Willoughby, Ohio Housing Market Prices
Willoughby 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 88% below the Ohio median$16,538
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Median rent 13% above the Ohio median$1,170
Housing Market Overview
| Metric | Willoughby | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $16,538 | $139,044 | $248,835 |
| Price Trend (Annual %) | -15.5% | 6.7% | 7.5% |
| Median Gross Rent | $1,170 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 3.9% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Willoughby is about 88% lower than in Ohio. Rent is about 13% higher than the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Willoughby: home prices fell about 15.5% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
Median rent in Willoughby rose about 39.8% between 2015 and 2024, from $837 to $1,170. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 0.2 yearly household incomes in Willoughby.
Buying the median-priced home in Willoughby costs roughly 1.2 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 Willoughby. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Willoughby | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $16,538 | $139,044 | $248,835 |
| Median Household Income | $71,686 | $71,509 | $80,455 |
| Price-to-Income Ratio | 0.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Willoughby fell about 80.8%, while median household income rose about 32.2% between 2009 and 2025 — 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 | Willoughby | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.3% | 61.7% | 58.5% |
| Rental Rate | 34.8% | 30.1% | 31.2% |
| Vacancy Rate | 4.9% | 8.1% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Willoughby has a homeownership rate of 60.3%, lower than the Ohio average of 61.7%. Its housing vacancy rate is 4.9%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Willoughby | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.01 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1974 | 1970 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Willoughby was built around 1974. On average, 2.0 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Willoughby, Ohio.
What is the median home price in Willoughby, Ohio?
The median home price in Willoughby, Ohio is $16,538, lower than the Ohio average of $139,044.
What is the average home price in Willoughby, Ohio?
The typical home price in Willoughby, Ohio, reported as the median sale price, is $16,538. 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 Willoughby, Ohio?
The median gross rent in Willoughby, Ohio is $1,170 per month, higher than the Ohio average of $1,033.
What was the median gross rent in Willoughby in 2020?
In 2020, the median gross rent in Willoughby, Ohio was $987 per month.
What is the price-to-rent ratio in Willoughby, Ohio?
The price-to-rent ratio in Willoughby, Ohio is about 1.2, meaning it would take roughly 1.2 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 Willoughby.
Are home prices or rent rising faster in Willoughby, Ohio?
Home prices and rent are moving in opposite directions in Willoughby: home prices fell about 15.5% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Willoughby, Ohio?
60.3% of households in Willoughby, Ohio own their home, lower than the Ohio average of 61.7%.
What is the vacancy rate in Willoughby, Ohio?
The housing vacancy rate in Willoughby, Ohio is 4.9%, lower than the Ohio average of 8.1%.
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