Lima, Ohio Housing Market Prices
Lima 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 59% below the Ohio median$57,259
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Median rent 12% below the Ohio median$904
Housing Market Overview
| Metric | Lima | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $57,259 | $139,044 | $248,835 |
| Price Trend (Annual %) | 1.8% | 6.7% | 7.5% |
| Median Gross Rent | $904 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lima is about 59% lower than in Ohio. Rent is about 12% lower 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 Lima, up about 1.8% and 4.6% a year respectively. Rent is changing faster.
Median rent in Lima rose about 47.1% between 2015 and 2024, from $615 to $904. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 1.2 yearly household incomes in Lima.
Buying the median-priced home in Lima costs roughly 5.3 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 Lima. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Lima | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $57,259 | $139,044 | $248,835 |
| Median Household Income | $46,187 | $71,509 | $80,455 |
| Price-to-Income Ratio | 1.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lima fell about 3.6%, while median household income rose about 40.4% 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 | Lima | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.5% | 61.7% | 58.5% |
| Rental Rate | 46.9% | 30.1% | 31.2% |
| Vacancy Rate | 10.6% | 8.1% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Lima has a homeownership rate of 42.5%, lower than the Ohio average of 61.7%. Its housing vacancy rate is 10.6%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Lima | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1953 | 1970 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Lima was built around 1953. 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 Lima, Ohio.
What is the median home price in Lima, Ohio?
The median home price in Lima, Ohio is $57,259, lower than the Ohio average of $139,044.
What is the average home price in Lima, Ohio?
The typical home price in Lima, Ohio, reported as the median sale price, is $57,259. 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 Lima, Ohio?
The median gross rent in Lima, Ohio is $904 per month, lower than the Ohio average of $1,033.
What was the median gross rent in Lima in 2020?
In 2020, the median gross rent in Lima, Ohio was $695 per month.
What is the price-to-rent ratio in Lima, Ohio?
The price-to-rent ratio in Lima, Ohio is about 5.3, meaning it would take roughly 5.3 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 Lima.
Are home prices or rent rising faster in Lima, Ohio?
Both home prices and rent are rising in Lima, up about 1.8% and 4.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Lima, Ohio?
42.5% of households in Lima, Ohio own their home, lower than the Ohio average of 61.7%.
What is the vacancy rate in Lima, Ohio?
The housing vacancy rate in Lima, Ohio is 10.6%, higher than the Ohio average of 8.1%.
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