Lakewood, OH
Population 50,229 · Ohio
About Lakewood, OH
Lakewood is a mid-sized city located in Ohio with a population of 50,229 residents according to the latest US Census Bureau American Community Survey data. The median household income is $65,925 per year, which is 12% below the national median of $75,149. The median age of 34.7 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Lakewood features a median home value of $241,500, which is 1% below the national median of $244,900. This positions Lakewood in a moderately priced market relative to the rest of the country. Median monthly rent is $1,013, 13% below the national average of $1,163/month. Of the 28,973 total housing units, 45% are owner-occupied (11,832 units) and 55% are renter-occupied (14,737 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Lakewood shows an unemployment rate of 5.2%, which is near the national rate of 3.7%. The poverty rate stands at 10.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lakewood have an average one-way commute time of 23.4 minutes.
Education & Demographics
53.9% of Lakewood residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 1.2% White, 0.7% Hispanic or Latino, 1.4% Black or African American, and 1.3% Asian residents, with 8.1% of the population being foreign-born.
How Lakewood Ranks in Ohio
Cost of Living in Lakewood, OH
Compared to national averages, Lakewood has a median household income of $65,925 (12% below the national median of $75,149). Home values average $241,500, which is 1% below the national median. Monthly rent at $1,013 is 13% below the US average of $1,163. Within Ohio, Lakewood's income is 8% below the state average of $71,814, and home values are 38% above the state median of $174,449.
Why Live in Lakewood, OH?
Lakewood offers affordable housing with a median home value of $241,500, below the US average of $244,900, and rent that’s lower than the national average at $1,013/month, and a well-educated community where 53.9% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 10.8%, better than the national average, and short commute times averaging just 23.4 minutes.
Potential considerations include median household income ($65,925) that falls below the national average. However, as a mid-sized city, Lakewood provides access to a wide range of amenities and services.
Lakewood has a population of 50,229 with a median age of 34.7 years. Compare Lakewood with other cities to see how it stacks up, or explore all cities in Ohio.
Similar Cities Near Lakewood
Cities in Ohio with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Newark | 50,393 | $58,920 | $174,100 | Compare |
| Middletown | 50,607 | $54,985 | $148,300 | Compare |
| Cuyahoga Falls | 50,864 | $70,645 | $174,700 | Compare |
| Dublin | 49,031 | $155,282 | $514,900 | Compare |
| Euclid | 48,991 | $48,696 | $114,700 | Compare |
| Mansfield | 47,686 | $42,605 | $110,600 | Compare |
| Elyria | 52,833 | $53,204 | $142,800 | Compare |
| Mentor | 47,215 | $89,202 | $229,500 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Ohio
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Lakewood With Other Cities
Frequently Asked Questions about Lakewood
What is the population of Lakewood, OH?
The population of Lakewood, OH is 50,229 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Ohio.
What is the median household income in Lakewood?
The median household income in Lakewood, OH is $65,925 per year, which is 12% below the national median of $75,149.
What is the median home value in Lakewood?
The median home value in Lakewood, OH is $241,500, which is 1% below the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Lakewood?
The median monthly rent in Lakewood, OH is $1,013, which is 13% below the national average of $1,163/month.
What is the unemployment rate in Lakewood?
The unemployment rate in Lakewood, OH is 5.2%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Lakewood, OH a good place to live?
Lakewood offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 50,229 and a median age of 34.7, the city appeals to young professionals and families.
How educated is Lakewood, OH?
53.9% of residents in Lakewood aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Lakewood?
Key cost-of-living indicators for Lakewood, OH: median home value is $241,500 (1% below national), median rent is $1,013/month, and median household income is $65,925. The home-value-to-income ratio is 3.7x, a moderate figure by national standards.
What is the poverty rate in Lakewood?
The poverty rate in Lakewood, OH is 10.8%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Lakewood, OH?
Lakewood's population is 1.2% White, 0.7% Hispanic or Latino, 1.4% Black or African American, 1.3% Asian, and 6.2% two or more races. 8.1% of residents are foreign-born.