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These days, finding an affordable place to live in the Lima area can be challenging. Home prices in Lima are now at a median cost of $212,900, lower than the Iowa average of $226,062.
The average cost of rent is $623/mo in Lima, primarily driven by the current value of real estate in the Lima area. In Lima, 21.78% of households rent, and 59.09% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Lima is $5,538 per month. Households that rent pay about 11.25% of their income on rent here. Lima’s most expensive areas are in the central regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Wadena, IA: equally priced homes
- Fayette, IA: less expensive homes
- Elgin, IA: less expensive homes
- Arlington, IA: less expensive homes
- West Union, IA: less expensive homes
- Volga, IA: less expensive homes
- Clermont, IA: less expensive homes
- Donnan, IA: equally priced homes
- Randalia, IA: less expensive homes
- Gunder, IA: less expensive homes
Cities with Similar Populations
- Rising Sun, IL: less expensive homes
- Milo, KS: less expensive homes
- Mineral Hills, MI: less expensive homes
- Mix Run, PA: less expensive homes
- Moark, AR: less expensive homes
- Modoc, AR: less expensive homes
- Moenville, SD: less expensive homes
- Momence, IN: higher priced homes
- Mona, IA: higher priced homes
- Money, MS: less expensive homes
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