How much is a home worth in ZIP code 16823?

The typical home in 16823 is worth $308,476, based on the Zillow Home Value Index.

Are home values rising in 16823?

Home values in 16823 are up 3.2% over the past year, and up 4.4% a year over five years.

What is the typical rent in 16823?

A typical home in 16823 rents for about $1,259 a month, a gross rental yield of 4.9%.

What is the property tax rate in 16823?

The effective property tax rate in 16823 is 1.0% — roughly $3,072 a year on a typical home.

ZIP code 16823 has a population of 29,126 and a median household income of $76,245.

HousingHandbookReference data

…

U.S. ZIP Code · PA16823

Centre County · State College, PA

Typical home value

$308,476^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +3.2%
5-year / yr: +4.4%
10-year / yr: +4.9%

Relative price

vs U.S.: +8.6%
vs metro: +11.1%
vs state: +32.1%

Price history

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

The typical home in 16823 is worth $308,476 — 11.1% above the State College, PA median. Over the past year, values have risen 3.2%. Homes here rent for a typical $1,259 a month — a 4.9% gross rental yield. The effective property tax rate is 1.0%.

#Rent & investment

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

Monthly rent: $1,259^[2]
Gross yield: 4.9%^[2]
Cap rate: 2.9%^[2]

#Property tax

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

Effective tax rate: 1.0%^[3]
Typical annual tax: $3,072^[3]

#Climate risk

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

Overall risk: Relatively Low^[4]
Riverine flood: Relatively Moderate
Coastal flood: Not Applicable
Wildfire: Very Low
Drought: No Rating
Heat wave: Relatively Low
Hurricane: Relatively Low
Tornado: Relatively Low
Earthquake: Very Low
Winter weather: Relatively High

#Who lives here

Population: 29,126^[3]
Median household income: $76,245^[3]

#Migration

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

Net migration: -744^[5]
Moved in: 3,265
Moved out: 4,009

Schools

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

Public schools: 9
Elementary: 5
Middle: 1
High: 3

Bald Eagle Area MS/SHS
High · Grades 6–12 · Bald Eagle Area SD
852 students
Bellefonte Area HS
High · Grades 9–12 · Bellefonte Area SD
844 students
Bellefonte Area MS
Middle · Grades 6–8 · Bellefonte Area SD
617 students
Marion-Walker El Sch
Elementary · Grades K–5 · Bellefonte Area SD
373 students
Wingate El Sch
Elementary · Grades K–5 · Bald Eagle Area SD
361 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 yield4.9%

Net yield (after ~40% expenses)2.9%

Annual rent$15,112

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$1,560

Loan principal$246,781

Down payment$61,695

Total interest paid$314,756

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 ratio1.65

Monthly cost to own$2,074

Monthly rent$1,259

Renting 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: 77th percentile^[1]
Rental yield: 0th percentile^[2]
Property tax: 48th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 16823?: The typical home in 16823 is worth $308,476, based on the Zillow Home Value Index.
Are home values rising in 16823?: Home values in 16823 are up 3.2% over the past year, and up 4.4% a year over five years.
What is the typical rent in 16823?: A typical home in 16823 rents for about $1,259 a month, a gross rental yield of 4.9%.
What is the property tax rate in 16823?: The effective property tax rate in 16823 is 1.0% — roughly $3,072 a year on a typical home.
Who lives in 16823?: ZIP code 16823 has a population of 29,126 and a median household income of $76,245.

#Comparable ZIPs

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

16868 vs 16823 →
Pine Grove Mills CDP, PA
Typical home
$310,507
Gross yield
—
16877 vs 16823 →
PA
Typical home
$315,747
Gross yield
—
16844
Eagle Creek CDP, PA
Typical home
$294,817
Gross yield
—
16882
Woodward CDP, PA
Typical home
$292,435
Gross yield
—
16828
Centre Hall, PA
Typical home
$339,322
Gross yield
—
16841
Snydertown CDP, PA
Typical home
$277,555
Gross yield
—

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#Jump to section

U.S. ZIP Code · PA16823

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