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 | Licking County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $195,580 | $130,696 | $242,182 |
| Price Trend (Annual %) | 7.6% | 6.8% | 8.2% |
| Median Gross Rent | $998 | $987 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Licking County is about 50% higher than in Ohio. Rent is about 1% 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 Licking County, up about 7.6% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Licking County rose about 31.3% between 2015 and 2023, from $760 to $998. Over the same span, rent in Ohio rose about 35.4%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Licking County.
Buying the median-priced home in Licking County costs roughly 16.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Licking County. The price-to-rent ratio in Ohio is about 11.0.
| Metric | Licking County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $195,580 | $130,696 | $242,182 |
| Median Household Income | $81,427 | $69,785 | $78,145 |
| Price-to-Income Ratio | 2.4 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Licking County rose about 63.0%, while median household income rose about 52.8% 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 | Licking County | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.0% | 61.4% | 58.2% |
| Rental Rate | 24.6% | 30.2% | 31.3% |
| Vacancy Rate | 6.5% | 8.4% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Licking County has a homeownership rate of 69.0%, higher than the Ohio average of 61.4%. Its housing vacancy rate is 6.5%, compared with 8.4% in Ohio.
Housing Stock
| Metric | Licking County | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1981 | 1970 | 1978 |
| Median Number of Rooms | 6.2 | 5.9 | 5.5 |
The typical housing unit in Licking County was built around 1981. On average, 2.6 people live in a home with about 6.2 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Licking County, Ohio.
What is the median home price in Licking County, Ohio?
The median home price in Licking County, Ohio is $195,580, higher than the Ohio average of $130,696.
What is the average home price in Licking 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 Licking County, Ohio?
The median gross rent in Licking County, Ohio is $998 per month, higher than the Ohio average of $987.
What was the median gross rent in Licking County in 2020?
In 2020, the median gross rent in Licking County, Ohio was $864 per month.
What is the price-to-rent ratio in Licking County, Ohio?
The price-to-rent ratio in Licking County, Ohio is about 16.3, meaning it would take roughly 16.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Licking County.
Are home prices or rent rising faster in Licking County, Ohio?
Both home prices and rent are rising in Licking County, up about 7.6% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Licking County, Ohio?
69.0% of households in Licking County, Ohio own their home, higher than the Ohio average of 61.4%.
What is the vacancy rate in Licking County, Ohio?
The housing vacancy rate in Licking County, Ohio is 6.5%, lower than the Ohio average of 8.4%.