16506 — Erie, PA Home Values
Typical home value $299,053 as of June 2026 · 5th of 26 in Erie, PA
Blue: typical home value (Zillow ZHVI) in ZIP code 16506, June 2021 to June 2026. This page shows observed data only; no forecast.
How 16506 compares in the Erie, PA area
ZIP code 16506 (Erie, PA) has a typical home value of $299,053 as of June 2026, ranking 5th of 26 ZIP codes tracked in the Erie, PA area, more expensive than about 85% of ZIP codes in the metro. Prices here have moved +5.3% over the trailing 12 months. Over the past five years, the typical value in this ZIP code has changed +40.6%, from $212,666 in June 2021 to $299,053 in June 2026. Against observed rent, the typical home here sells for 15.5× the annual rent ($1,604/mo), a common way to gauge whether buying looks cheap relative to renting in this ZIP code.
Every figure above is observed Zillow data. Sialim's forecasting engine works at the metro level; see the Erie, PA forecast for a modeled outlook, or browse the full ranked list of ZIP codes in Erie.
Population and demographics
ZIP code 16506 has a population of 24,190, per the Census Bureau's American Community Survey 5-year estimate. By race and ethnicity: 89.6% White, 4.6% Asian, 2.9% two or more races, 1.4% Black or African American, 1.2% Hispanic or Latino, and 0.2% another race.
Nearby public schools
| School | Address | Distance |
|---|---|---|
| McDowell HS | 3580 West 38th St, Erie, PA | 0.7 mi |
| Grandview El Sch | 4301 Lancaster Rd, Erie, PA | 1.3 mi |
| Asbury El Sch | 5875 Sterrettania Rd, Fairview, PA | 1.5 mi |
Distance is straight-line from the ZIP code's center; driving distance will be longer. School attendance is set by district boundaries, not proximity. Confirm which school a specific address is zoned for with the local school district. Source: National Center for Education Statistics.
Frequently asked questions
What is the typical home value in ZIP code 16506?
$299,053 as of June 2026, the latest month Zillow has published observed data for.
Is 16506 an expensive ZIP code in the Erie, PA area?
16506 ranks 5th of 26 ZIP codes in the Erie, PA area by typical home value, more expensive than about 85% of ZIP codes in the metro.
How much have home values in 16506 changed over the past year?
+5.3% over the trailing 12 months, from observed Zillow data.
Is it cheaper to buy or rent in ZIP code 16506?
The typical home price is 15.5× the observed annual rent in this ZIP code ($1,604/mo). Lower multiples favor buying over renting, all else equal.
What is the population of ZIP code 16506?
24,190, per the US Census Bureau's American Community Survey 5-year estimate.
What are the closest public schools to ZIP code 16506?
McDowell HS (0.7 mi), Grandview El Sch (1.3 mi), Asbury El Sch (1.5 mi), by straight-line distance from the ZIP code's center. School attendance is set by district boundaries, not proximity. Confirm assignment with the local school district.
Is this page showing a forecast for 16506?
No. Every number on this page is observed Zillow data as of June 2026, not a forecast. Sialim's forecasting engine runs at the metro level; see the Erie, PA forecast for a modeled outlook.
ZIP-level values shown here are observed Zillow data, not forecasts. Sialim's forecasting engine works at the metro level today; ZIP-level forecasts are planned for Sialim Pro. Data © Zillow, via Zillow Research.