Lakewood, Ohio Housing Market Prices
Lakewood Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 71% below the Ohio median$40,000
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Median rent 4% above the Ohio median$1,070
Housing Market Overview
| Metric | Lakewood | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $40,000 | $139,044 | $248,835 |
| Price Trend (Annual %) | -3.1% | 6.7% | 7.5% |
| Median Gross Rent | $1,070 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 5.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lakewood is about 71% lower than in Ohio. Rent is about 4% higher than the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Lakewood: home prices fell about 3.1% a year while rent rose about 5.2% a year. That is an unusual pattern worth watching.
Median rent in Lakewood rose about 53.6% between 2015 and 2024, from $697 to $1,070. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 0.6 yearly household incomes in Lakewood.
Buying the median-priced home in Lakewood costs roughly 3.1 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 Lakewood. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Lakewood | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $40,000 | $139,044 | $248,835 |
| Median Household Income | $69,631 | $71,509 | $80,455 |
| Price-to-Income Ratio | 0.6 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lakewood fell about 56.8%, while median household income rose about 47.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lakewood | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.0% | 61.7% | 58.5% |
| Rental Rate | 51.4% | 30.1% | 31.2% |
| Vacancy Rate | 7.7% | 8.1% | 10.2% |
| Median Tenure (years) | 10.0 | 16.0 | 15.0 |
| Median Year Moved In | 2016 | 2010 | 2011 |
Lakewood has a homeownership rate of 41.0%, lower than the Ohio average of 61.7%. Its housing vacancy rate is 7.7%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Lakewood | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.85 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1944 | 1970 | 1978 |
| Median Number of Rooms | 5.1 | 5.9 | 5.5 |
The typical housing unit in Lakewood was built around 1944. On average, 1.8 people live in a home with about 5.1 rooms, staying for about 10.0 years on average.
Lakewood, OH Housing Compared With Nearby Cities
How Lakewood, OH compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lakewood, OH | 50,003 | $40,000 #2/2 | $1,070 #2/2 | 44.4% #2/2 |
| Rocky River, OH | 21,449 | $319,718 | $1,174 | 69.7% |
Frequently Asked Questions
Common questions about the housing market in Lakewood, Ohio.
What is the median home price in Lakewood, Ohio?
The median home price in Lakewood, Ohio is $40,000, lower than the Ohio average of $139,044.
What is the average home price in Lakewood, Ohio?
The typical home price in Lakewood, Ohio, reported as the median sale price, is $40,000. 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 Lakewood, Ohio?
The median gross rent in Lakewood, Ohio is $1,070 per month, higher than the Ohio average of $1,033.
What was the median gross rent in Lakewood in 2020?
In 2020, the median gross rent in Lakewood, Ohio was $813 per month.
What is the price-to-rent ratio in Lakewood, Ohio?
The price-to-rent ratio in Lakewood, Ohio is about 3.1, meaning it would take roughly 3.1 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 Lakewood.
Are home prices or rent rising faster in Lakewood, Ohio?
Home prices and rent are moving in opposite directions in Lakewood: home prices fell about 3.1% a year while rent rose about 5.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Lakewood, Ohio?
41.0% of households in Lakewood, Ohio own their home, lower than the Ohio average of 61.7%.
What is the vacancy rate in Lakewood, Ohio?
The housing vacancy rate in Lakewood, Ohio is 7.7%, lower than the Ohio average of 8.1%.
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