1st Advantage MortgageLake County households have a median income of $80,925 and median rent of $1,113 a month (ACS 2020 to 2024). A loan makes sense only if its total cost beats your alternatives and the payment fits your budget. Check the lender's Ohio license first.
On this page
- Lake County at a glance
- How Lake County residents earn a living
- What Lake County households earn
- Rent, home values and ownership in Lake County
- The communities that make up Lake County
- Lake County next to its neighbors
- Lake County households compared
- Borrowing situations common in Lake County
- A Lake County household budget, worked through
- Steps before you apply in Lake County
- Ohio rules that apply in Lake County
- More guides for Lake County
- Frequently asked questions
Lake County at a glance
Roughly 232,216 residents live in Lake County, Ohio, 11th by population among the state's 88 counties and county equivalents. It covers 229 square miles of land, or about 1,012 people per square mile. For statistical purposes it belongs to the Cleveland, OH metro area, as delineated by the Office of Management and Budget in July 2023. The Census Bureau counts 19 places in the county (18 incorporated, 1 census-designated); the largest is Mentor, with about 47,171 residents, or 20% of the county.
How Lake County residents earn a living
Education and health care employs 22% of working residents, the largest share; manufacturing is next with 20%. Manufacturing stands out: 20% of workers here, versus 15% statewide. ACS puts five-year average unemployment at 3.9% in Lake County. 9% of commuters travel 45 minutes or more each way, and 14% work from home. Only 5.1% of homes here go without a vehicle.
| Top industries | Lake County share | +/- vs Ohio |
|---|---|---|
| Education and health care | 21.8% | -2.5 pts |
| Manufacturing | 19.7% | +5.0 pts |
| Retail trade | 10.7% | -0.4 pts |
| Professional and administrative services | 9.3% | -1.0 pts |
| Finance, insurance and real estate | 8.4% | +1.8 pts |
| Arts, lodging and food service | 7.3% | -1.0 pts |
Shorter commutes usually mean lower vehicle costs, which can leave more room for a payment, or for paying a loan off early.
What Lake County households earn
The median household income in Lake County is $80,925; statewide it is $71,389, so Lake County runs 13% above Ohio as a whole.
| Yearly household income | Lake County | Gap to Ohio |
|---|---|---|
| Under $35,000 | 18.6% | -5.2 pts |
| $35,000 to $99,999 | 41.6% | 0.0 pts |
| $100,000 to $199,999 | 30.4% | +4.9 pts |
| $200,000 or more | 9.3% | +0.2 pts |
Some 19% of households here live on less than $35,000 a year; 40% have six-figure incomes. Census counts 8.3% of Lake County residents in poverty, against 13.3% across Ohio. A household earning below the $80,925 median should test any payment carefully; one earning above it should still pick the shortest term it can manage.
Rent, home values and ownership in Lake County
Renters in Lake County pay a median of $1,113 a month, 8% above the Ohio figure of $1,034. By the Census definition, 45% of Lake County renters are cost-burdened. With a median value of $214,100, a typical Lake County house costs 2.6 times what the median household earns in a year. The ownership rate is 76%. Median construction year: 1972.
| Measure | Lake County | Ohio | Median U.S. county |
|---|---|---|---|
| Median gross rent | $1,113/mo | $1,034/mo | $877/mo |
| Median home value | $214,100 | $214,800 | $185,300 |
| Owners | 76% | 67% | 75% |
| Rent-burdened renters | 45% | 46% | 45% |
| Burdened owners | 20% | 21% | n/a |
| Mobile homes | 1.9% | 3.4% | n/a |
Owners with equity have a second option. Weigh a secured line against an unsecured loan by risk as well as cost before you choose (how they compare).
The communities that make up Lake County
Here are the 14 most populous of the county's 19 Census places, with income and rent from the same 2020 to 2024 survey. About 78% of Lake County residents live in one of the 19. Incomes vary by place: $239,688 at the median in Kirtland Hills, $51,516 in Painesville. Rent is cheapest in Kirtland ($874) and steepest in North Perry ($1,281). This guide covers each of the 19 places and the rural areas around them.
| Place in county | Status | Population (ACS) | Median HH income | Monthly rent | Distance from center |
|---|---|---|---|---|---|
| Mentor | city | 47,171 | $88,949 | $1,239 | 9 mi |
| Willoughby | city | 24,046 | $71,309 | $1,171 | 14 mi |
| Painesville | city | 20,548 | $51,516 | $1,036 | 5 mi |
| Eastlake | city | 17,493 | $62,072 | $973 | 15 mi |
| Willowick | city | 14,162 | $77,228 | $1,053 | 17 mi |
| Wickliffe | city | 12,659 | $81,750 | $1,207 | 18 mi |
| Willoughby Hills | city | 9,975 | $67,214 | $1,116 | 18 mi |
| North Madison | CDP | 8,594 | $67,711 | $1,155 | 8 mi |
| Mentor-on-the-Lake | city | 7,111 | $67,188 | $1,062 | 10 mi |
| Kirtland | city | 6,911 | $110,455 | $874 | 15 mi |
| Madison | village | 3,417 | $94,928 | $961 | 7 mi |
| Fairport Harbor | village | 3,089 | $52,308 | $974 | 4 mi |
| Perry | village | 1,729 | $93,917 | $950 | 3 mi |
| North Perry | village | 1,004 | $98,611 | $1,281 | 4 mi |
Lake County next to its neighbors
Distances run center to center, from Geauga County at 19 miles out to Summit County at 49. Geauga County leads the group on income ($107,860), Trumbull County trails ($56,435), and Lake County out-earns 5 of the six.
| Nearby county | Center to center | Household income | Gross rent | Owner-occupied |
|---|---|---|---|---|
| Lake County | - | $80,925 | $1,113/mo | 76% |
| Geauga County, OH | 19 mi | $107,860 | $1,083/mo | 87% |
| Ashtabula County, OH | 25 mi | $57,728 | $828/mo | 76% |
| Cuyahoga County, OH | 26 mi | $64,468 | $1,060/mo | 59% |
| Trumbull County, OH | 39 mi | $56,435 | $797/mo | 71% |
| Portage County, OH | 42 mi | $75,766 | $1,064/mo | 70% |
| Summit County, OH | 49 mi | $71,622 | $1,026/mo | 68% |
Lake County households compared
32% of Lake County adults 25 and older hold a bachelor's degree or more. The uninsured rate is 4.5%, against 6.4% for Ohio.
| People and households | Lake County | Ohio | Median county |
|---|---|---|---|
| Median age | 44.1 | 39.7 | 41.5 |
| Bachelor's or higher | 31.6% | 31.5% | 22.2% |
| No high school diploma | 5.6% | 8.2% | n/a |
| No health insurance | 4.5% | 6.4% | 7.8% |
| No vehicle | 5.1% | 7.5% | 5.4% |
| Work from home | 13.6% | 13.0% | 8.7% |
| Poverty rate | 8.3% | 13.3% | 13.2% |
| Unemployment (ACS) | 3.9% | 4.8% | 4.4% |
| Travel time to work | Workers |
|---|---|
| Under 15 min | 26.5% |
| 15 to 29 min | 43.1% |
| 30 to 44 min | 21.7% |
| 45 to 59 min | 5.9% |
| 60+ min | 2.9% |
Borrowing situations common in Lake County
Where the Lake County numbers stand out, and why it matters for a loan:
- Tight rental budgets. With 45% of Lake County renters cost-burdened, test a new payment against a lean month.
- Consolidating cards in Lake County. Compare the total repaid, not the monthly figure (how).
- Credit reports. Pull free reports at AnnualCreditReport.com and dispute errors before applying.
A Lake County household budget, worked through
Lenders compare monthly debt payments with gross monthly income, the debt-to-income ratio. For a Lake County household at the medians it works out like this; treat it as an illustration only.
- Start: $6,744 gross per month ($80,925 / 12)
- 17% goes to median rent ($1,113)
- 35% debt-to-income limit: $1,247 left for all other debt payments
- At 45%, room after rent is $1,922 a month
If your rent is above $1,113, the room shrinks dollar for dollar.
Steps before you apply in Lake County
Four checks before you sign anything:
- Get a written quote for whatever you are paying for in Lake County.
- Shop at least three lenders, including one Lake County-area credit union.
- Check the license, then the reviews, then the offer.
- Confirm the first due date before setting up autopay.
Ohio rules that apply in Lake County
Licensing happens at the state level, so a lender working with Lake County borrowers answers to the Ohio Division of Financial Institutions. Federal complaints: consumerfinance.gov. See the Ohio state guide for the statewide picture.
More guides for Lake County
The Ohio guide covers the whole state.
Frequently asked questions
What does a typical Lake County household make?
About $80,925 a year at the median (ACS 2020-24), 13% above the Ohio median.
Is Lake County expensive for renters?
Median rent is $1,113 against $1,034 statewide, and 45% of renter households are cost-burdened.
I live in a small Lake County town. Is this my guide?
Yes. If your town has no city guide, this county page is the local one; it covers Mentor, Willoughby, Painesville, Eastlake, Willowick and 14 more.
Does my county matter to the questionnaire?
Only your state does. Whether you live in Lake County or elsewhere in Ohio, the same rules apply.
Who do I complain to about a lender in Lake County?
Start with the Ohio Division of Financial Institutions, then the CFPB complaint portal. Keep copies of every message.