Home prices
The cost of the median home in Lorain is $87,300. Compared to its nearby areas it is approximately $58,380 (40%) lower.It is approximately $130,200 (59%) lower in comparison to the country as a whole, and is approximately $38,100 (77%) higher in comparison to the city of Detroit.
Rents
In Lorain the median monthly rent is $697. Compared to the surrounding areas it is roughly $216 (23%) lower.Compared to the rest of the country it is approximately $365 (34%) lower, and is about $127 (15%) lower compared to the city of Detroit.
Nearby places
Amherst
Amherst is Lorain's neighbor to the southwest. Real estate prices there are a lot more expensive. The median home price in Amherst is $164,600, which works out to $77,300 (46%) higher than Lorain. Its rents are a bit more expensive. In Amherst the median monthly rent is $784, which works out to $87 (11%) higher than Lorain.
Sheffield
Sheffield is Lorain's neighbor to the east. Real estate prices there are significantly more expensive. The median home in Sheffield costs $212,100, which comes out to $124,800 (58%) higher than Lorain. Rent there is substantially more expensive. In Sheffield the median monthly rent is $1,267, which comes out to $570 (44%) higher than Lorain.
Sheffield Lake
Sheffield Lake is Lorain's neighbor to the northeast. The real estate prices there are a little more expensive. Sheffield Lake's median home price is $111,800, which comes out to $24,500 (21%) higher than Lorain. Rent there is somewhat more expensive. Sheffield Lake's median monthly rent is $881, which comes out to $184 (20%) higher than Lorain.
Vermilion
Vermilion is Lorain's neighbor to the west. Housing prices there are a lot more expensive. The median home in Vermilion is valued at $140,800, which works out to $53,500 (37%) higher than Lorain. The rent there is somewhat more expensive. In Vermilion the median rent is $890 a month, which comes out to $193 (21%) higher than Lorain.
Elyria
Elyria is approximately 5 miles southeast from Lorain. Real estate prices there are a bit more expensive. The cost of the median home in Elyria is $99,100, which is $11,800 (11%) higher than Lorain. Rent there is somewhat more expensive. In Elyria the median rent is $741 per month, which is $44 (5%) higher than Lorain.
