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 | Lucas County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,964 | $130,696 | $242,182 |
| Price Trend (Annual %) | 14.4% | 6.8% | 8.2% |
| Median Gross Rent | $911 | $987 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lucas County is about 7% lower than in Ohio. Rent is about 8% lower 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 Lucas County, up about 14.4% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Lucas County rose about 37.0% between 2015 and 2023, from $665 to $911. Over the same span, rent in Ohio rose about 35.4%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Lucas County.
Buying the median-priced home in Lucas County costs roughly 11.1 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 Lucas County. The price-to-rent ratio in Ohio is about 11.0.
| Metric | Lucas County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,964 | $130,696 | $242,182 |
| Median Household Income | $60,157 | $69,785 | $78,145 |
| Price-to-Income Ratio | 2.0 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lucas County rose about 140.1%, while median household income rose about 40.1% 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 | Lucas County | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.0% | 61.4% | 58.2% |
| Rental Rate | 34.8% | 30.2% | 31.3% |
| Vacancy Rate | 9.3% | 8.4% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Lucas County has a homeownership rate of 56.0%, lower than the Ohio average of 61.4%. Its housing vacancy rate is 9.3%, compared with 8.4% in Ohio.
Housing Stock
| Metric | Lucas County | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1966 | 1970 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Lucas County was built around 1966. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lucas County, Ohio.
What is the median home price in Lucas County, Ohio?
The median home price in Lucas County, Ohio is $120,964, lower than the Ohio average of $130,696.
What is the average home price in Lucas 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 Lucas County, Ohio?
The median gross rent in Lucas County, Ohio is $911 per month, lower than the Ohio average of $987.
What was the median gross rent in Lucas County in 2020?
In 2020, the median gross rent in Lucas County, Ohio was $759 per month.
What is the price-to-rent ratio in Lucas County, Ohio?
The price-to-rent ratio in Lucas County, Ohio is about 11.1, meaning it would take roughly 11.1 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 Lucas County.
Are home prices or rent rising faster in Lucas County, Ohio?
Both home prices and rent are rising in Lucas County, up about 14.4% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lucas County, Ohio?
56.0% of households in Lucas County, Ohio own their home, lower than the Ohio average of 61.4%.
What is the vacancy rate in Lucas County, Ohio?
The housing vacancy rate in Lucas County, Ohio is 9.3%, higher than the Ohio average of 8.4%.