16506, Erie, PA

The 16506 zip code of Erie, PA has a median home value of $128,000 and a median home equity of $92,000. This is significantly lower than the Pennsylvania median home value of $209,500 and the national median home equity of $142,200. The 16506 zip code also has a significantly lower homeownership rate than the Pennsylvania average homeownership rate of 66.7% and the national homeownership rate of 69.2%.

One potential explanation for these low home values and home equity in the 16506 zip code may be that this area is experiencing significant economic decline. The 2016 American Community Survey showed that Erie had one of the highest unemployment rates in Pennsylvania at 8.8% and one of the lowest incomes per capita at $37,594. These factors could lead to decreased demand for homes and reduced opportunities for people to buy or invest in homes.