Lorain County Real Estate and Livability Trends
Lorain County, Ohio is attracting attention with its surge in average taxable incomes, jumping from $53,925.21 in 2013 to $71,820.24 in 2021, hinting at burgeoning economic growth. Real estate taxes have also increased, from around $3,407.13 in 2012 to $5,825.99 in 2021, possibly reflecting a stronger property market. Meanwhile, median home values jumped from $137,400 in 2015 to $191,900 in 2022,... Read more
Lorain County Market Trends
Lorain County, Ohio, has experienced a notable rise in median home values from $137,400 in 2015 to $191,900 in 2022, outpacing both state and national averages. This growth trend indicates potentially higher returns for property investors compared to broader markets. Residential energy tax credits in the county have peaked in 2018 at $2,255.56 but have generally remained above $600 since 2019,... Read more
Median Value of Occupied Housing Units in Lorain County, Ohio Over the Last 8 Years
Lorain County, Ohio has seen a consistent rise in median home values over the past 8 years, outpacing the state and national averages. From $137,400 in 2015 to $191,900 in 2022, the county's growth appears more pronounced with recent spikes, particularly from 2021 to 2022. Comparatively, Ohio's median home values increased from $129,900 to $183,300, while the national figures rose from $125,500 to $179,400 in the same period. This upward trend suggests that Lorain County could be an attractive area for property investment and development, offering potentially higher returns compared to broader state and national markets.
Residential Energy Tax Credit Per Tax Return in Lorain County, OH Over the Last 9 Years
Lorain County, Ohio's residential energy tax credit per tax return has shown significant variation over the past nine years, peaking in 2018 at $2,255.56. While the credit started at $292.64 in 2013, it saw a substantial increase, particularly evident in 2016 and 2017, and then again in 2018. Despite the peak, the average credits have generally remained above $600 since 2019. Such fluctuations can be indicative of varying incentives or adaptations in residential energy efficiency measures, making Lorain County potentially attractive for those keen on energy-efficient investments.
Average Real Estate Taxes Per Tax Return in Lorain County, OH Over the Last 10 Years
Over the past decade, Lorain County, Ohio, has shown a steady increase in average real estate taxes, from approximately $3,407.13 in 2012 to $5,825.99 in 2021. This consistent rise could signal a strengthening property market or increased valuation rates in the area, which may be of interest to investors and real estate agents. Those looking to move to Lorain County should be prepared for potentially higher property tax burdens. Additionally, appraisers and insurance agents might perceive this as an indicator of rising property values, which could influence their work and quotes in the region.
Percentage of Farm Returns in Lorain County, OH Over the Last 10 Years
Over the last decade, Lorain County, Ohio has seen a gradual decline in the percentage of farm tax returns, dipping from approximately 0.58% in 2012 to roughly 0.48% in 2021. Farm tax returns, which are essentially the annual filings of income generated from agricultural activities, are a key indicator of the region's agricultural health and its role within the local economy. For investors or those looking to move to the area, this trend may suggest a shift away from traditional farming, hinting at potential changes in land use or economic activities. For current residents or prospective property builders, understanding this data could be crucial for making informed decisions about land valuation and development opportunities.
Number of Mortgages by Occupancy Type in Lorain County, OH Over the Last 5 Years in Lorain County
In Lorain County, Ohio, over the past five years, there's been a notable fluctuation in mortgage counts across different occupancy types. Principal residences consistently dominate the mortgage market, peaking in 2021 with 24,701 mortgages but seeing a marked drop to 16,829 in 2022. Investment properties have seen a gradual increase from 542 in 2018 to 813 in 2021, before falling again in 2022. Second residences have remained a minor segment, relatively steady around the low hundreds. These trends can signal varying investor confidence and homeowner priorities, impacting property values and market dynamics. For investors, real estate agents, appraisers, and insurers, understanding these shifts helps in making informed decisions about property investments, pricing strategies, and risk assessment.
Economic Outlook
Lorain County, Ohio, has seen a significant rise in average taxable income per tax return, climbing from $53,925.21 in 2013 to $71,820.24 in 2021, signaling economic growth that could attract investors and new residents. The county's average state and local income taxes per tax return have also surged, from $5,880.10 in 2012 to $11,543.09 in 2021, indicating notable fiscal changes impacting financial obligations. Meanwhile, the percentage of residents living below the poverty line has dropped... Read more
Average Taxable Income per Tax Return in Lorain County, OH over the last 9 years
Over the last nine years, Lorain County, Ohio, has seen a notable rise in average taxable income per tax return, climbing from approximately $53,925.21 in 2013 to around $71,820.24 in 2021. This positive trend hints at economic growth and an increasing average income, which could be attractive for investors, real estate agents, and potential new residents. Those in the property insurance or appraisal sectors might also find the consistent income growth indicative of a stable market.
Average State and Local Income Taxes Per Tax Return in Lorain County, OH Over the Last 10 Years
Over the past decade, Lorain County, Ohio has experienced a noticeable increase in average state and local income taxes per tax return, rising from approximately $5,880.10 in 2012 to around $11,543.09 in 2021. This sharp upward trend, especially pronounced post-2017, suggests significant fiscal changes impacting residents. For those considering investment or relocation, this data may indicate shifting economic dynamics in Lorain County. Potential investors or property developers might see this as a signal of evolving financial obligations worth monitoring closely.
Average Total Tax Liability Per Tax Return in Lorain County, OH Over the Last 10 Years
Over the past decade, Lorain County, Ohio has seen a notable increase in average total tax liability per tax return. Starting at around $8,021.48 in 2012, there has been a steady upward trend, peaking at approximately $11,251.52 in 2021. This upwards shift could signal a growing economy and rising incomes, which might interest investors, real estate agents, and anyone considering a move to the area. This trend may also imply increased property values and hence, possibly greater returns on real estate investments. However, it is crucial to consider that higher tax liabilities might also reflect increasing living costs.
Cost of Living in Lorain County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,211 | $1,524 | $1,672 | $1,778 | $1,236 |
| 1 adult 4 children | $1,211 | $1,245 | $1,285 | $1,778 | $1,368 |
| 2 adults 3 children | $1,211 | $1,245 | $1,447 | $1,778 | $1,026 |
| 1 adult 3 children | $1,211 | $1,017 | $1,061 | $1,778 | $1,132 |
| 2 adults 2 children | $932 | $1,019 | $1,223 | $1,589 | $862 |
| 1 adult 2 children | $932 | $761 | $836 | $1,589 | $855 |
| 2 adults 1 child | $932 | $806 | $998 | $974 | $786 |
| 1 adult 1 child | $932 | $520 | $611 | $974 | $678 |
| 2 adults | $766 | $647 | $774 | $0 | $584 |
| 1 adult | $672 | $353 | $387 | $0 | $470 |
Safety trends & Data
Property crime trends in Lorain County, Ohio underscore significant fluctuations over the last five years, with larceny-theft remaining a dominant concern, peaking at 455 incidents in 2019. Burglary and vandalism saw their highest numbers in 2020 (118 and 115 incidents respectively), while motor vehicle theft noticeably climbed from 5 incidents in 2018 to 27 in 2021. Arson cases doubled from 2021 (2 incidents) to 2022 (6 incidents), signaling emerging risk areas. These insights are crucial for... Read more
Property Crime Trends in Lorain County, OH Over the Last 5 Years
Property crime trends in Lorain County, Ohio over the last five years reveal fluctuating numbers, with significant incidents of larceny-theft consistently outpacing other categories. Larceny-theft peaked in 2019 at 455 incidents, showcasing the county's primary property crime concern. Burglary and vandalism also show variable trends, with highest counts in 2020 (118 and 115 incidents respectively). Motor vehicle theft has seen a noticeable increase, rising from 5 incidents in 2018 to 27 in 2021. Notably, arson cases remain relatively low but doubled from 2021 (2 incidents) to 2022 (6 incidents). These trends provide investors, real estate agents, and potential movers with critical insights into property safety and community risks within the county.
Demographics
Lorain County, Ohio in 2022 had a fairly balanced gender distribution, with a slight female majority. The educational attainment data may indicate that a substantial portion of the adult population either graduated high school or attended some college, though fewer attained an advanced degree. Age distribution suggests a significant portion of the population is middle-aged, potentially appealing to businesses targeting this demographic. The race distribution shows a community predominantly... Read more
Race Distribution in Lorain County, Ohio (2022)
Educational Attainment in Lorain County, Ohio (2022)
Age Distribution in Lorain County, Ohio
Citizen Population in Lorain County, Ohio (2022)
Political Trends & Data
Lorain County, Ohio, displayed a nearly even split between Republican and Democrat voters in the 2020 U.S. Presidential Election. Republicans were slightly ahead at about 50.5%, while Democrats trailed closely at around 48.1%. Libertarians garnered just over 1%, and other parties made up a fraction of the remaining votes. This competitive political environment suggests a dynamic landscape that could shape strategic decisions for future... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Lorain County, Ohio, exhibited a nearly even split between Republican and Democrat voters in the 2020 U.S. Presidential Election, with Republicans slightly ahead at around 50.5% and Democrats close behind at approximately 48.1%. Third-party preferences appeared minimal, with Libertarians receiving just over 1%, and other parties accounted for a fraction of the remaining votes. This tight race suggests a competitive political landscape in Lorain County that could influence strategic decisions for future campaigns.
50.51% of voters voted for the Republican party in the 2020 Presidential Election
48.06% of voters voted for the Democrat party in the 2020 Presidential Election
1.07% of voters voted for the Livertarian party in the 2020 Presidential Election
0.36% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Lorain County, Ohio, over the past nine years, the student-to-teacher ratio has fluctuated between 16 and over 20 students per teacher, peaking at 20.57 in 2023. This higher ratio compared to the national average of 14 students per teacher may influence the quality of education, which could be a crucial factor for families considering relocation, real estate agents promoting properties, and investors evaluating school resources in the area. Increased class sizes might affect individual... Read more
Student-to-teacher ratio in Lorain County, Ohio over the last 9 years
Over the past nine years, Lorain County, Ohio, has experienced fluctuations in its student-to-teacher ratio, with values ranging from 16 to over 20 students per teacher. The ratio peaked at 20.57 in 2023, which is significantly higher than the current national average of 14 students per teacher in the United States. Such changes might influence the quality of education and classroom dynamics, affecting decisions for families considering relocation, real estate agents pitching the area, and investors assessing regional school resources. Higher ratios often imply larger class sizes, potentially impacting individual student attention and overall educational outcomes.
