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 | Morrow County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,272 | $130,696 | $242,182 |
| Price Trend (Annual %) | -3.8% | 6.8% | 8.2% |
| Median Gross Rent | $942 | $987 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morrow County is about 55% lower than in Ohio. Rent is about 5% lower than the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Morrow County: home prices fell about 3.8% a year while rent rose about 5.8% a year. That is an unusual pattern worth watching.
Median rent in Morrow County rose about 39.3% between 2015 and 2023, from $676 to $942. Over the same span, rent in Ohio rose about 35.4%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Morrow County.
Buying the median-priced home in Morrow County costs roughly 5.2 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 Morrow County. The price-to-rent ratio in Ohio is about 11.0.
| Metric | Morrow County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,272 | $130,696 | $242,182 |
| Median Household Income | $72,405 | $69,785 | $78,145 |
| Price-to-Income Ratio | 0.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Morrow County fell about 30.4%, while median household income rose about 47.0% between 2009 and 2023 — 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 | Morrow County | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.2% | 61.4% | 58.2% |
| Rental Rate | 16.8% | 30.2% | 31.3% |
| Vacancy Rate | 8.0% | 8.4% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Morrow County has a homeownership rate of 75.2%, higher than the Ohio average of 61.4%. Its housing vacancy rate is 8.0%, compared with 8.4% in Ohio.
Housing Stock
| Metric | Morrow County | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1977 | 1970 | 1978 |
| Median Number of Rooms | 6.3 | 5.9 | 5.5 |
The typical housing unit in Morrow County was built around 1977. On average, 2.6 people live in a home with about 6.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morrow County, Ohio.
What is the median home price in Morrow County, Ohio?
The median home price in Morrow County, Ohio is $58,272, lower than the Ohio average of $130,696.
What is the average home price in Morrow 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 Morrow County, Ohio?
The median gross rent in Morrow County, Ohio is $942 per month, lower than the Ohio average of $987.
What was the median gross rent in Morrow County in 2020?
In 2020, the median gross rent in Morrow County, Ohio was $772 per month.
What is the price-to-rent ratio in Morrow County, Ohio?
The price-to-rent ratio in Morrow County, Ohio is about 5.2, meaning it would take roughly 5.2 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 Morrow County.
Are home prices or rent rising faster in Morrow County, Ohio?
Home prices and rent are moving in opposite directions in Morrow County: home prices fell about 3.8% a year while rent rose about 5.8% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Morrow County, Ohio?
75.2% of households in Morrow County, Ohio own their home, higher than the Ohio average of 61.4%.
What is the vacancy rate in Morrow County, Ohio?
The housing vacancy rate in Morrow County, Ohio is 8.0%, lower than the Ohio average of 8.4%.