Lorain, Ohio Housing Market Prices
Lorain 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 25% below the Ohio median$103,730
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Median rent 14% below the Ohio median$887
Housing Market Overview
| Metric | Lorain | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $103,730 | $139,044 | $248,835 |
| Price Trend (Annual %) | 3.2% | 6.7% | 7.5% |
| Median Gross Rent | $887 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lorain is about 25% lower than in Ohio. Rent is about 14% lower than the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Lorain, up about 3.2% and 3.8% a year respectively. Rent is changing faster.
Median rent in Lorain rose about 34.8% between 2015 and 2024, from $659 to $887. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Lorain.
Buying the median-priced home in Lorain costs roughly 9.7 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 Lorain. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Lorain | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $103,730 | $139,044 | $248,835 |
| Median Household Income | $49,076 | $71,509 | $80,455 |
| Price-to-Income Ratio | 2.1 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lorain rose about 7.7%, while median household income rose about 31.3% 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 | Lorain | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.9% | 61.7% | 58.5% |
| Rental Rate | 37.5% | 30.1% | 31.2% |
| Vacancy Rate | 10.6% | 8.1% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Lorain has a homeownership rate of 51.9%, lower than the Ohio average of 61.7%. Its housing vacancy rate is 10.6%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Lorain | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1961 | 1970 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Lorain was built around 1961. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 13.0 years on average.
Lorain, OH Housing Compared With Nearby Cities
How Lorain, OH compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lorain, OH | 59,888 | $103,730 #2/2 | $887 #2/2 | 58.0% #2/2 |
| Elyria, OH | 46,162 | $140,451 | $895 | 62.0% |
Frequently Asked Questions
Common questions about the housing market in Lorain, Ohio.
What is the median home price in Lorain, Ohio?
The median home price in Lorain, Ohio is $103,730, lower than the Ohio average of $139,044.
What is the average home price in Lorain, Ohio?
The typical home price in Lorain, Ohio, reported as the median sale price, is $103,730. 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 Lorain, Ohio?
The median gross rent in Lorain, Ohio is $887 per month, lower than the Ohio average of $1,033.
What was the median gross rent in Lorain in 2020?
In 2020, the median gross rent in Lorain, Ohio was $718 per month.
What is the price-to-rent ratio in Lorain, Ohio?
The price-to-rent ratio in Lorain, Ohio is about 9.7, meaning it would take roughly 9.7 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 Lorain.
Are home prices or rent rising faster in Lorain, Ohio?
Both home prices and rent are rising in Lorain, up about 3.2% and 3.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Lorain, Ohio?
51.9% of households in Lorain, Ohio own their home, lower than the Ohio average of 61.7%.
What is the vacancy rate in Lorain, Ohio?
The housing vacancy rate in Lorain, Ohio is 10.6%, higher than the Ohio average of 8.1%.
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