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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 8,937 people, 4,147 houses or apartments, and a median cost of homes of $188,550, house prices in Sheffield Lake are solidly below the national average.
Single-family detached homes are the single most common housing type in Sheffield Lake, accounting for 78.56% of the city's housing units. Other types of housing that are prevalent in Sheffield Lake include large apartment complexes or high rise apartments ( 15.15%), duplexes, homes converted to apartments or other small apartment buildings ( 3.05%), and a few mobile homes or trailers ( 2.28%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Sheffield Lake. Owner-occupied housing accounts for 76.49% of Sheffield Lake's homes, and 67.21% have either three or four bedrooms, which is average sized relative to America.
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. Sheffield Lake's housing was primarily built during this period, from the '40s through the '60s. A full 54.36% of the city's housing hails from this era. Other housing ages represented in Sheffield Lake include homes built between 1970-1999 ( 37.85%) and housing constructed before 1939 ( 4.58%). There's also some housing in Sheffield Lake built between 2000 and later ( 3.21%).
Real estate appreciation rates in Sheffield Lake's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.26% during the period.
Over the last year, Sheffield Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Sheffield Lake's appreciation rate has been 4.80%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Sheffield Lake were at 0.89%, which equates to an annual appreciation rate of 3.60%.
Relative to Ohio, our data show that Sheffield Lake's latest annual appreciation rate is lower than 70% of the other cities and towns in Ohio.
$188,550
for Ohio
for nation
4,147
$1,783 / per month