Lorain, OH—44052
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lorain, OH
As of Oct '25, the median home price in Lorain, OH is $131,000, with a year-over-year change of 1.6%. This indicates that home prices in Lorain, OH are increasing. According to Zillow, the 1-year price projection is 2.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $131,000 | 1.6% |
| Single Family | $131,000 | 1.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $112,000 | 0.0% |
3 Bed | $136,000 | 2.3% |
4 Bed | $139,000 | 0.7% |
| 5 Bed | $136,000 | -2.9% |
% of Housing Stock
Rental Trends — Lorain, OH
As of July '25, Rentcast reports the average rent in Lorain, OH is $1,100, with a year-over-year rent change of 13.1%. Per bedroom, the median rent as of July '25 in Lorain, OH is studios: $654, 1-bedrooms: $788, 2-bedrooms: $956, 3-bedrooms: $1,310, 4-bedrooms: $1,480. The most common rental property sizes in Lorain, OH are 2-bedroom and 3-bedroom, accounting for 34.1% and 30.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,100 |
| Studio Rent | $650 | $654 |
| 1 Bed Rent | $695 | $788 |
| 2 Bed Rent | $950 | $956 |
| 3 Bed Rent | $1,380 | $1,310 |
| 4 Bed Rent | $1,520 | $1,480 |
% of Rental Stock
Property Listings — Lorain, OH
As of Oct '25, Realtor.com reports that the median days on market for a home in Lorain, OH is 44. This is a increase of 3.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $149,000 | -1.0% |
Listing Count | 85 | -8.0% |
| Listings as % of Homes | 0.4% | -8.0% |
Days on Market | 44 | 3.0% |
Demographics — Lorain, OH
As of the latest ACS Survey released in 2023, Lorain, OH has a population of 28,100, which has decreased by -1.8% over the past 5 years. Lorain, OH is a popular place for families, as children make up 25.3% of the population. The area has a poorly educated workforce, with 12.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,100 | -1.8% |
% Under 18 | 25.3% | -1.6% |
% Seniors | 16.4% | 17.1% |
% WFH | 4.6% | 91.7% |
% w/ College Degree | 12.3% | 19.4% |
As of the latest ACS Survey released in 2023, Lorain, OH is a predominantly white area, with 48.7% of the population identifying as white. The white population has shrunk by 7.2% in the last 5 years. The second most common race or ethnicity in Lorain, OH is hispanic, making up 23.7% of the population. Foreign-born residents account for 3.2% of the population in Lorain, OH, and this percentage has increased by 23.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 48.7% | -7.2% |
% Black | 21.8% | 14.1% |
% Hispanic | 23.7% | -9.2% |
% Asian | 1.0% | 400.0% |
% Foreign Born | 3.2% | 23.1% |
Mortgage and Risk — Lorain, OH
According to HUD data as of 2023, there were 451 mortgage originations in Lorain, OH, of which 63.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 45.0% above 90% LTV (very high). This implies large mortgage risk in Lorain, OH. Investor activity is low, as 6.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 451 |
% Conventional Loans | 63.0% |
% Government Loans | 37.0% |
% Investor Loans | 6.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Lorain, OH
As of 2024, the percent of homes in Lorain, OH under the Section 8 program is 21.6%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Lorain, OH, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,979 |
Total Units Section 8 | 1,228 |
% Rentals under Section 8 | 21.6% |
% Occupied Section 8 | 90.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $215 | $695 | $910 |
| 2 Bedroom | $150 | $950 | $1,100 |
| 3 Bedroom | $30 | $1,380 | $1,410 |
| 4 Bedroom | $0 | $1,520 | $1,520 |
Affordability — Lorain, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $131,000 |
| Median Household Income | $42,300 |