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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 $162,549, lower than the Illinois average of $300,242.
The average cost of rent is $858/mo in Lima, primarily driven by the current value of real estate in the Lima area. In Lima, 12.93% of households rent, and 54.23% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Lima is $4,841 per month. Households that rent pay about 17.71% of their income on rent here. Lima’s most expensive areas are in the southern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Tioga, IL: less expensive homes
- Ursa, IL: equally priced homes
- Sutter, IL: less expensive homes
- Mendon, IL: less expensive homes
- Loraine, IL: less expensive homes
- Canton, MO: equally priced homes
- West Point, IL: less expensive homes
- Elderville, IL: less expensive homes
- La Grange, MO: less expensive homes
- Warsaw, IL: less expensive homes
Cities with Similar Populations
- Ihlen, MN: equally priced homes
- Jones Mills, AR: higher priced homes
- Johnsonville, WI: higher priced homes
- Jericho, WI: higher priced homes
- Jachin, AL: less expensive homes
- Ivytown, MD: higher priced homes
- Isaban, WV: less expensive homes
- Inez, PA: higher priced homes
- Indiantown, MI: less expensive homes
- Indian Mills, WV: less expensive homes
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