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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Painesville, OH Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Painesville, OH Housing Market Trends

With a population of 20,642, 7,787 total housing units (homes and apartments), and a median house value of $150,566, house prices in Painesville are some of the most affordable in Ohio as well as the nation.

Single-family detached homes are the single most common housing type in Painesville, accounting for 61.87% of the city's housing units. Other types of housing that are prevalent in Painesville include large apartment complexes or high rise apartments ( 22.81%), duplexes, homes converted to apartments or other small apartment buildings ( 10.46%), and a few row houses and other attached homes ( 4.73%).

The most prevalent building size and type in Painesville are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 46.30% owning and 53.70% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Painesville's housing was primarily built during this period, from the '40s through the '60s. A full 26.74% of the city's housing hails from this era. Other housing ages represented in Painesville include homes built between 2000 and later ( 25.04%) and housing constructed before 1939 ( 24.38%). There's also some housing in Painesville built between 1970-1999 ( 23.85%).

Painesville Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Painesville, where house values have increased just 47.54%, which is annualized rate of 3.97%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Painesville's appreciation rate, at 5.03%, has been at or slightly above the national average. In the latest quarter, Painesville's appreciation rate has been -0.78%, which annualizes to a rate of -3.07%.

Notably, Painesville's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Ohio, our data show that Painesville's latest annual appreciation rate is lower than 80% of the other cities and towns in Ohio.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Painesville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Painesville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Painesville real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$150,566

Painesville, OH Home Prices
> $1,148,000
$861,001 - $1,148,000
$574,001 - $861,000
$459,001 - $574,000
$344,001 - $459,000
$230,001 - $344,000
$115,001 - $230,000
$57,001 - $115,000
$0 - $57,000
0.3%
0.3%
0.0%
0.0%
0.5%
0.5%
0.5%
0.5%
6.1%
6.1%
15.1%
15.1%
48.9%
48.9%
22.7%
22.7%
5.9%
5.9%
0% 100.0%
% of Homes
Very Low

for Ohio

Very Low

for nation

Number of Homes And Apartments:

7,787

Painesville Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,393 / per month

Homeownership Rate

Owners
Renters
46.3%
46.3%
53.7%
53.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.5%
6.5%
93.5%
93.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
25.0%
25.0%
23.8%
23.8%
26.7%
26.7%
24.4%
24.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
61.9%
61.9%
4.7%
4.7%
10.5%
10.5%
22.8%
22.8%
0.1%
0.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.4%
3.4%
8.3%
8.3%
30.6%
30.6%
42.8%
42.8%
12.9%
12.9%
2.1%
2.1%
0% 100.0%
% of Homes