Lorain, OH—44055
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 $119,000, with a year-over-year change of 0.5%. This indicates that home prices in Lorain, OH are flat. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $119,000 | 0.5% |
| Single Family | $119,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $99,000 | 1.0% |
3 Bed | $125,000 | 1.6% |
4 Bed | $123,000 | -2.4% |
| 5 Bed | $134,000 | -4.3% |
% of Housing Stock
Rental Trends — Lorain, OH
As of July '25, Rentcast reports the average rent in Lorain, OH is $1,170, with a year-over-year rent change of 11.4%. Per bedroom, the median rent as of July '25 in Lorain, OH is studios: $612, 1-bedrooms: $812, 2-bedrooms: $933, 3-bedrooms: $1,330, 4-bedrooms: $1,480. The most common rental property sizes in Lorain, OH are 3-bedroom and 2-bedroom, accounting for 42.0% and 34.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,180 | $1,170 |
| Studio Rent | $575 | $612 |
| 1 Bed Rent | $795 | $812 |
| 2 Bed Rent | $895 | $933 |
| 3 Bed Rent | $1,390 | $1,330 |
| 4 Bed Rent | $1,490 | $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 66. This is a increase of 65.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $126,000 | -5.0% |
Listing Count | 43 | 13.0% |
| Listings as % of Homes | 0.4% | 13.0% |
Days on Market | 66 | 65.0% |
Demographics — Lorain, OH
As of the latest ACS Survey released in 2023, Lorain, OH has a population of 19,900, which has remained stable by -0.4% over the past 5 years. Lorain, OH is a moderately popular place for families, as children make up 22.8% of the population. The area has a poorly educated workforce, with 9.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,900 | -0.4% |
% Under 18 | 22.8% | -12.3% |
% Seniors | 15.0% | -1.3% |
% WFH | 4.1% | 310.0% |
% w/ College Degree | 9.6% | 18.5% |
As of the latest ACS Survey released in 2023, Lorain, OH is a predominantly white area, with 41.3% of the population identifying as white. The white population has grown by 0.7% in the last 5 years. The second most common race or ethnicity in Lorain, OH is hispanic, making up 36.6% of the population. Foreign-born residents account for 4.4% of the population in Lorain, OH, and this percentage has increased by 25.7% 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 | 41.3% | 0.7% |
% Black | 14.1% | -23.8% |
% Hispanic | 36.6% | -12.0% |
% Asian | 0.8% | 14.3% |
% Foreign Born | 4.4% | 25.7% |
Mortgage and Risk — Lorain, OH
According to HUD data as of 2023, there were 222 mortgage originations in Lorain, OH, of which 57.0% of loans were conventional mortgages. The average loan-to-value was 77.0%, with 47.0% above 90% LTV (very high). This implies large mortgage risk in Lorain, OH. Investor activity is low, as 2.0% 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 | 222 |
% Conventional Loans | 57.0% |
% Government Loans | 43.0% |
% Investor Loans | 2.0% |
% 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 26.6%. 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 units appear to be good home sizes to consider for Section 8 housing in Lorain, OH, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,165 |
Total Units Section 8 | 1,000 |
% Rentals under Section 8 | 26.6% |
% Occupied Section 8 | 89.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $95 | $795 | $890 |
| 2 Bedroom | $185 | $895 | $1,080 |
| 3 Bedroom | $0 | $1,390 | $1,390 |
| 4 Bedroom | $0 | $1,490 | $1,490 |
Affordability — Lorain, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $119,000 |
| Median Household Income | $36,600 |