Lima, OH—45804
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 $77,000, with a year-over-year change of -6.1%. This indicates that home prices in Lima, OH are decreasing. According to Zillow, the 1-year price projection is 3.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $77,000 | -6.1% |
| Single Family | $74,000 | -6.3% |
| Condos | $143,000 | 5.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $63,000 | -7.4% |
3 Bed | $83,000 | -5.7% |
4 Bed | $109,000 | -6.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lima, OH
As of July '25, Rentcast reports the average rent in Lima, OH is $1,080, with a year-over-year rent change of 15.0%. Per bedroom, the median rent as of July '25 in Lima, OH is 1-bedrooms: $425, 2-bedrooms: $853, 3-bedrooms: $1,340, 4-bedrooms: $425. The most common rental property sizes in Lima, OH are 3-bedroom and 2-bedroom, accounting for 38.1% and 26.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $895 | $1,080 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $425 | $425 |
| 2 Bed Rent | $875 | $853 |
| 3 Bed Rent | $1,300 | $1,340 |
| 4 Bed Rent | $425 | $425 |
% 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 106. This is a increase of 256.0% 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 10.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $102,000 | -43.0% |
Listing Count | 39 | 99.0% |
| Listings as % of Homes | 0.5% | 99.0% |
Days on Market | 106 | 256.0% |
Demographics — Lima, OH
As of the latest ACS Survey released in 2023, Lima, OH has a population of 14,200, which has decreased by -9.4% over the past 5 years. Lima, OH is a popular place for families, as children make up 25.6% of the population. The area has a poorly educated workforce, with 11.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,200 | -9.4% |
% Under 18 | 25.6% | -2.7% |
% Seniors | 18.4% | 27.8% |
% WFH | 3.3% | 94.1% |
% w/ College Degree | 11.1% | 50.0% |
As of the latest ACS Survey released in 2023, Lima, OH is a predominantly white area, with 70.9% of the population identifying as white. The white population has grown by 11.3% in the last 5 years. The second most common race or ethnicity in Lima, OH is black, making up 19.1% of the population. Foreign-born residents account for 0.8% 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 | 70.9% | 11.3% |
% Black | 19.1% | -33.2% |
% Hispanic | 2.3% | 35.3% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 0.8% | 166.7% |
Mortgage and Risk — Lima, OH
According to HUD data as of 2023, there were 164 mortgage originations in Lima, OH, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Lima, OH. Investor activity is low, as 9.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 164 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 9.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Lima, OH
As of 2024, the percent of homes in Lima, OH under the Section 8 program is 27.6%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Lima, OH, because HUD payments exceed market rent, while 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 765 |
Total Units Section 8 | 693 |
% Rentals under Section 8 | 27.6% |
% Occupied Section 8 | 94.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $325 | $425 | $750 |
| 2 Bedroom | $115 | $875 | $990 |
| 3 Bedroom | -$100 | $1,300 | $1,200 |
| 4 Bedroom | $935 | $425 | $1,360 |
Affordability — Lima, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $77,000 |
| Median Household Income | $42,600 |