Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lake County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,053 | $130,696 | $242,182 |
| Price Trend (Annual %) | 7.2% | 6.8% | 8.2% |
| Median Gross Rent | $1,073 | $987 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake County is about 17% higher than in Ohio. Rent is about 9% higher than the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Lake County, up about 7.2% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Lake County rose about 31.9% between 2015 and 2023, from $813 to $1,073. Over the same span, rent in Ohio rose about 35.4%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Lake County.
Buying the median-priced home in Lake County costs roughly 11.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lake County. The price-to-rent ratio in Ohio is about 11.0.
| Metric | Lake County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,053 | $130,696 | $242,182 |
| Median Household Income | $77,619 | $69,785 | $78,145 |
| Price-to-Income Ratio | 2.0 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lake County rose about 57.9%, while median household income rose about 41.1% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lake County | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.1% | 61.4% | 58.2% |
| Rental Rate | 23.6% | 30.2% | 31.3% |
| Vacancy Rate | 5.2% | 8.4% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Lake County has a homeownership rate of 71.1%, higher than the Ohio average of 61.4%. Its housing vacancy rate is 5.2%, compared with 8.4% in Ohio.
Housing Stock
| Metric | Lake County | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.28 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1971 | 1970 | 1978 |
| Median Number of Rooms | 6.2 | 5.9 | 5.5 |
The typical housing unit in Lake County was built around 1971. On average, 2.3 people live in a home with about 6.2 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lake County, Ohio.
What is the median home price in Lake County, Ohio?
The median home price in Lake County, Ohio is $153,053, higher than the Ohio average of $130,696.
What is the average home price in Lake County, Ohio?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Lake County, Ohio?
The median gross rent in Lake County, Ohio is $1,073 per month, higher than the Ohio average of $987.
What was the median gross rent in Lake County in 2020?
In 2020, the median gross rent in Lake County, Ohio was $912 per month.
What is the price-to-rent ratio in Lake County, Ohio?
The price-to-rent ratio in Lake County, Ohio is about 11.9, meaning it would take roughly 11.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lake County.
Are home prices or rent rising faster in Lake County, Ohio?
Both home prices and rent are rising in Lake County, up about 7.2% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lake County, Ohio?
71.1% of households in Lake County, Ohio own their home, higher than the Ohio average of 61.4%.
What is the vacancy rate in Lake County, Ohio?
The housing vacancy rate in Lake County, Ohio is 5.2%, lower than the Ohio average of 8.4%.