Lorain, OH Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lorain, OH Housing Market Trends

With 63,855 people, 25,577 houses or apartments, and a median cost of homes of $88,320, house prices in Lorain are some of the most affordable in Ohio as well as the nation.

Single-family detached homes are the single most common housing type in Lorain, accounting for 67.46% of the city's housing units. Other types of housing that are prevalent in Lorain include large apartment complexes or high rise apartments ( 15.55%), duplexes, homes converted to apartments or other small apartment buildings ( 9.24%), and a few row houses and other attached homes ( 5.15%).

The most prevalent building size and type in Lorain are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.52% owning and 44.48% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lorain's housing was primarily built during this period, from the '40s through the '60s. A full 42.53% of the city's housing hails from this era. Other housing ages represented in Lorain include homes built before 1939 ( 26.14%) and housing constructed between 1970-1999 ( 24.71%). There's also some housing in Lorain built between 2000 and later ( 6.62%).

Vacant housing appears to be an issue in Lorain. Fully 12.87% of the housing stock is classified as vacant. Left unchecked, vacant Lorain homes and apartments can be a drag on the real estate market, holding Lorain real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Lorain Home Appreciation Rates

Lorain's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lorain during the period has been just 1.99%, which is lower than 70% of US communities.

Appreciation rates are so strong in Lorain that despite a nationwide downturn in the housing market, Lorain real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lorain appreciation rates continue to be some of the highest in America, at 9.81%, which is higher than appreciation rates in 89.16% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lorain. Lorain appreciation rates in the latest quarter were at 1.70%, which equates to an annual appreciation rate of 6.99%.

Relative to Ohio, our data show that Lorain's latest annual appreciation rate is higher than 90% of the other cities and towns in Ohio.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lorain differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lorain - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lorain real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$88,320

Lorain, OH HOME PRICES

> $1,214,000
0.5%
0.5%
$911,001 - $1,214,000
0.2%
0.2%
$606,001 - $911,000
0.4%
0.4%
$486,001 - $606,000
0.3%
0.3%
$364,001 - $486,000
0.9%
0.9%
$243,001 - $364,000
4.5%
4.5%
$121,001 - $243,000
25.0%
25.0%
$60,001 - $121,000
49.8%
49.8%
$0 - $60,000
18.4%
18.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for OH

Value Relative To Nation

Number Of Homes And Apartments:
25,577

Lorain Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
-1.88% -0.10%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$907 / per month

Homeownership Rate

Owners
55.5%
55.5%
Renters
44.5%
44.5%
Vacant
12.9%
12.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.6%
6.6%
1970 - 1999
24.7%
24.7%
1940 - 1969
42.5%
42.5%
1939 or Older
26.1%
26.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
67.5%
67.5%
Townhomes
5.2%
5.2%
Small Apt. Buildings
9.2%
9.2%
Apt. Complexes
15.5%
15.5%
Mobile Homes
2.6%
2.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.0%
2.0%
1 Bedroom
9.7%
9.7%
2 Bedrooms
26.2%
26.2%
3 Bedrooms
47.2%
47.2%
4 Bedrooms
12.5%
12.5%
5 or more bedrooms
2.5%
2.5%
0.0% 100.0%
% OF HOMES