Lorain, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Lorain Neighborhoods Since 2000




Lorain, OH Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Lorain Housing Market Information

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.

Lorain Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$83,688

Lorain, OH HOME PRICES

Value Range
> $1,056,000 0.4
$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

Very Low for OH
Very Low for Nation

Value Relative to Nation Value Relative to State
88.1401617250674 90.1574803149606

Number Of Homes And Apartments:
25,218

Lorain Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
-22.11% -1.44% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$798 / per month

Homeownership Rate

Homeownership
Owners 57.19
Renters 42.81
Vacant 14.69

Housing Market Details

 

Age of Homes

AGE OF Lorain HOMES
2000 or Newer 7.3
1970 - 1999 22.4
1940 - 1969 48.1
1939 or Older 22.2

Types of Homes

TYPE OF Lorain HOMES
Single-Family 66.5
Townhomes 6.3
Small Apt. Buildings 10.1
Apt. Complexes 15.5
Mobile Homes 1.6
Other 0.0

Home Size

SIZE OF Lorain HOMES
No Bedroom 2.37
1 Bedroom 8.96
2 Bedrooms 26.07
3 Bedrooms 46.38
4 Bedrooms 13.91
5 or more bedrooms 2.30