Lorain, OH—44053
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 $233,000, with a year-over-year change of 4.2%. This indicates that home prices in Lorain, OH are increasing. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $233,000 | 4.2% |
| Single Family | $238,000 | 3.9% |
| Condos | $132,000 | 2.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $174,000 | 4.8% |
3 Bed | $220,000 | 3.8% |
4 Bed | $312,000 | 4.0% |
| 5 Bed | $375,000 | 3.6% |
% of Housing Stock
Rental Trends — Lorain, OH
As of July '25, Rentcast reports the average rent in Lorain, OH is $1,030, with a year-over-year rent change of -1.0%. Per bedroom, the median rent as of July '25 in Lorain, OH is studios: $842, 1-bedrooms: $722, 2-bedrooms: $1,040, 3-bedrooms: $1,520, 4-bedrooms: $2,700. The most common rental property sizes in Lorain, OH are 2-bedroom and 1-bedroom, accounting for 37.5% and 29.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $900 | $1,030 |
| Studio Rent | $825 | $842 |
| 1 Bed Rent | $700 | $722 |
| 2 Bed Rent | $1,020 | $1,040 |
| 3 Bed Rent | $1,450 | $1,520 |
| 4 Bed Rent | $2,700 | $2,700 |
% 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 42. This is a decrease of -7.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $272,000 | 23.0% |
Listing Count | 57 | 0.0% |
| Listings as % of Homes | 0.5% | 0.0% |
Days on Market | 42 | -7.0% |
Demographics — Lorain, OH
As of the latest ACS Survey released in 2023, Lorain, OH has a population of 21,300, which has increased by 12.5% over the past 5 years. Lorain, OH is a moderately popular place for families, as children make up 24.4% of the population. The area has a poorly educated workforce, with 20.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,300 | 12.5% |
% Under 18 | 24.4% | 17.3% |
% Seniors | 18.7% | -4.6% |
% WFH | 6.3% | 600.0% |
% w/ College Degree | 20.6% | 7.3% |
As of the latest ACS Survey released in 2023, Lorain, OH is a predominantly white area, with 63.5% of the population identifying as white. The white population has shrunk by 3.1% in the last 5 years. The second most common race or ethnicity in Lorain, OH is hispanic, making up 22.0% of the population. Foreign-born residents account for 1.6% of the population in Lorain, OH, and this percentage has decreased by 38.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 63.5% | -3.1% |
% Black | 12.0% | 5.3% |
% Hispanic | 22.0% | 6.3% |
% Asian | 0.2% | -87.5% |
% Foreign Born | 1.6% | -38.5% |
Mortgage and Risk — Lorain, OH
According to HUD data as of 2023, there were 432 mortgage originations in Lorain, OH, of which 71.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Lorain, OH. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 432 |
% Conventional Loans | 71.0% |
% Government Loans | 29.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Lorain, OH
As of 2024, the percent of homes in Lorain, OH under the Section 8 program is 18.6%. 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 units appear to be good home sizes to consider for Section 8 housing in Lorain, OH, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 611 |
Total Units Section 8 | 606 |
% Rentals under Section 8 | 18.6% |
% Occupied Section 8 | 93.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $140 | $700 | $840 |
| 2 Bedroom | $0 | $1,020 | $1,020 |
| 3 Bedroom | -$140 | $1,450 | $1,310 |
| 4 Bedroom | -$1,290 | $2,700 | $1,410 |
Affordability — Lorain, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $233,000 |
| Median Household Income | $65,300 |