The story of this market
The typical home in ZIP 16502 sells for about $125,000, or $101 per square foot.
Prices are up +16.36% from a year ago, so sellers still have some momentum. Homes take about 38 days to sell. HUD's fair market rent for a two-bedroom is $851 a month.
ZIP 16502 — Erie
The 16502 housing market is characterized by high affordability and steady demand, with a median price of $125,000. While the area faces challenges typical of older urban centers, including higher property tax rates, it remains a key entry point for buyers and a robust market for rental investors. Market velocity has shifted slightly, but demand remains durable due to the area's central location.
This ZIP is well-suited for investors seeking rental yield, first-time homebuyers looking for entry-level pricing, and urban-dwelling renters who prioritize proximity to city amenities.
Median prices moved up 16.4% year over year.
Homes spend a median of 38 days on market with 3.0 months of supply — a fast-moving market.
32% of listings have cut prices · homes sell at 98% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 9.3% · poverty 29.9% — elevated distress and economic pressure.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 16502, 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 the 16502 ZIP code are higher than the national average, consistent with its dense urban character in central Erie.
Schools serving the area are part of the Erie City School District, which faces ongoing challenges with academic performance and resource allocation.
The area is primarily an urban environment with standard risks; flood risks are localized to specific low-lying areas near the lakefront and drainage basins.
Economic momentum is tied to the revitalization of downtown Erie and the medical/educational corridor, though the ZIP itself remains largely built-out with older housing stock.
Property taxes in this jurisdiction are significantly higher than the Pennsylvania state average, reflecting the city's reliance on local real estate levies to fund municipal and school district operations.
Residents benefit from a central location with easy access to major local thoroughfares and public transit routes serving the Erie employment core.
The area is within close proximity to the Erie waterfront, various city parks, and the shopping and dining districts of downtown Erie.
The rental market is deep with a high renter share of 61%, driven by the proximity to local colleges and the urban workforce.
The local economy is anchored by healthcare, education, and manufacturing sectors, with major employers including UPMC Hamot and local government entities.
The area is served by the Erie Metropolitan Transit Authority (EMTA) and is positioned near major highway corridors including I-79 and I-90.
Ongoing urban renewal projects in downtown Erie continue to influence the surrounding residential neighborhoods.
The Erie County Assessment Office manages property valuations, with assessments typically lagging behind current market value fluctuations.
Parcels are subject to city, county, and Erie City School District tax levies.
Property insurance premiums are influenced by regional weather patterns, including lake-effect snow and potential wind damage.
Data retrieved from data.census.gov ZCTA 16502 profile.
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 Lagoon4.34.4 mi
- Waldameer & Water World4.63.1 mi
- Elevate Trampoline Park4.43.3 mi
- Round1 Bowling & Arcade - Erie4.22.9 mi
- Play Port Arcade & Family Fun Center4.62.5 mi
- Erie Insurance Arena4.61.4 mi
- Golden Corral Buffet & Grill4.24.1 mi
- Bayfront Convention Center4.51.8 mi
- Port Farms4.716.3 mi
- Lake Erie Speedway4.513.9 mi
- Presque Isle State Park4.83.5 mi
- Splash Lagoon4.34.4 mi
- Erie Zoo4.41.3 mi
- Presque Isle Beach4.84.3 mi
- Presque Isle Lighthouse4.74 mi
- Presque Isle State Park4.83.5 mi
- Asbury Woods4.85.2 mi
- Presque Isle: Beach 114.63.7 mi
- Frontier Park4.81.2 mi
- Presque Isle: Beach #14.83 mi
- Erie Yacht Club4.61.9 mi
- North East Marina4.518.6 mi
- Sun Life Marinas - Bay Harbor4.61.4 mi
- Sun Life Marinas - Perry's Landing4.61.4 mi
- Lake Erie4.663.9 mi
- Whispering Woods Golf Club4.55.9 mi
- Mound Grove Golf Course4.69.4 mi
- Scenic Heights Golf Course4.410.6 mi
- Elk Valley Golf Course4.110.7 mi
- Lake Shore Country Club4.66.6 mi
- Millcreek Mall Complex4.32.9 mi
- T.J. Maxx4.43.1 mi
- Kohl's4.33.7 mi
- Ross Dress for Less4.23 mi
- Burlington4.13.8 mi
- Erie International Airport4.24.3 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Major regional attraction providing lake access and recreational trails.
Central business district with various dining and entertainment venues.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.