontier Park4.82.9 mi
- Presque Isle: Beach #14.83.7 mi
- Erie Yacht Club4.62.9 mi
- North East Marina4.517.4 mi
- Sun Life Marinas - Bay Harbor4.61.9 mi
- Sun Life Marinas - Perry's Landing4.61.9 mi
- Lake Erie4.663.7 mi
- Whispering Woods Golf Club4.58.7 mi
- Mound Grove Golf Course4.612.2 mi
- Scenic Heights Golf Course4.412 mi
- Lake Shore Country Club4.67.9 mi
- The Ridge Golf Club4.211.3 mi
- Millcreek Mall Complex4.36.1 mi
- T.J. Maxx4.46.4 mi
- Kohl's4.37 mi
- Ross Dress for Less4.26.2 mi
- Burlington4.17 mi
- Erie International Airport4.26.1 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
A major regional attraction offering beaches, trails, and water activities.
Features exhibits on the history of Lake Erie and the U.S. Brig Niagara.
A revitalized area with restaurants, hotels, and access to the waterfront.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.