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: Counties in Ohio
Housing Market Overview
| Metric | Ohio | US Average |
|---|---|---|
| Median Home Price | $130,696 | $242,182 |
| Price Trend (Annual %) | 6.8% | 8.2% |
| Median Gross Rent | $987 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Ohio is about 46% lower than in US. Rent is about 26% lower than the US 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 Ohio, up about 6.8% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Ohio rose about 35.4% between 2015 and 2023, from $729 to $987. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Ohio.
Buying the median-priced home in Ohio costs roughly 11.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Ohio. The price-to-rent ratio in US is about 15.0.
| Metric | Ohio | US Average |
|---|---|---|
| Median Home Price | $130,696 | $242,182 |
| Median Household Income | $69,785 | $78,145 |
| Price-to-Income Ratio | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Ohio rose about 57.7%, while median household income rose about 47.8% 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 | Ohio | US Average |
|---|---|---|
| Homeownership Rate | 61.4% | 58.2% |
| Rental Rate | 30.2% | 31.3% |
| Vacancy Rate | 8.4% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
Ohio has a homeownership rate of 61.4%, higher than the US average of 58.2%. Its housing vacancy rate is 8.4%, compared with 10.6% in US.
Housing Stock
| Metric | Ohio | US Average |
|---|---|---|
| Average Household Size | 2.38 people | 2.54 people |
| Median Structure Built Year | 1970 | 1978 |
| Median Number of Rooms | 5.9 | 5.5 |
The typical housing unit in Ohio was built around 1970. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ohio.
What is the median home price in Ohio?
The median home price in Ohio is $130,696, lower than the US average of $242,182.
What is the average home price in 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 Ohio?
The median gross rent in Ohio is $987 per month, lower than the US average of $1,342.
What was the median gross rent in Ohio in 2020?
In 2020, the median gross rent in Ohio was $825 per month.
What is the price-to-rent ratio in Ohio?
The price-to-rent ratio in Ohio is about 11.0, meaning it would take roughly 11.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Ohio.
Are home prices or rent rising faster in Ohio?
Both home prices and rent are rising in Ohio, up about 6.8% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ohio?
61.4% of households in Ohio own their home, higher than the US average of 58.2%.
What is the vacancy rate in Ohio?
The housing vacancy rate in Ohio is 8.4%, lower than the US average of 10.6%.