Lima, OH—45801
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lima, OH
As of Oct '25, the median home price in Lima, OH is $138,000, with a year-over-year change of 2.4%. This indicates that home prices in Lima, OH are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $138,000 | 2.4% |
| Single Family | $137,000 | 1.5% |
| Condos | $289,000 | 8.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $98,000 | -2.0% |
3 Bed | $148,000 | 2.1% |
4 Bed | $181,000 | 5.2% |
| 5 Bed | $236,000 | 4.9% |
% of Housing Stock
Rental Trends — Lima, OH
As of July '25, Rentcast reports the average rent in Lima, OH is $1,220, with a year-over-year rent change of 8.0%. Per bedroom, the median rent as of July '25 in Lima, OH is 2-bedrooms: $1,150, 3-bedrooms: $1,510, 4-bedrooms: $610. The most common rental property sizes in Lima, OH are 2-bedroom and 3-bedroom, accounting for 36.1% and 31.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,220 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,180 | $1,150 |
| 3 Bed Rent | $1,300 | $1,510 |
| 4 Bed Rent | $465 | $610 |
% of Rental Stock
Property Listings — Lima, OH
As of Oct '25, Realtor.com reports that the median days on market for a home in Lima, OH is 65. This is a increase of 37.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $94,500 | -38.0% |
Listing Count | 50 | 12.0% |
| Listings as % of Homes | 0.5% | 12.0% |
Days on Market | 65 | 37.0% |
Demographics — Lima, OH
As of the latest ACS Survey released in 2023, Lima, OH has a population of 21,400, which has decreased by -5.5% over the past 5 years. Lima, OH is a moderately popular place for families, as children make up 22.3% of the population. The area has a poorly educated workforce, with 11.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,400 | -5.5% |
% Under 18 | 22.3% | -9.3% |
% Seniors | 15.7% | 28.7% |
% WFH | 3.2% | 60.0% |
% w/ College Degree | 11.9% | -5.6% |
As of the latest ACS Survey released in 2023, Lima, OH is a predominantly white area, with 70.8% of the population identifying as white. The white population has shrunk by 6.7% in the last 5 years. The second most common race or ethnicity in Lima, OH is black, making up 14.5% of the population. Foreign-born residents account for 2.4% of the population in Lima, OH, and this percentage has increased by 166.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 70.8% | -6.7% |
% Black | 14.5% | -2.7% |
% Hispanic | 5.8% | 65.7% |
% Asian | 1.2% | 200.0% |
% Foreign Born | 2.4% | 166.7% |
Mortgage and Risk — Lima, OH
According to HUD data as of 2023, there were 319 mortgage originations in Lima, OH, of which 77.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Lima, OH. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 319 |
% Conventional Loans | 77.0% |
% Government Loans | 23.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Lima, OH
Lima, OH lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 1,001 |
Total Units Section 8 | 876 |
% Rentals under Section 8 | 23.5% |
% Occupied Section 8 | 93.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $750 |
| 2 Bedroom | -$190 | $1,180 | $990 |
| 3 Bedroom | -$100 | $1,300 | $1,200 |
| 4 Bedroom | $895 | $465 | $1,360 |
Affordability — Lima, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $138,000 |
| Median Household Income | $47,400 |