ZIP Code · PA

ZIP 16505

Part of Erie, PA

Pop. 15,270·Erie County·232nd most expensive ZIP in Pennsylvania

Median rent (all units)

$1,188/mo

Year-over-Year

Stable

Month-over-Month

+41.8%

vs US Median

-$744

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 16505 · $1,188

More affordable than 92% 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 ($72,938) is $1,823 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,570).

Cheaper nearby

ZIP 16502, 2 miles away, rents for 18% less ($972/mo), about $2,600 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 16505. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,256/yr

At $1,188/mo median

Location

CityErie

StatePA

CountyErie County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+0.0% YoY, +41.8% MoM), not inventory.

Demographics

Who lives here

ZIP 16505 (Erie, PA) is majority owner-occupied, has a large retiree population, 45.9% of residents hold a bachelor's degree or higher.

Population

15,270

Median income

$72,938

Median age

50.9

Renters

29.3%

Age distribution

15.8%

14.4%

26.6%

15%

28.2%

Under 1815.8%

18–3414.4%

35–5426.6%

55–6415%

65+28.2%

Gender

47.7%

52.3%

Male47.7%

Female52.3%

Race & ethnicity

93.7%

White93.7%

Black0.6%

Hispanic2.7%

Asian1.3%

Other1.7%

Education (25+)

30.1%

20.7%

45.9%

No HS diploma3.3%

HS diploma30.1%

Some college20.7%

Bachelor's+45.9%

Housing tenure

70.7%

29.3%

Owner70.7%

Renter29.3%

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

2021 vs 2026

How ZIP 16505 in Erie, PA has changed in 5 years

Income

$65,767 → $72,938

up 10.9%

Population

16,081 → 15,270

down 5.0%

Renter share

24.5% → 29.3%

+4.8 pts

Bachelor's+

43.6% → 45.9%

+2.3 pts

Median age

49 → 50.9

+1.9 yrs

Census figures show median household income at $72,938 today, compared with $65,767 five years earlier. Census counts show ZIP 16505 in Erie, PA losing about 811 residents over the five-year window, down 5.0% on net. The renter share has risen from 24.5% to 29.3%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 43.6% to 45.9% across the same window.

Community

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Local insights

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About renting in ZIP 16505

Last updated: September 25, 2026

ZIP code 16505 covers Erie, PA. The median rent here is $1,188/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 20% of local median household income ($72,938/yr), ZIP 16505 ranks as affordable 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 16505?

To keep rent at or below 30% of gross income, you would need to earn at least $48,000/year (about $23/hour full-time) to afford the median rent of $1,188/mo in ZIP 16505. The local median household income is $72,938/yr, so the typical household meets that bar.