How much is a home worth in ZIP code 16503?

The typical home in 16503 is worth $69,914, based on the Zillow Home Value Index.

Are home values rising in 16503?

Home values in 16503 are up 3.6% over the past year, and up 7.2% a year over five years.

What is the typical rent in 16503?

A typical home in 16503 rents for about $800 a month, a gross rental yield of 13.7%.

What is the property tax rate in 16503?

The effective property tax rate in 16503 is 1.8% — roughly $1,283 a year on a typical home.

ZIP code 16503 has a population of 15,753 and a median household income of $32,340.

HousingHandbookReference data

…

U.S. ZIP Code · PA16503

Erie County · Erie, PA

Typical home value

$69,914^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +3.6%
5-year / yr: +7.2%
10-year / yr: +7.5%

Relative price

vs U.S.: -75.4%
vs metro: -67.2%
vs state: -70.1%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 16503 is worth $69,914 — 67.2% below the Erie, PA median. Over the past year, values have risen 3.6%. Homes here rent for a typical $800 a month — a 13.7% gross rental yield. The effective property tax rate is 1.8%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $800^[2]
Gross yield: 13.7%^[2]
Cap rate: 8.2%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 1.8%^[3]
Typical annual tax: $1,283^[3]

#Climate risk

FEMA National Risk Index ratings for Erie County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Moderate^[4]
Riverine flood: Relatively Moderate
Coastal flood: Very Low
Wildfire: Very Low
Drought: No Rating
Heat wave: Relatively Low
Hurricane: Relatively Low
Tornado: Relatively Moderate
Earthquake: Relatively Low
Winter weather: Relatively High

#Who lives here

Population: 15,753^[3]
Median household income: $32,340^[3]

#Migration

Household moves in and out of Erie County over a year, from IRS tax-return data.

Net migration: -746^[5]
Moved in: 3,294
Moved out: 4,040

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 3
Elementary: 2
Middle: 1
High: 0

East MS
Middle · Grades 6–8 · Erie City SD
709 students
Pfeiffer-Burleigh Sch
Elementary · Grades PK–5 · Erie City SD
612 students
McKinley El Sch
Elementary · Grades PK–5 · Erie City SD
511 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield13.7%

Net yield (after ~40% expenses)8.2%

Annual rent$9,600

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$354

Loan principal$55,931

Down payment$13,983

Total interest paid$71,337

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio0.65

Monthly cost to own$519

Monthly rent$800

Owning is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 64th percentile^[1]
Rental yield: 100th percentile^[2]
Property tax: 88th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 16503?: The typical home in 16503 is worth $69,914, based on the Zillow Home Value Index.
Are home values rising in 16503?: Home values in 16503 are up 3.6% over the past year, and up 7.2% a year over five years.
What is the typical rent in 16503?: A typical home in 16503 rents for about $800 a month, a gross rental yield of 13.7%.
What is the property tax rate in 16503?: The effective property tax rate in 16503 is 1.8% — roughly $1,283 a year on a typical home.
Who lives in 16503?: ZIP code 16503 has a population of 15,753 and a median household income of $32,340.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

16507 vs 16503 →
Erie, PA
Typical home
$105,529
Gross yield
12.0%
16502 vs 16503 →
Erie, PA
Typical home
$128,191
Gross yield
9.1%
16407
Corry, PA
Typical home
$150,527
Gross yield
—
16504
Erie, PA
Typical home
$152,314
Gross yield
—
16438
Union City, PA
Typical home
$162,900
Gross yield
—
16508
Erie, PA
Typical home
$165,792
Gross yield
7.1%

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#Jump to section

U.S. ZIP Code · PA16503

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