Average Household Income Rising In Lakewood

LAKEWOOD, OH — Residents are making more money each year, on average, than the year before, according to the U.S. Census. The mean household income for 2016 was $47,145, a record high from when the Census started recording such data (2010).

The steady growth in household earnings makes anecdotal sense, as well as numerical sense. City councilpersons have been debating over the past year whether or not the city is becoming gentrified or forcing older, less well-to-do residents out.

During his campaign for city council, Tristan Rader noted that senior citizens were concerned about the rising cost of living in the city. Tom Bullock has also said the rising demand for houses in Lakewood has created a unique problem — should city council be fighting to keep Lakewood affordable or enjoying the surge in popularity?

About 42 percent of homes are now worth between $100,000 and $150,000. That's actually down slightly from 2015, but the number of houses worth up to $200,000 has gone up to about 20 percent. Plus, the number of homes worth up to $300,000 has risen to about 10 percent, a six-year high for the city.

The Census says Lakewood is about 90 percent occupied, with a chunk of the vacant units being rental properties. The vast majority of current residents moved into their homes between 2000 and 2015, according to the data.

Rader has previously said he wants to engage with this issue. During the campaign he said he wants to see ordinances put into place to preserve certain sections of housing as rent-controlled, or encourage affordable housing. He also wants the city to engage in conversations with contractors to discuss what types of properties are being built within Lakewood.

Do you agree with that approach? Do you think Lakewood should engage the issue of rising housing prices or enjoy the surge?

Photo from Rick Uldricks, Patch