Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Geauga County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $465,237 | $130,696 | $242,182 |
| Price Trend (Annual %) | 18.9% | 6.8% | 8.2% |
| Median Gross Rent | $1,018 | $987 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Geauga County is about 256% higher than in Ohio. Rent is about 3% higher than the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Geauga County, up about 18.9% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Geauga County rose about 27.2% between 2015 and 2023, from $801 to $1,018. Over the same span, rent in Ohio rose about 35.4%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Geauga County.
Buying the median-priced home in Geauga County costs roughly 38.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Geauga County. The price-to-rent ratio in Ohio is about 11.0.
| Metric | Geauga County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $465,237 | $130,696 | $242,182 |
| Median Household Income | $101,022 | $69,785 | $78,145 |
| Price-to-Income Ratio | 4.6 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Geauga County rose about 67.5%, while median household income rose about 48.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Geauga County | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 82.3% | 61.4% | 58.2% |
| Rental Rate | 12.3% | 30.2% | 31.3% |
| Vacancy Rate | 5.4% | 8.4% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Geauga County has a homeownership rate of 82.3%, higher than the Ohio average of 61.4%. Its housing vacancy rate is 5.4%, compared with 8.4% in Ohio.
Housing Stock
| Metric | Geauga County | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1976 | 1970 | 1978 |
| Median Number of Rooms | 7.3 | 5.9 | 5.5 |
The typical housing unit in Geauga County was built around 1976. On average, 2.7 people live in a home with about 7.3 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Geauga County, Ohio.
What is the median home price in Geauga County, Ohio?
The median home price in Geauga County, Ohio is $465,237, higher than the Ohio average of $130,696.
What is the average home price in Geauga County, Ohio?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Geauga County, Ohio?
The median gross rent in Geauga County, Ohio is $1,018 per month, higher than the Ohio average of $987.
What was the median gross rent in Geauga County in 2020?
In 2020, the median gross rent in Geauga County, Ohio was $839 per month.
What is the price-to-rent ratio in Geauga County, Ohio?
The price-to-rent ratio in Geauga County, Ohio is about 38.1, meaning it would take roughly 38.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Geauga County.
Are home prices or rent rising faster in Geauga County, Ohio?
Both home prices and rent are rising in Geauga County, up about 18.9% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Geauga County, Ohio?
82.3% of households in Geauga County, Ohio own their home, higher than the Ohio average of 61.4%.
What is the vacancy rate in Geauga County, Ohio?
The housing vacancy rate in Geauga County, Ohio is 5.4%, lower than the Ohio average of 8.4%.