Parma, Ohio Housing Market Prices
Parma 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 41% above the Ohio median$196,201
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Median rent 5% above the Ohio median$1,087
Housing Market Overview
| Metric | Parma | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $196,201 | $139,044 | $248,835 |
| Price Trend (Annual %) | 13.7% | 6.7% | 7.5% |
| Median Gross Rent | $1,087 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 4.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Parma is about 41% higher than in Ohio. Rent is about 5% higher 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 Parma, up about 13.7% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Parma rose about 45.4% between 2015 and 2024, from $748 to $1,087. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Parma.
Buying the median-priced home in Parma costs roughly 15.0 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 Parma. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Parma | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $196,201 | $139,044 | $248,835 |
| Median Household Income | $69,397 | $71,509 | $80,455 |
| Price-to-Income Ratio | 2.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Parma rose about 123.4%, while median household income rose about 31.4% 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 | Parma | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.7% | 61.7% | 58.5% |
| Rental Rate | 26.2% | 30.1% | 31.2% |
| Vacancy Rate | 5.2% | 8.1% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Parma has a homeownership rate of 68.7%, higher than the Ohio average of 61.7%. Its housing vacancy rate is 5.2%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Parma | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.29 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1961 | 1970 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Parma was built around 1961. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Parma, Ohio.
What is the median home price in Parma, Ohio?
The median home price in Parma, Ohio is $196,201, higher than the Ohio average of $139,044.
What is the average home price in Parma, Ohio?
The typical home price in Parma, Ohio, reported as the median sale price, is $196,201. 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 Parma, Ohio?
The median gross rent in Parma, Ohio is $1,087 per month, higher than the Ohio average of $1,033.
What was the median gross rent in Parma in 2020?
In 2020, the median gross rent in Parma, Ohio was $881 per month.
What is the price-to-rent ratio in Parma, Ohio?
The price-to-rent ratio in Parma, Ohio is about 15.0, meaning it would take roughly 15.0 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 Parma.
Are home prices or rent rising faster in Parma, Ohio?
Both home prices and rent are rising in Parma, up about 13.7% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Parma, Ohio?
68.7% of households in Parma, Ohio own their home, higher than the Ohio average of 61.7%.
What is the vacancy rate in Parma, Ohio?
The housing vacancy rate in Parma, Ohio is 5.2%, lower than the Ohio average of 8.1%.
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