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 | Trumbull County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,909 | $130,696 | $242,182 |
| Price Trend (Annual %) | 2.4% | 6.8% | 8.2% |
| Median Gross Rent | $782 | $987 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Trumbull County is about 44% lower than in Ohio. Rent is about 21% lower 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 Trumbull County, up about 2.4% and 3.0% a year respectively. Rent is changing faster.
Median rent in Trumbull County rose about 24.8% between 2015 and 2023, from $627 to $782. Over the same span, rent in Ohio rose about 35.4%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Trumbull County.
Buying the median-priced home in Trumbull County costs roughly 7.8 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 Trumbull County. The price-to-rent ratio in Ohio is about 11.0.
| Metric | Trumbull County | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,909 | $130,696 | $242,182 |
| Median Household Income | $55,663 | $69,785 | $78,145 |
| Price-to-Income Ratio | 1.3 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Trumbull County rose about 10.0%, while median household income rose about 30.5% 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 | Trumbull County | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.2% | 61.4% | 58.2% |
| Rental Rate | 26.0% | 30.2% | 31.3% |
| Vacancy Rate | 8.9% | 8.4% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Trumbull County has a homeownership rate of 65.2%, higher than the Ohio average of 61.4%. Its housing vacancy rate is 8.9%, compared with 8.4% in Ohio.
Housing Stock
| Metric | Trumbull County | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.29 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1964 | 1970 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Trumbull County was built around 1964. On average, 2.3 people live in a home with about 5.8 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Trumbull County, Ohio.
What is the median home price in Trumbull County, Ohio?
The median home price in Trumbull County, Ohio is $72,909, lower than the Ohio average of $130,696.
What is the average home price in Trumbull 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 Trumbull County, Ohio?
The median gross rent in Trumbull County, Ohio is $782 per month, lower than the Ohio average of $987.
What was the median gross rent in Trumbull County in 2020?
In 2020, the median gross rent in Trumbull County, Ohio was $683 per month.
What is the price-to-rent ratio in Trumbull County, Ohio?
The price-to-rent ratio in Trumbull County, Ohio is about 7.8, meaning it would take roughly 7.8 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 Trumbull County.
Are home prices or rent rising faster in Trumbull County, Ohio?
Both home prices and rent are rising in Trumbull County, up about 2.4% and 3.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Trumbull County, Ohio?
65.2% of households in Trumbull County, Ohio own their home, higher than the Ohio average of 61.4%.
What is the vacancy rate in Trumbull County, Ohio?
The housing vacancy rate in Trumbull County, Ohio is 8.9%, higher than the Ohio average of 8.4%.