Parma Heights, Ohio Housing Market Prices
Parma Heights 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.
-
Median home price 17% above the Ohio median$162,500
-
Median rent 7% above the Ohio median$1,111
Housing Market Overview
| Metric | Parma Heights | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,500 | $139,044 | $248,835 |
| Price Trend (Annual %) | 9.8% | 6.7% | 7.5% |
| Median Gross Rent | $1,111 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 5.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Parma Heights is about 17% higher than in Ohio. Rent is about 7% 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 Heights, up about 9.8% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Parma Heights rose about 52.4% between 2015 and 2024, from $729 to $1,111. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Parma Heights.
Buying the median-priced home in Parma Heights costs roughly 12.2 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 Parma Heights. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Parma Heights | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,500 | $139,044 | $248,835 |
| Median Household Income | $60,997 | $71,509 | $80,455 |
| Price-to-Income Ratio | 2.7 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Parma Heights rose about 90.4%, while median household income rose about 35.5% 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 Heights | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.1% | 61.7% | 58.5% |
| Rental Rate | 40.9% | 30.1% | 31.2% |
| Vacancy Rate | 3.0% | 8.1% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Parma Heights has a homeownership rate of 56.1%, lower than the Ohio average of 61.7%. Its housing vacancy rate is 3.0%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Parma Heights | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1964 | 1970 | 1978 |
| Median Number of Rooms | 5.4 | 5.9 | 5.5 |
The typical housing unit in Parma Heights was built around 1964. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Parma Heights, OH Housing Compared With Nearby Cities
How Parma Heights, OH compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Parma Heights, OH | 20,580 | $162,500 #2/2 | $1,111 #1/2 | 57.8% #2/2 |
| Parma, OH | 79,821 | $196,201 | $1,087 | 72.4% |
Frequently Asked Questions
Common questions about the housing market in Parma Heights, Ohio.
What is the median home price in Parma Heights, Ohio?
The median home price in Parma Heights, Ohio is $162,500, higher than the Ohio average of $139,044.
What is the average home price in Parma Heights, Ohio?
The typical home price in Parma Heights, Ohio, reported as the median sale price, is $162,500. 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 Heights, Ohio?
The median gross rent in Parma Heights, Ohio is $1,111 per month, higher than the Ohio average of $1,033.
What was the median gross rent in Parma Heights in 2020?
In 2020, the median gross rent in Parma Heights, Ohio was $850 per month.
What is the price-to-rent ratio in Parma Heights, Ohio?
The price-to-rent ratio in Parma Heights, Ohio is about 12.2, meaning it would take roughly 12.2 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 Parma Heights.
Are home prices or rent rising faster in Parma Heights, Ohio?
Both home prices and rent are rising in Parma Heights, up about 9.8% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Parma Heights, Ohio?
56.1% of households in Parma Heights, Ohio own their home, lower than the Ohio average of 61.7%.
What is the vacancy rate in Parma Heights, Ohio?
The housing vacancy rate in Parma Heights, Ohio is 3.0%, lower than the Ohio average of 8.1%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →