Ohio is a state that offers a unique blend of bustling city life and peaceful suburban tranquility. For those seeking an affordable place to lay their roots, Ohio boasts lower housing costs compared to the national average. From the serene landscapes of Lorain to the historic charm of Fostoria, the state of Ohio provides renters with a myriad of options that do not put a strain on their budget. These cities, which include Elyria, Lima, and Steubenville, offer lower rental prices, making them the top 5 cheapest cities to rent in Ohio.
Lorain, OH
Lorain, with a population of 63,832, is a city that guarantees affordable living without compromising quality of life. With a median home value of $90,700 and a median income of $40,486, Loraine’s reasonably-priced housing options stand out. The city offers potential renters the chance to lease a 2-bedroom apartment for just $695 per month. Located near the scenic Lake Erie and the beautiful Black River Reservation, Lorain offers several recreational opportunities for residents and a peaceful setting to come home to every day.
Elyria, OH
Elyria, Ohio, home to 53,844 residents, offers an attractive blend of affordability and opportunity. The city has a median home value of $107,600 and a median income of $43,816. The monthly asking rent for a 2-bedroom unit stands at $724. Elyria is home to Cascade Park, a beautiful natural area offering hiking trails, picnic areas, and a stunning waterfall, providing plenty of opportunities for outdoor fun and relaxation.
Lima, OH
With a population of 36,908 and a median income of $34,586, Lima’s affordability also extends to its rental market, where a 2-bedroom unit has an asking rent of just $628 per month. Lima’s median home value is $68,900, a figure that demonstrates the city’s commitment to affordable living. Apart from its affordability, Lima is well-known for its rich history, with attractions like the Allen County Museum and the Ohio Theatre adding to the city’s charm.
Steubenville, OH
Steubenville, with a population of 17,882 and a median income of $37,457, offers a quaint small-town living experience. The median home value in the city is $96,400, and the asking rent for a 2-bedroom unit is $550, making it an incredibly affordable place to live. Steubenville is not just about affordable living; it’s also rich in history and culture with attractions such as the Historic Fort Steuben and the Grand Theater.
Fostoria, OH
Fostoria, the smallest of the listed cities, with a population of just 13,193 and a median income of $42,131, offers an affordable and peaceful living environment. The city has a median home value of $66,000, with a monthly asking rent for a 2-bedroom unit standing at $700. Known for its Glass Heritage Gallery and several beautiful parks like the Meadowlark Park, living in Fostoria provides a mix of affordability and quality of life.
Methodology
The cheapest cities in each state were ranked based on its median home price and median asking rents for studio, one-, two-, and three-bedroom units. Prior to ranking, inputs were normalized, and weights were applied using a 1.25:1 ratio of asking rents to home prices.
Data on home prices are from the U.S. Census 2016-2020 American Community Survey 5-year estimates. Data on asking rents are from Rent.
Cities without data for one- or two-bedroom asking rents or a population of less than 10,000 were removed from this ranking. Any other missing values were zeroed and did not impact the final score.