Rent to own Homes in Lorain, OH
Lorain, Ohio, is located on the beaches of Lake Erie in Northern Ohio. Lorain is perhaps best known as being one of the biggest production centers of steel in the Midwestern United States, which earned it the nickname of "Steel City." The steel production has slowed down, but the city certainly has not. Today, Lorain is a busy suburb of Cleveland and full of family fun and engaging night life.
Lorain, OH is a great place for affordable rent-to-own homes! With a median household income of over $40,486 and a median rent of $719, the Lorain, OH rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Lorain, OH. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Lorain, OH Property Resources
Rent to own Homes in Cities Near Lorain, OH
- Amherst
- Avon
- Avon Lake
- Bay Village
- Berea
- Berlin Heights
- Beulah Beach
- Birmingham
- Brookpark
- Brook Park
- Brunswick
- Cleveland
- Columbia Station
- Eaton Estates
- Elyria
- Fairview Park
- Grafton
- Kipton
- LaGrange
- Lakewood
- Litchfield
- Lorain
- Middleburg Heights
- Mitiwanga
- North Olmsted
- North Ridgeville
- Oberlin
- Olmsted Falls
- Pheasant Run
- Rocky River
- Sheffield
- Sheffield Lake
- South Amherst
- Spencer
- Strongsville
- Valley City
- Vermilion
- Wakeman
- Wellington
- Westlake
Neighborhoods in Lorain, OH
East Lorain rent to own homes South Lorain rent to own homes Downtown Lorain rent to own homes West Lorain rent to own homes Camden Ridge rent to own homes Lakeview rent to own homes Martins Run Village rent to own homesPopular Zip Codes in Lorain, OH
44053 rent to own homes 44052 rent to own homes 44055 rent to own homesBuying a Home in Lorain, OH
Lorain, OH is seeing rapid growth and Lorain, OH's' housing market remains optimal with an average home price that is -58% below the 2024 national average. Lorain, OH is part of Lorain county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Lorain is 1.35% which is above the national average, which is 0.99%.
Median Home Price in Lorain, OH
Median Rent in Lorain, OH
Top Reasons to Live in Lorain OH
Housing Statistics The average price of a home for sale in Lorain is $105,000, which is lower than at the same time last year. The average sales price for a home in Lorain is $51,500 with the average age of a home for sale being 42 years old. The sale price of a home in Lorain is $50,000 lower than the US average. This number is based on 108 homes sold in the area last year. Currently, there are 522 homes on the market for the area. The majority of families, about 73%, are homeowners. There are a wide variety of housing options from rent to own homes to duplexes listed by real estate professionals.
School Systems Lorain is divided into two main school districts. Clearview Local School District encompasses the families in the southernmost part of the county and Lorain City Schools covers the north. Clearview Schools received a glowing report card from the state of Ohio for the 2011-2012 school year. The district showed an enrollment of 1,650 students for the year and either met or exceeded all state standards of achievement. Lorain City Schools had an enrollment of 7,266 students and is the 10th largest school district in Ohio. The Lorain City School District did not meet its yearly goal for academic improvement and the State of Ohio has stepped in to help the district succeed.
Weather and Climate The weather in Northern Ohio is prone to dramatic summer highs and frigid winter lows. The average summer temperature is in the high 80s with the hottest month being July. The winter months bring lows of around 32 degrees F. However, the winter windchill can make the temperature feel much colder. There is precipitation constantly throughout the year with August bringing in the most at almost 4 inches annually.
Local Sports Professional football fans in Northern Ohio are divided between the Cincinnati Bengals and the Cleveland Browns. The Browns play at First Energy Stadium in Cleveland. MLB fans line up at Progressive Field in Cleveland to watch the Indians win at home. The Cleveland Cavaliers play their home games at Quicken Loans Arena, or simply "The Q" to locals. Cleveland also has a team in the NPSL, the National Premier Soccer League, as well as a professional ice hockey team in the American Hockey League--the Lake Erie Monsters.
Local Restaurants Dining options in Lorain reflect its diverse population as well as its location near a treasure trove of freshwater fish and mussels. Diners can enjoy a meal and gaze out at the water at Jackalope or eat delicious authentic Puerto Rican fare at Rainbow Bakery off of Pearl Ave. If an ice cream fix is in order, stop at the K Cream Korner on Erie Ave for the best orange sherbet and vanilla swirl cone around. Lorain is also a great place to sample some Polish food like some fresh hot pierogies at The New York Grill on Erie Ave.