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These days, finding an affordable place to live in the Lakewood area can be challenging. Home prices in Lakewood are now at a median cost of $279,746, higher than the Ohio average of $236,816.
The average cost of rent is $1,132/mo in Lakewood, primarily driven by the current value of real estate in the Lakewood area. In Lakewood, 55.62% of households rent, and 34.85% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Lakewood is $6,128 per month. Households that rent pay about 18.48% of their income on rent here. Lakewood’s most expensive areas are in the northwestern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Rocky River, OH: higher priced homes
- Linndale, OH: less expensive homes
- Fairview Park, OH: less expensive homes
- Brooklyn, OH: less expensive homes
- Brook Park, OH: less expensive homes
- Cleveland, OH: less expensive homes
- Bay Village, OH: higher priced homes
- Parma Heights, OH: less expensive homes
- Westlake, OH: higher priced homes
- Parma, OH: less expensive homes
Cities with Similar Populations
- Ballwin, MO: higher priced homes
- Beaumont, CA: higher priced homes
- Wheaton, MD: higher priced homes
- Bluffton, SC: higher priced homes
- Campbell, CA: higher priced homes
- Wayne, NJ: higher priced homes
- Crystal Lake, IL: higher priced homes
- Davis, CA: higher priced homes
- Dunwoody, GA: higher priced homes
- East Hartford, CT: less expensive homes
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