$850 Per Month
- 1 Bed
- 1 Bath
- 608 Sq Ft
- House for Rent
535 E 5th St, Lima, OH 45804
535 E 5th St, Lima, OH 45804
Frequently Asked Questions
How much does it cost to rent a home in Lima, OH?
The median rent for a home in Lima, OH is $1,247 per month, though prices vary by neighborhood, size, and property type. As of August 2026, townhouses tend to be the most affordable option while condos and single-family homes are currently more expensive.
How much do you need to make to afford rent in Lima, OH?
To comfortably afford the median rent in Lima, OH, a household needs to earn roughly $49,880 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,247 per month in Lima, OH, renters typically need to show $3,741 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Lima, OH?
In Lima, OH, the price-to-rent ratio is 12.4, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Lima, OH are best for renting a home?
The best neighborhood for renting in Lima, OH depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Riverside North, Eastside Lima and Central Lima, each with its own character and price range.
