16511, Erie, PA

The 16511 zip code of Erie, PA has a median home value of $101,000 and a median home equity value of $131,000. The 16511 zip code ranks #1 in Erie for both home values. This is likely due to the high concentration of affluent families in this area.

The average household income in the 16511 zip code is $87,500, which is higher than the Pennsylvania average of $60,657. This indicates that many households in this area are able to afford to purchase a home at a reasonable price. Additionally, the majority (83%) of households in the 16511 zip code own their homes outright, which is much higher than the Pennsylvania average of 63%. This suggests that there is strong demand for homes in this area and that homeownership rates are high because people can afford to buy homes here.

One potential downside to having such high homeownership rates is that there may be less opportunity for people who want to buy a home but cannot afford one. Additionally, if interest rates rise significantly from their current low levels (they have been declining recently), it could become more difficult for people who currently own homes to keep them since they would be paying more on their mortgage each month.