ZIP Code 16506 — Erie, PA Home Prices (2026)
The typical home in ZIP 16506 (Erie, Pennsylvania) is worth about $298,000 at roughly $199 per square foot — 43% more expensive than the Erie median and 1% more expensive than the typical U.S. home.
How 16506 compares
ZIP 16506 is one of the pricier ZIP codes in Erie: its typical home value of $298,000 ranks #2 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 $199, against $165 for Erie as a whole, $167 for Pennsylvania, and $195 nationally.
| Area | Typical value | $ / sq ft |
|---|---|---|
| ZIP 16506 | $298,000 | $199 |
| Erie, PA | $209,000 | $165 |
| Pennsylvania | $240,000 | $167 |
| United States | $294,000 | $195 |
Home value by size in 16506
Using this ZIP’s rate of about $199 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 | $199,000 |
| 1,500 sq ft | $298,500 |
| 2,000 sq ft | $398,000 |
| 2,500 sq ft | $497,500 |
| 3,000 sq ft | $597,000 |
Salary needed to buy a home in ZIP 16506
To buy the typical $298,000 home in ZIP 16506 with 20% down, you need a household income of roughly $81,000 a year (about $1,890 a month for the mortgage, taxes, and insurance). With 10% down the bar rises to about $96,000, because the loan is bigger and mortgage insurance kicks in.
| Down payment | Cash down | Monthly payment | Income needed |
|---|---|---|---|
| 5% (+PMI) | $14,900 | $2,350/mo | $101,000/yr |
| 10% (+PMI) | $29,800 | $2,250/mo | $96,000/yr |
| 20% | $59,600 | $1,890/mo | $81,000/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 16506
At about $199 per square foot, here is roughly how much home different budgets get you in ZIP 16506:
| Budget | Approx. size | What that looks like locally |
|---|---|---|
| $150k | 750 sq ft | below the local median — condos, smaller or older homes |
| $200k | 1010 sq ft | below the local median — condos, smaller or older homes |
| $250k | 1260 sq ft | around the typical home here |
| $300k | 1510 sq ft | around the typical home here |
| $400k | 2010 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 16506 home.
Estimate a specific home in 16506
The estimator below is pre-set to ZIP 16506 — 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 16506 sits among Erie’s 11 ZIP codes:
| # | ZIP code | Typical value | $ / sq ft |
|---|---|---|---|
| 1 | 16501 | $342,000 | $180 |
| 2 | 16506 (this page) | $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 | $71,000 | $71 |
ZIP 16506 home prices: frequently asked
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What is the price per square foot in 16506? +
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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.