Foreclosure Real Estate Market in Lake County, Ohio
Lake County, Ohio, offers promising opportunities for those interested in foreclosure properties. As of mid-2024, the median home price in Lake County is approximately $279,800, reflecting a 3.7% year-over-year increase. Foreclosure properties often provide chances to purchase homes below market value. Homes typically spend around 31 days on the market, indicating a highly active market. Recent sales, including foreclosures, range from $180,000 to $670,000, showcasing diverse investment opportunities.
Economic Overview
The economy of Lake County is driven by sectors such as manufacturing, healthcare, and education. The unemployment rate in Lake County is about 4.1%, which is close to the national average. The median household income in Lake County is approximately $65,000, reflecting the region's strong economic base and relatively affluent character.
Demographic Profile
Lake County has a population of around 232,000 people. The demographic composition is diverse, with significant representation from various ethnic groups. The median age is approximately 43 years, indicating a balanced age distribution. This demographic structure influences the demand for various types of housing and services, including family-oriented facilities and healthcare.
Educational Standing
Education in Lake County is served by several public school districts, including Mentor Exempted Village Schools and Willoughby-Eastlake City Schools. The county's educational attainment is higher than the state average, with about 92% of residents having a high school diploma and around 33% holding a bachelor’s degree or higher. Schools in the area, such as Leroy Elementary and Park Elementary, generally receive excellent ratings, reflecting efforts to maintain strong educational standards.
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