In Sheffield Lake, a typical home is worth $167,000 and typical rent is $1,054 a month. Compared with all of Lorain County, the typical home value is 25% lower, typical rent is 9% higher, and the share of households that own their home is 6 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $157,080 to $207,963.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Sheffield Lake is in Lorain County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Lorain County. See the county
What this place has that others do not, from public data, most unusual first.
1
Sheffield Lake has the 8th smallest share of rent-burdened renters of the 253 cities in Ohio with more than 5,000 people (30%).
2
The typical home in Sheffield Lake is worth $167,000,25% less than in Lorain County as a whole ($223,200).
3
Nearby, in Lorain, the typical home value is $139,200: 17% less than in Sheffield Lake ($167,000).
4
Nearby, in Lorain, the typical rent is $887: 16% less than in Sheffield Lake ($1,054).
5
68% of households in Sheffield Lake own their home, against 74% in Lorain County.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Sheffield Lake
What homes there are in Sheffield Lake, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Sheffield Lake
Lorain County
Ohio
United States
Kind of home: Sheffield Lake and its comparisons
Measure
Sheffield Lake
Lorain County
Ohio
United States
Detached house
76%
76%
69%
61%
Attached house
Unreliable estimate
6%
5%
6%
Building of 2 to 4
Unreliable estimate
5%
8%
8%
Apartments (5 or more)
Unreliable estimate
11%
15%
19%
Mobile home
Unreliable estimate
2%
3%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
As in Lorain County, most homes in Sheffield Lake are detached houses (76%).
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Sheffield Lake
Lorain County
Ohio
United States
Year built: Sheffield Lake and its comparisons
Measure
Sheffield Lake
Lorain County
Ohio
United States
Before 1960
38%
33%
38%
26%
1960–1979
43%
27%
26%
24%
1980–1999
17%
18%
20%
25%
2000–2009
Unreliable estimate
13%
10%
14%
2010 or later
Unreliable estimate
9%
7%
11%
The typical home in Sheffield Lake was built in 1966, 7 years before the typical one in Lorain County.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200K56%
$200K–$300K19%
$300K–$500KUnreliable
$500K–$750KUnreliable
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Sheffield Lake and its comparisons
Measure
Sheffield Lake
Under $100K
Unreliable estimate
$100K–$200K
56%
$200K–$300K
19%
$300K–$500K
Unreliable estimate
$500K–$750K
Unreliable
$750K–$1M
Unreliable
$1M or more
Unreliable estimate
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99942%
$1,000–$1,49950%
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Sheffield Lake and its comparisons
Measure
Sheffield Lake
Under $500
Unreliable
$500–$999
42%
$1,000–$1,499
50%
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable estimate
With a mortgage
$1,239 a month
Lorain County: $1,525 a month
Without a mortgage
$470 a month
Lorain County: $629 a month
Owners with a mortgage
60%
Lorain County: 62%
Owning costs less in Sheffield Lake: with a mortgage, the typical cost is $1,239 a month; in Lorain County, $1,525. Without one, $470.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Sheffield Lake+49%
Lorain County+48%
Ohio+47%
United States+53%
Typical rent
Sheffield Lake+20%
Lorain County+25%
Ohio+28%
United States+33%
Typical household income
Sheffield LakeNo clear change
Lorain County+26%
Ohio+26%
United States+29%
Change since 2015–2019: Sheffield Lake and its comparisons
Measure
Sheffield Lake
Lorain County
Ohio
United States
Typical home value
+49%
+48%
+47%
+53%
Typical rent
+20%
+25%
+28%
+33%
Typical household income
No clear change
+26%
+26%
+29%
Much as in Lorain County, the typical home value in Sheffield Lake rose 49% since 2015–2019.
The typical rent in Sheffield Lake rose 20% over the same time; in Lorain County, it rose 25%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Sheffield Lake and its comparisons
Measure
Sheffield Lake
Lorain County
Ohio
United States
Rental vacancy
Unreliable estimate
7.5%
4.4%
5.5%
Homeowner vacancy
Unreliable estimate
0.7%
0.8%
0.9%
More than one person per room
Unreliable estimate
1.3%
1.5%
3.4%
People per household
2.03
2.42
2.37
2.53
Drive alone
85%
78%
75%
69%
Carpool
Unreliable estimate
8%
8%
9%
Public transit
Unreliable estimate
0%
1%
3%
Walk or bike
Unreliable estimate
2%
2%
3%
Work from home
7%
12%
13%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
On average, a household in Sheffield Lake has 2.03 people, fewer than in Lorain County (2.42).
The car rules in Sheffield Lake: 85% of workers drive to work alone, and the typical trip takes 20 to 29 minutes.
Do the math
What would you pay each month for a home in Sheffield Lake?
A typical home is within reach of the typical income
We start with a typical home in Sheffield Lake, worth $167,000, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 25% of the typical household income in Sheffield Lake, which is $69,632 a year.
The calculator's FHA and conventional loan limits are those of all of Lorain County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Sheffield Lake. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $5,845 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,456
at 7.18% · 30 years
Loan amount
$163,975
Total interest
$235,922
Paid off in
November 2056
Includes $2,820 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,625 a month
Your payment · 25%
Tight
$1,625 to $2,089 a month
Hard
more than $2,089 a month
Compared with the typical household income in Sheffield Lake ($69,632 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,111
Property tax
$202
Home insurance
$70
FHA mortgage insurance (MIP)
$74
You need at least $5,845 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,456; principal and interest $1,111.
The city and its county
Sheffield Lake and Lorain County
Sheffield Lake is in Lorain County, Ohio. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Sheffield Lake
Map of Lorain County, Ohio, with Sheffield Lake marked. Around it, the neighboring counties.
Sheffield Lake
Lorain County
Other cities with a page
Sheffield Lake's own numbers
Typical home value
$167,000
Typical monthly rent
$1,054
Typical yearly household income
$69,632
Households that own their home
68%
Effective property tax rate
1.45%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Lorain County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,274
Price change over 5 years (FHFA)
+56%
Homes in a high flood-risk zone
1.1%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Lorain County.
A typical home in Sheffield Lake is worth $167,000: 25% below the county and 22% below Ohio. With the typical household income in Sheffield Lake ($69,632 a year), a typical home costs 2.4 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Sheffield Lake2.4 years
Lorain3.0 years
Ohio3.0 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Lorain County
According to FHFA’s house price index, home prices in Lorain County rose 92% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Lorain County.
Yearly change in FHFA’s price index in Lorain County, 2016 to 2025
2016: +2.2% +2.2% 2016
2017: +5.3% +5.3% 2017
2018: +4.9% +4.9% 2018
2019: +4.4% +4.4% 2019
2020: +4.6% +4.6% 2020
2021: +11.2% +11.2% 2021
2022: +13.0% +13.0% 2022
2023: +9.3% +9.3% 2023
2024: +7.4% +7.4% 2024
2025: +5.6% +5.6% 2025
Change in FHFA’s price index in Lorain County, Ohio and the United States
Period
County
Ohio
U.S.
Last year (2025)
+5.6%
+4.8%
+2.9%
5 years (2020–2025)
+56%
+53%
+47%
10 years (2015–2025)
+92%
+93%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Sheffield Lake next to Lorain County, Ohio and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Sheffield Lake$167,000
Lorain$223,200
Ohio$214,800
United States$332,700
Typical monthly rent
Sheffield Lake$1,054
Lorain$966
Ohio$1,034
United States$1,413
Typical yearly household income
Sheffield Lake$69,632
Lorain$73,347
Ohio$71,389
United States$80,734
See the full table
Sheffield Lake next to Lorain County and Ohio
Measure
Sheffield Lake
Lorain County
Ohio
U.S.
Typical home value
$167,000 ▼25% below the county
$223,200
$214,800
$332,700
Typical monthly rent
$1,054 ▲9% above the county
$966
$1,034
$1,413
Typical yearly household income
$69,632 ▼5% below the county
$73,347
$71,389
$80,734
Households that own their home
68% ▼6 points below the county
74%
67%
65%
Typical yearly property tax
$2,422 ▼21% below the county
$3,055
$2,822
$3,119
Effective property tax rate
1.45% ▲0.08 points above the county
1.37%
1.31%
0.94%
Renters with high rent for their income
30% ▼17 points below the county
47%
46%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Lorain County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Sheffield Lake
For a typical $167,000 home in Sheffield Lake, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Sheffield Lake's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,456a month
Least cash to close
Down payment
$5,845
Cash to close
$10,855
Rate
7.18%
Mortgage insurance
FHA MIP · $74
Conventional, 5% down$1,425a month
Down payment
$8,350
Cash to close
$13,360
Rate
7.18%
Mortgage insurance
PMI · $79
Conventional, 20% down, no PMI$1,176a month
Down payment
$33,400
Cash to close
$38,410
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,331a month
Down payment
$25,050
Cash to close
$30,060
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Sheffield Lake
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,456
$5,845
$163,975
7.18%
FHA MIP · $74
$10,855
580
Conventional, 5% down
$1,425
$8,350
$158,650
7.18%
PMI · $79
$13,360
620*
Conventional, 20% down, no PMI
$1,176
$33,400
$133,600
7.18%
None
$38,410
620*
ITIN, 15% down (example)
$1,331
$25,050
$141,950
8.18%
None
$30,060
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Sheffield Lake is $1,054 a month: 9% above the county. In Sheffield Lake, 30% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Lorain County, by unit size. To pay the 2-bedroom one ($1,274 a month) without spending more than 30% of your income, you would need to earn $24.50 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Lorain County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$924
$17.77
$36,960
1 bedroom
$1,050
$20.19
$42,000
2 bedrooms
$1,274
$24.50
$50,960
3 bedrooms
$1,628
$31.31
$65,120
4 bedrooms
$1,756
$33.77
$70,240
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Sheffield Lake
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Sheffield Lake is in ZIP code 44054.
For 2 bedrooms it is $1,310: $36 more than the fair market rent for Lorain County ($1,274).
Fair market rent by ZIP code and size in Sheffield Lake, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
44054
$950
$1,080
$1,310
$1,670
$1,810
ZIP code2 bd3 bd
44054 $1,310$1,670
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Sheffield Lake when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There are 4 HUD-approved agencies with an office in Lorain County; 2 say they serve in Spanish.
No down payment, repair or rent-help program on our list is for Sheffield Lake or Lorain County. The ones below are statewide in Ohio: they work in Sheffield Lake the same as in the rest of the state.
Ohio state agency help of 2.5% or 5% of the price for the down payment, closing costs or other costs before closing, forgiven after seven years; if you sell sooner, you repay all of it.Offered by Ohio Housing Finance Agency (OHFA).
Ohio state agency certificate that turns part of your mortgage interest into a credit on your federal tax return, up to $2,000 a year: 40% with an OHFA mortgage (MTC Plus) or 15% to 20% with another mortgage (MTC Basic).Offered by Ohio Housing Finance Agency (OHFA).
The HUD-approved agencies closest to the center of Sheffield Lake, in a straight line, nearest first. If one says it serves in Spanish, its card says so.
No legal help resource on our list is for Sheffield Lake or Lorain County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Sheffield Lake and all of Lorain County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Sheffield Lake?
The typical home value in Sheffield Lake is $167,000, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Lorain County it is $223,200.
How much does it cost to rent in Sheffield Lake?
Typical rent in Sheffield Lake is $1,054 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Lorain County is $1,274.
What is the FHA loan limit in Sheffield Lake?
Sheffield Lake uses the FHA limit for all of Lorain County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Sheffield Lake?
The typical homeowner in Sheffield Lake pays $2,422 a year, according to the U.S. Census Bureau. That is 1.45% of the home’s value; in Lorain County, the rate is 1.37%.
Where can I find free help to buy or rent in Sheffield Lake?
There are 4 HUD-approved counseling agencies with an office in Lorain County. 2 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.
