ZIP Code · PA

ZIP 16503

Part of Erie, PA

Pop. 15,753·Erie County·260th most expensive ZIP in Pennsylvania

Median rent (all units)

$866/mo

Year-over-Year

Stable

Month-over-Month

+1.5%

vs US Median

-$1,066

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 16503 · $866

More affordable than 99% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$780

1 BR

$880

2 BR

$1,130

3 BR

$1,400

4 BR+

$1,570

Research median

$1,130/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: September 25, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($32,340) is $809 a month. That covers HUD's Fair Market Rent for up to a studio ($780); a 1-bedroom is $880.

From Zillow's monthly rent index (ZORI) for ZIP 16503. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$10,392/yr

At $866/mo median

Location

CityErie

StatePA

CountyErie County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+0.0% YoY, +1.5% MoM), not inventory.

Demographics

Who lives here

ZIP 16503 (Erie, PA) is majority renter-occupied, has a median income below the national average, 11.9% of residents hold a bachelor's degree or higher.

Population

15,753

Median income

$32,340

Median age

31.7

Renters

62%

Age distribution

24.9%

28.9%

24.5%

Under 1824.9%

18–3428.9%

35–5424.5%

55–6412%

65+9.8%

Gender

52.3%

47.7%

Male52.3%

Female47.7%

Race & ethnicity

43.9%

36.2%

13.1%

White43.9%

Black36.2%

Hispanic13.1%

Asian3.4%

Other3.4%

Education (25+)

24.4%

43.1%

20.6%

No HS diploma24.4%

HS diploma43.1%

Some college20.6%

Bachelor's+11.9%

Housing tenure

38%

62%

Owner38%

Renter62%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 16503 in Erie, PA has changed in 5 years

Income

$27,060 → $32,340

up 19.5%

Population

15,876 → 15,753

down 0.8%

Renter share

63.3% → 62%

-1.3 pts

Bachelor's+

9.2% → 11.9%

+2.7 pts

Median age

30.4 → 31.7

+1.3 yrs

Local incomes tracked alongside that move, going from a median of $27,060 in 2021 to $32,340 more recently. College-educated residents now make up 11.9% of adults here, versus 9.2% in 2021.

Community

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Local insights

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About renting in ZIP 16503

Last updated: September 25, 2026

ZIP code 16503 covers Erie, PA. The median rent here is $866/mo as of September 2026. A 1-bedroom rents for a median of $880/mo. A 2-bedroom rents for a median of $1,130/mo.

At 32% of local median household income ($32,340/yr), ZIP 16503 ranks as moderate compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 16503?

To keep rent at or below 30% of gross income, you would need to earn at least $35,000/year (about $17/hour full-time) to afford the median rent of $866/mo in ZIP 16503. The local median household income is $32,340/yr, so the typical household falls short of that bar.