Skip to main content
Loading page
Erie County/Erie/16502

16502

ZIPSAFMR
Erie County, PA
Zillow

ZIP Investment Score

122Above average

095130300
BRFMR
Eff. Rent
0 BR$760$770
1 BR$860$920
2 BR$1,100$1,150
3 BR$1,350$1,360
4 BR$1,520$1,410
5 BR$1,748Not available
6 BR$2,010Not available
7 BR$2,312Not available
8 BR$2,658Not available

Purchase Price Calculator

Maximum purchase price
$108,973

Cost breakdown

+Likely effective rent$1,150
HUD FMR$1,100
Market rent$1,170
Est. payment standard (104%)Used$1,150
-Principal and interest-$551
Loan amount$87,178
Down payment$21,795
Rate6.50%
Term30 years
-Operating costs-$399
Property taxes-$109
Insurance-$175
Utilities$0
HOA$0
Management-$115
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,702(85.8% ROI)
Projected value
$117,352
Return breakdown
Property appreciation+$8,379
Loan principal paid down+$3,123
Rental cash flow+$7,200
5-year hold
+$31,890(146.3% ROI)
Projected value
$123,293
Return breakdown
Property appreciation+$14,320
Loan principal paid down+$5,570
Rental cash flow+$12,000
10-year hold
+$67,794(311.1% ROI)
Projected value
$139,495
Return breakdown
Property appreciation+$30,522
Loan principal paid down+$13,272
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.97
1 BR
0.91
2 BR
0.94
3 BR
0.99
4 BR
1.08
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 16502 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 16502 (Erie, PA) is $1,100 a month. That is down 3.5% from $1,140 in FY 2026. Erie is in the Erie, PA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,091. Among 43 ZIP codes in Erie County, 16502 is tied for the 16th-highest two-bedroom rent (county range $1,100–$1,600). The median county two-bedroom FMR in Pennsylvania is $1,136, so ZIP 16502 is 3% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 16502
BedroomsFY 2027Change90–110% range
Studio$760−3.8%$684–$836
1BR$860−3.4%$774–$946
2BR$1,100−3.5%$990–$1,210
3BR$1,350−4.3%$1,215–$1,485
4BR$1,520−3.8%$1,368–$1,672

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 16502
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$760$860$1,100$1,350$1,520
FY 2026$790$890$1,140$1,410$1,580
FY 2025$730$810$1,050$1,310$1,420
FY 2024$690$720$940$1,170$1,290
FY 2023$670$690$900$1,120$1,240

Two-bedroom rent in nearby Erie County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 16502
16501$1,1000.0%
16502Current$1,100—
16503$1,1000.0%
16504$1,200+9.1%
16505$1,1000.0%
16506$1,410+28.2%
16507$1,170+6.4%
16508$1,1000.0%
16509$1,270+15.5%
16510$1,1000.0%
16511$1,210+10.0%
16512$1,1000.0%

Questions about ZIP 16502 rents

How much will Section 8 pay for a two-bedroom in ZIP 16502?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,091, which applies unless the housing authority uses Small Area FMRs, that basic range is $982 to $1,200 a month; under the ZIP-level Small Area FMR of $1,100 it would be $990 to $1,210. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 16502 in?

ZIP 16502 is in the Erie, PA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,091.

How much did fair market rent change in ZIP 16502 for FY 2027?

The two-bedroom FMR fell 3.5%, from $1,140 in FY 2026 to $1,100 in FY 2027. Since FY 2023 it has risen 22.2%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentErie, PA fair market rentPA statewide rentsWhat is SAFMR?Data sources