There are currently 23,429 real estate properties in Lorain, OH, with a median automated valuation model (AVM) price of $132,500.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Lorain, OH, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Lorain, OH, is $151,508.00, with the most expensive house in Lorain, OH, topping out at $8,303,100.00 and the cheapest home in Lorain, OH, clocking in at $15,000.00. In other words, there’s something for every potential homebuyer or savvy investor in Lorain, OH!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Lorain, OH, is on a rollercoaster ride. The average rent price in Lorain, OH, is $1,003.00. Indeed, when looking to rent in Lorain, OH, you can expect to pay as little as $470.00 or as much as $2,300.00, with the average rent median estimated to be $990.00. The good news is that finding an affordable and desirable property to rent in Lorain, OH -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Find the best foreclosure homes listings for sale — bank-owned, government (Fannie Mae, Freddie Mac, HUD, etc.) and others — in and near the Lorain, OH area at Foreclosure.com. Get information on foreclosure homes for rent, how to buy foreclosures in Lorain, OH and much more. Save thousands at closing with home foreclosure listings in Lorain, OH — up to 75% off market value!
Lorain is located in Lorain, Ohio, with an estimated municipal population of 63,855 residents. All of the best foreclosed homes for sale in Lorain are located in the following zip code areas on Foreclosure.com: 44052 44053 44055. The estimated population per square kilometer (.62 miles) in Lorain is 1,041.
So, about how much do homes cost in Lorain? The most recent median value of resident-owned homes in Lorain is 88,170. An estimated 56.1 percent of households in Lorain own their homes, with an average family size of 3.17. The median household income in Lorain is 38,291, with11.5 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Lorain, the median commute time of resident workers (in minutes) is 23.7. And last, but certainly not least, are you looking for homes to rent in Lorain? If so, the average rent price paid by renters in Lorain is 697, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Lorain, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Lorain is 37, split between 47.9 percent male versus 52.1 female. The percentage of residents who report being married in Lorain is 37.1, with an average family size of 3.17.
The percentage of residents who report their race in Lorain is as follows:
|Black / African American||17.8%|
|American Indian / Alaskan Native||0.9%|
|Native Hawaiian / Other Pacifc Islander||0.1%|
Looking for family-friendly neighborhoods in and/or near Lorain? Or maybe you are searching for 55+ active adult communities in and/or near Lorain?
The percentage of residents who report their age in Lorain is as follows:
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Lorain with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Lorain.
How do you know that living in -- or moving to -- Lorain is right where you need to be? Perhaps you grew up in Lorain or already live nearby; therefore, the decision to buy a home in Lorain is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Lorain for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Lorain:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Lorain.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Lorain can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Lorain, meanwhile, can field multiple offers from more qualified buyers.
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