Painesville, Ohio Housing Market Prices
Painesville 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 40% above the Ohio median$194,390
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Median rent About the same as the Ohio median$1,035
Housing Market Overview
| Metric | Painesville | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $194,390 | $139,044 | $248,835 |
| Price Trend (Annual %) | 24.5% | 6.7% | 7.5% |
| Median Gross Rent | $1,035 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Painesville is about 40% higher than in Ohio. Rent follows a similar pattern, running close to the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Painesville, up about 24.5% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Painesville rose about 50.5% between 2015 and 2024, from $688 to $1,035. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Painesville.
Buying the median-priced home in Painesville costs roughly 15.6 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 Painesville. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Painesville | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $194,390 | $139,044 | $248,835 |
| Median Household Income | $51,820 | $71,509 | $80,455 |
| Price-to-Income Ratio | 3.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Painesville rose about 174.2%, while median household income rose about 45.1% between 2009 and 2025 — 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 | Painesville | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.6% | 61.7% | 58.5% |
| Rental Rate | 47.3% | 30.1% | 31.2% |
| Vacancy Rate | 3.1% | 8.1% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Painesville has a homeownership rate of 49.6%, lower than the Ohio average of 61.7%. Its housing vacancy rate is 3.1%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Painesville | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1969 | 1970 | 1978 |
| Median Number of Rooms | 5.4 | 5.9 | 5.5 |
The typical housing unit in Painesville was built around 1969. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 11.0 years on average.
Painesville, OH Housing Compared With Nearby Cities
How Painesville, OH compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Painesville, OH | 20,571 | $194,390 #1/2 | $1,035 #2/2 | 51.2% #2/2 |
| Mentor, OH | 47,171 | $158,867 | $1,238 | 84.7% |
Frequently Asked Questions
Common questions about the housing market in Painesville, Ohio.
What is the median home price in Painesville, Ohio?
The median home price in Painesville, Ohio is $194,390, higher than the Ohio average of $139,044.
What is the average home price in Painesville, Ohio?
The typical home price in Painesville, Ohio, reported as the median sale price, is $194,390. 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 Painesville, Ohio?
The median gross rent in Painesville, Ohio is $1,035 per month, about the same as the Ohio average.
What was the median gross rent in Painesville in 2020?
In 2020, the median gross rent in Painesville, Ohio was $824 per month.
What is the price-to-rent ratio in Painesville, Ohio?
The price-to-rent ratio in Painesville, Ohio is about 15.6, meaning it would take roughly 15.6 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 Painesville.
Are home prices or rent rising faster in Painesville, Ohio?
Both home prices and rent are rising in Painesville, up about 24.5% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Painesville, Ohio?
49.6% of households in Painesville, Ohio own their home, lower than the Ohio average of 61.7%.
What is the vacancy rate in Painesville, Ohio?
The housing vacancy rate in Painesville, Ohio is 3.1%, lower than the Ohio average of 8.1%.
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