Lancaster, Ohio Housing Market Prices
Lancaster Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 13% below the Ohio median$121,088
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Median rent 4% above the Ohio median$1,079
Housing Market Overview
| Metric | Lancaster | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $121,088 | $139,044 | $248,835 |
| Price Trend (Annual %) | 23.3% | 6.7% | 7.5% |
| Median Gross Rent | $1,079 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 4.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lancaster is about 13% lower than in Ohio. Rent is about 4% higher than the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Lancaster, up about 23.3% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Lancaster rose about 45.9% between 2015 and 2024, from $740 to $1,079. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Lancaster.
Buying the median-priced home in Lancaster costs roughly 9.4 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 Lancaster. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Lancaster | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $121,088 | $139,044 | $248,835 |
| Median Household Income | $57,633 | $71,509 | $80,455 |
| Price-to-Income Ratio | 2.1 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lancaster fell about 7.8%, while median household income rose about 42.8% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lancaster | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.1% | 61.7% | 58.5% |
| Rental Rate | 39.8% | 30.1% | 31.2% |
| Vacancy Rate | 9.1% | 8.1% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Lancaster has a homeownership rate of 51.1%, lower than the Ohio average of 61.7%. Its housing vacancy rate is 9.1%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Lancaster | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1961 | 1970 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Lancaster was built around 1961. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lancaster, Ohio.
What is the median home price in Lancaster, Ohio?
The median home price in Lancaster, Ohio is $121,088, lower than the Ohio average of $139,044.
What is the average home price in Lancaster, Ohio?
The typical home price in Lancaster, Ohio, reported as the median sale price, is $121,088. 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 Lancaster, Ohio?
The median gross rent in Lancaster, Ohio is $1,079 per month, higher than the Ohio average of $1,033.
What was the median gross rent in Lancaster in 2020?
In 2020, the median gross rent in Lancaster, Ohio was $843 per month.
What is the price-to-rent ratio in Lancaster, Ohio?
The price-to-rent ratio in Lancaster, Ohio is about 9.4, meaning it would take roughly 9.4 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 Lancaster.
Are home prices or rent rising faster in Lancaster, Ohio?
Both home prices and rent are rising in Lancaster, up about 23.3% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lancaster, Ohio?
51.1% of households in Lancaster, Ohio own their home, lower than the Ohio average of 61.7%.
What is the vacancy rate in Lancaster, Ohio?
The housing vacancy rate in Lancaster, Ohio is 9.1%, higher than the Ohio average of 8.1%.
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