The story of this market
The typical home in ZIP 16508 sells for about $151,172, or $116 per square foot.
Prices are up +6.5% from a year ago, so sellers still have some momentum. Homes take about 27 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $880 a month.
ZIP 16508 — Erie
The Erie housing market remains competitive with steady price growth and low inventory levels. While affordability remains a key driver, the market is seeing a modest increase in listing velocity and stable rental demand. Buyers are finding a balanced environment, though supply constraints continue to support upward price pressure.
This ZIP is well-suited for budget-conscious family buyers and long-term investors seeking stable, lower-cost housing. It is less ideal for those prioritizing rapid appreciation or high-end luxury amenities.
Median prices moved up 6.5% year over year.
Homes spend a median of 27 days on market with 1.6 months of supply — a fast-moving market.
3% of listings have cut prices · homes sell at 100% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.3% · poverty 12.1% — a stable, low-distress 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 4.1%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 2.5%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 16508, 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.
Crime rates in Erie are generally higher than the national average, with property crime being the most prevalent concern. Local law enforcement continues to focus on community-based initiatives to address these trends.
Schools in the Erie area are primarily served by the Erie City School District, which faces ongoing challenges regarding funding and academic performance metrics. Many families explore charter or private school options as alternatives to the public system.
The area faces moderate risks from lake-effect snow and potential flooding in low-lying coastal zones near Lake Erie. Property insurance premiums are influenced by these environmental factors and the age of the housing stock.
Economic momentum is driven by healthcare, manufacturing, and education sectors, with major employers including UPMC Hamot and Erie Insurance. Infrastructure projects are focused on downtown revitalization and waterfront development.
Property taxes in Erie are levied by the city, county, and school district, with the school district typically accounting for the largest portion of the tax bill. Assessment is managed by the county, and exemptions are available for qualifying seniors and disabled veterans.
Commuting within the ZIP is primarily car-dependent, with easy access to the Bayfront Parkway and I-79. Public transit via the EMTA provides coverage to the downtown employment core.
Residents have access to the extensive Presque Isle State Park, numerous city parks, and the Erie Art Museum. Shopping and dining are concentrated in the downtown district and nearby suburban retail centers.
The rental market is characterized by stable demand and moderate vacancy rates, with a significant portion of the stock consisting of older single-family homes and multi-family conversions. Investors remain active, though rent growth has been modest compared to national averages.
The economy is anchored by healthcare, manufacturing, and higher education. Major employers include UPMC Hamot, Erie Insurance, and Gannon University.
The area is served by a network of state routes and interstates, including I-79 and I-90. Public transportation is provided by the Erie Metropolitan Transit Authority.
Development is focused on urban infill and the continued expansion of the Bayfront district. City planning emphasizes sustainable growth and infrastructure modernization.
The Erie County Assessment Office manages property valuations, with assessments typically based on a percentage of fair market value.
Parcels are subject to municipal, county, and school district taxes. Special utility districts may apply in specific areas for water and sewer services.
Property insurance rates are influenced by regional weather patterns, including heavy winter snowfall and potential flood risks near the lakefront.
Data retrieved from US Census Bureau ACS profiles for Erie County and ZCTA 16508.
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 Lagoon4.33.4 mi
- Waldameer & Water World4.63.2 mi
- Elevate Trampoline Park4.43.4 mi
- Round1 Bowling & Arcade - Erie4.21.9 mi
- Play Port Arcade & Family Fun Center4.62.4 mi
- Erie Insurance Arena4.62.4 mi
- Golden Corral Buffet & Grill4.23.1 mi
- Bayfront Convention Center4.52.8 mi
- Port Farms4.715.4 mi
- Lake Erie Speedway4.514.1 mi
- Presque Isle State Park4.84.5 mi
- Splash Lagoon4.33.4 mi
- Erie Zoo4.41 mi
- Presque Isle Beach4.85.3 mi
- Presque Isle Lighthouse4.74.9 mi
- Presque Isle State Park4.84.5 mi
- Asbury Woods4.84.6 mi
- Presque Isle: Beach 114.64.7 mi
- Frontier Park4.81.9 mi
- Presque Isle: Beach #14.83.3 mi
- Erie Yacht Club4.62.5 mi
- North East Marina4.519.1 mi
- Sun Life Marinas - Bay Harbor4.62.4 mi
- Sun Life Marinas - Perry's Landing4.62.4 mi
- Whispering Woods Golf Club4.55 mi
- Mound Grove Golf Course4.68.6 mi
- Scenic Heights Golf Course4.410.5 mi
- Elk Valley Golf Course4.19.9 mi
- The Ridge Golf Club4.27.1 mi
- Millcreek Mall Complex4.31.9 mi
- T.J. Maxx4.42.1 mi
- Kohl's4.32.7 mi
- Ross Dress for Less4.22 mi
- Burlington4.12.8 mi
- Erie International Airport4.24 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 recreational destination offering beaches, trails, and boating.
A cultural anchor located in the downtown area.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.