Compare Lorain, OH mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Lorain.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lorain. Plus, shopping lenders is free and there is no obligation.
February 6, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Lorain. Understand how much you need to earn to afford a home in Lorain, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Lorain fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Lorain is right for you.
The median home value for Lorain, OH is $202,704
Based on current mortgage rates and a 10% down payment, you need to make $33,212 per year to buy the median priced home in Lorain
With this income, you could qualify for a $182,434 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Lorain is $769
The median household income for Lorain, OH is $63,432
Based on this income, you can afford a home valued at approximately $387,144
The home price you can afford to buy based on household income in Lorain is 191% of the median home value which means housing prices are average. Lorain ranks 74 out of 88 counties in Ohio and 1,914 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lorain, OH is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lorain below.
Conforming loan limits for Lorain, OH
FHA loan limits for Lorain, OH
VA loan limits for Lorain, OH