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 | Summit County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $116,402 | $130,696 | $242,182 |
| Price Trend (Annual %) | 4.1% | 6.8% | 8.2% |
| Median Gross Rent | $997 | $987 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Summit County is about 11% lower than in Ohio. Rent is about 1% higher 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 Summit County, up about 4.1% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Summit County rose about 34.1% between 2015 and 2023, from $743 to $997. Over the same span, rent in Ohio rose about 35.4%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Summit County.
Buying the median-priced home in Summit County costs roughly 9.7 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 Summit County. The price-to-rent ratio in Ohio is about 11.0.
| Metric | Summit County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $116,402 | $130,696 | $242,182 |
| Median Household Income | $70,635 | $69,785 | $78,145 |
| Price-to-Income Ratio | 1.6 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Summit County rose about 32.5%, while median household income rose about 47.4% 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 | Summit County | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.5% | 61.4% | 58.2% |
| Rental Rate | 30.4% | 30.2% | 31.3% |
| Vacancy Rate | 7.2% | 8.4% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Summit County has a homeownership rate of 62.5%, higher than the Ohio average of 61.4%. Its housing vacancy rate is 7.2%, compared with 8.4% in Ohio.
Housing Stock
| Metric | Summit 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 | 6.1 | 5.9 | 5.5 |
The typical housing unit in Summit County was built around 1966. On average, 2.3 people live in a home with about 6.1 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Summit County, Ohio.
What is the median home price in Summit County, Ohio?
The median home price in Summit County, Ohio is $116,402, lower than the Ohio average of $130,696.
What is the average home price in Summit 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 Summit County, Ohio?
The median gross rent in Summit County, Ohio is $997 per month, higher than the Ohio average of $987.
What was the median gross rent in Summit County in 2020?
In 2020, the median gross rent in Summit County, Ohio was $853 per month.
What is the price-to-rent ratio in Summit County, Ohio?
The price-to-rent ratio in Summit County, Ohio is about 9.7, meaning it would take roughly 9.7 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 Summit County.
Are home prices or rent rising faster in Summit County, Ohio?
Both home prices and rent are rising in Summit County, up about 4.1% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Summit County, Ohio?
62.5% of households in Summit County, Ohio own their home, higher than the Ohio average of 61.4%.
What is the vacancy rate in Summit County, Ohio?
The housing vacancy rate in Summit County, Ohio is 7.2%, lower than the Ohio average of 8.4%.