Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 63,647, 25,218 total housing units (homes and apartments), and a median house value of $83,688, house prices in Lorain are some of the most affordable in Ohio as well as the nation.
Single-family detached homes are the single most common housing type in Lorain, accounting for 66.48% of the city's housing units. Other types of housing that are prevalent in Lorain include large apartment complexes or high rise apartments ( 15.52%), duplexes, homes converted to apartments or other small apartment buildings ( 10.06%), and a few row houses and other attached homes ( 6.33%).
The most prevalent building size and type in Lorain are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.19% owning and 42.81% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lorain's housing was primarily built during this period, from the '40s through the '60s. A full 48.08% of the city's housing hails from this era. Other housing ages represented in Lorain include homes built between 1970-1999 ( 22.44%) and housing constructed before 1939 ( 22.16%). There's also some housing in Lorain built between 2000 and later ( 7.31%).
Vacant housing appears to be an issue in Lorain. Fully 14.69% of the housing stock is classified as vacant. Left unchecked, vacant Lorain homes and apartments can be a drag on the real estate market, holding Lorain real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Lorain over the last then years, as home values have seen a decline of 25.11% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Lorain home appreciation rates at -0.21%, which equates to an annual appreciation rate of -0.82%.
Over the last year, Lorain appreciation rates have trailed the rest of the nation. In the last twelve months, Lorain's appreciation rate has been 2.61%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lorain were at -0.21%, which equates to an annual appreciation rate of -0.82%.
Relative to Ohio, our data show that Lorain's latest annual appreciation rate is lower than 50% of the other cities and towns in Ohio.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lorain differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lorain - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lorain real estate investment or home purchase decisions.
|$792,001 - $1,056,000||0.1|
|$528,001 - $792,000||0.4|
|$422,001 - $528,000||0.3|
|$317,001 - $422,000||1.2|
|$211,001 - $317,000||4.6|
|$106,001 - $211,000||26.3|
|$53,001 - $106,000||51.6|
|$0 - $53,000||15.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Lorain HOMES|
|2000 or Newer||7.3|
|1970 - 1999||22.4|
|1940 - 1969||48.1|
|1939 or Older||22.2|
|TYPE OF Lorain HOMES|
|Small Apt. Buildings||10.1|
|SIZE OF Lorain HOMES|
|5 or more bedrooms||2.30|