44055, Lorain, OH

The 44055 zip code of Lorain, OH has a median home value of $101,200 and a median home equity value of $86,000. These values are significantly lower than the statewide median home value of $183,800 and statewide median home equity value of $142,600. The 44055 zip code also has a significantly lower homeownership rate than the statewide homeownership rate of 68.1%.

One potential explanation for these low home values in the 44055 zip code is that this area is more likely to be populated by renters than homeowners. According to NeighborhoodScout data, approximately 60% of households in the 44055 zip code are renters, compared to just 34% of households in Ohio as a whole. This may contribute to the lower median home values in this area because it means that there is a greater demand for homes that are affordable and can be rented out quickly.

Another potential explanation for the low home values in the 44055 zip code is that there are fewer homes available for sale here than there are in other areas of Ohio. According to Realtor.com data, there were 2,811 homes available for sale in Lorain as of May 2018 – well below the statewide average of 5,902 homes available for sale at this time. This may contribute to the lower median home values in this area because it means that buyers have less competition when trying to purchase a home here.