Market Overview
Home Prices in Lorain, OH
The median home value in Lorain, OH is $158,944 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.1% compared to a year ago and up 2.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lorain are priced61% below average. Lorain is part of the Cleveland-Elyria, OH metro area.
Over the past five years, Lorain home values have risen by approximately35.0%, reflecting strong long-term appreciation in this market.
Price History
Lorain Home Price Trend
City Comparison
Lorain vs. National Median
At $158,944, homes in Lorain cost 61% below the national median of $410,000. This makes Lorain a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Lorain?
20% Down Payment
$31,789
on $158,944
Monthly P&I
$829/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,053/mo
incl. taxes & insurance
Income Needed
$42,120
gross annual (30% rule)
10% Down Option
$15,894
+ PMI applies
Loan Amount (20% dn)
$127,155
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Lorain, OH?
The median home value in Lorain is $158,944 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.1% year-over-year.
How much have home prices changed in Lorain?
Over the past year, home values in Lorain have increased by 4.1%. Over five years, prices have risen approximately 35.0%.
How much do I need to earn to buy a home in Lorain?
To comfortably afford the median home price of $158,944 with a 20% down payment ($31,789) at today's rates (6.8%), you'd need a gross annual income of approximately $42,120. This assumes keeping total housing costs at or below 30% of gross income.
How does Lorain compare to the national average home price?
The national median home value is approximately $410,000. At $158,944, homes in Lorain are 61% below the national average.
What metro area is Lorain part of?
Lorain is part of the Cleveland-Elyria, OH metropolitan area. Home prices and market conditions can vary across the broader metro region.