ZIP Code 16503 — Erie, PA Home Prices (2026)
The typical home in ZIP 16503 (Erie, Pennsylvania) is worth about $71,000 at roughly $71 per square foot — 66% more affordable than the Erie median and 76% more affordable than the typical U.S. home.
How 16503 compares
ZIP 16503 is one of the more affordable ZIP codes in Erie: its typical home value of $71,000 ranks #11 of the 11 Erie ZIP codes we track (the citywide range runs from $71,000 in 16503 to $342,000 in 16501). Per square foot it costs about $71, against $165 for Erie as a whole, $167 for Pennsylvania, and $195 nationally.
| Area | Typical value | $ / sq ft |
|---|---|---|
| ZIP 16503 | $71,000 | $71 |
| Erie, PA | $209,000 | $165 |
| Pennsylvania | $240,000 | $167 |
| United States | $294,000 | $195 |
Home value by size in 16503
Using this ZIP’s rate of about $71 per square foot. Condition, lot, and the exact street move these meaningfully — use the estimator below for a home-specific figure.
| Home size | Estimated value |
|---|---|
| 1,000 sq ft | $71,000 |
| 1,500 sq ft | $106,500 |
| 2,000 sq ft | $142,000 |
| 2,500 sq ft | $177,500 |
| 3,000 sq ft | $213,000 |
Salary needed to buy a home in ZIP 16503
To buy the typical $71,000 home in ZIP 16503 with 20% down, you need a household income of roughly $19,000 a year (about $450 a month for the mortgage, taxes, and insurance). With 10% down the bar rises to about $23,000, because the loan is bigger and mortgage insurance kicks in.
| Down payment | Cash down | Monthly payment | Income needed |
|---|---|---|---|
| 5% (+PMI) | $3,600 | $560/mo | $24,000/yr |
| 10% (+PMI) | $7,100 | $540/mo | $23,000/yr |
| 20% | $14,200 | $450/mo | $19,000/yr |
Assumes a 30-year fixed mortgage at 6.5%, property tax at 1.1% and insurance at 0.45% of value per year, PMI of 0.75% on loans with less than 20% down, and the standard 28% housing-to-income rule. Your rate, taxes, and HOA will move these — run your own numbers in the mortgage calculator.
What your budget buys in ZIP 16503
At about $71 per square foot, here is roughly how much home different budgets get you in ZIP 16503:
| Budget | Approx. size | What that looks like locally |
|---|---|---|
| $150k | 2110 sq ft | above the median — larger homes or the pricier ZIPs |
| $200k | 2820 sq ft | above the median — larger homes or the pricier ZIPs |
| $250k | 3520 sq ft | above the median — larger homes or the pricier ZIPs |
| $300k | 4230 sq ft | above the median — larger homes or the pricier ZIPs |
Wondering where that budget goes further? The relocation calculator ranks hundreds of U.S. cities by what the same money buys — it opens pre-filled with a typical 16503 home.
Estimate a specific home in 16503
The estimator below is pre-set to ZIP 16503 — pick your home’s size for an instant ballpark, then open the full calculator to adjust beds, baths, and condition.
All Erie ZIP codes by home value
Where 16503 sits among Erie’s 11 ZIP codes:
| # | ZIP code | Typical value | $ / sq ft |
|---|---|---|---|
| 1 | 16501 | $342,000 | $180 |
| 2 | 16506 | $298,000 | $199 |
| 3 | 16509 | $276,000 | $166 |
| 4 | 16505 | $263,000 | $190 |
| 5 | 16510 | $212,000 | $165 |
| 6 | 16511 | $209,000 | $169 |
| 7 | 16508 | $172,000 | $130 |
| 8 | 16504 | $158,000 | $141 |
| 9 | 16502 | $132,000 | $81 |
| 10 | 16507 | $107,000 | $104 |
| 11 | 16503 (this page) | $71,000 | $71 |
ZIP 16503 home prices: frequently asked
What is the average home price in ZIP code 16503? +
What is the price per square foot in 16503? +
What salary do you need to buy a house in ZIP 16503? +
Is 16503 an expensive ZIP code? +
See the full Erie home values page, all Pennsylvania cities, or price per square foot by ZIP code nationwide.
Directional estimates from public market data (Realtor.com & Zillow research), not appraisals. A single ZIP contains very different homes; actual values vary and change over time.