Lima, OH—45805
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lima, OH
As of Nov '25, the median home price in Lima, OH is $186,000, with a year-over-year change of 6.6%. This indicates that home prices in Lima, OH are increasing. According to Zillow, the 1-year price projection is 3.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $186,000 | 6.6% |
| Single Family | $188,000 | 6.8% |
| Condos | $158,000 | 6.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $132,000 | 8.2% |
3 Bed | $182,000 | 7.7% |
4 Bed | $274,000 | 6.2% |
| 5 Bed | $339,995 | 4.6% |
% of Housing Stock
Rental Trends — Lima, OH
As of July '25, Rentcast reports the average rent in Lima, OH is $1,230, with a year-over-year rent change of 16.0%. Per bedroom, the median rent as of July '25 in Lima, OH is 1-bedrooms: $557, 2-bedrooms: $1,160, 3-bedrooms: $1,540, 4-bedrooms: $1,580. The most common rental property sizes in Lima, OH are 2-bedroom and 3-bedroom, accounting for 46.7% and 25.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,230 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $425 | $557 |
| 2 Bed Rent | $1,000 | $1,160 |
| 3 Bed Rent | $1,450 | $1,540 |
| 4 Bed Rent | $1,450 | $1,580 |
% of Rental Stock
Property Listings — Lima, OH
As of Nov '25, Realtor.com reports that the median days on market for a home in Lima, OH is 59. This is a increase of 48.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $248,000 | 1.0% |
Listing Count | 78 | 5.0% |
| Listings as % of Homes | 0.5% | 5.0% |
Days on Market | 59 | 48.0% |
Demographics — Lima, OH
As of the latest ACS Survey released in 2023, Lima, OH has a population of 24,700, which has increased by 6.3% over the past 5 years. Lima, OH is a moderately popular place for families, as children make up 23.5% of the population. The area has a poorly educated workforce, with 24.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,700 | 6.3% |
% Under 18 | 23.5% | 9.3% |
% Seniors | 17.8% | -1.1% |
% WFH | 4.4% | 91.3% |
% w/ College Degree | 24.1% | -1.6% |
As of the latest ACS Survey released in 2023, Lima, OH is a predominantly white area, with 74.2% of the population identifying as white. The white population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in Lima, OH is black, making up 15.0% of the population. Foreign-born residents account for 2.0% of the population in Lima, OH, and this percentage has decreased by 28.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 74.2% | -1.1% |
% Black | 15.0% | 2.0% |
% Hispanic | 4.0% | -25.9% |
% Asian | 1.1% | -21.4% |
% Foreign Born | 2.0% | -28.6% |
Mortgage and Risk — Lima, OH
According to HUD data as of 2023, there were 517 mortgage originations in Lima, OH, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Lima, OH. Investor activity is low, as 5.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 517 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Rentals and Section 8 — Lima, OH
As of 2024, the percent of homes in Lima, OH under the Section 8 program is 7.3%. This is considered low, suggesting that the neighborhood is sparsely 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 | 349 |
Total Units Section 8 | 278 |
% Rentals under Section 8 | 7.3% |
% Occupied Section 8 | 89.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $415 | $425 | $840 |
| 2 Bedroom | $100 | $1,000 | $1,100 |
| 3 Bedroom | -$120 | $1,450 | $1,330 |
| 4 Bedroom | $60 | $1,450 | $1,510 |
Affordability — Lima, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.4 |
| Median Home Price | $186,000 |
| Median Household Income | $66,000 |