North Lima, a small community in Ohio, has experienced significant changes in homeownership rates and housing prices over the past decade. The city has generally seen increasing homeownership rates and rising average home prices, while average rent prices have fluctuated. From 2013 to 2022, the homeownership rate in North Lima showed a marked increase. In 2013, 86% of housing units were owner-occupied, and this percentage rose steadily, peaking at 94% in 2019 before slightly decreasing to 89% in 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. The average home price in 2013 was $162,263, which grew consistently year over year, reaching $269,866 by 2022, representing a 66% increase over this period.

The relationship between federal interest rates and homeownership rates in North Lima reveals an interesting pattern. Despite relatively low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates continued to climb. This trend persisted even as interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), with homeownership reaching its peak of 94% in 2019. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in driving homeownership in the area.

Renter percentages in North Lima have generally decreased as homeownership rates increased. In 2013, 14% of housing units were renter-occupied, which decreased to 6% by 2019 before rising slightly to 11% in 2022. Average rent prices showed some volatility during this period. The average rent was $950 in 2013, increased to $1,036 from 2014 to 2018, then decreased to $890 in 2019 and remained at that level through 2021. In 2022, the average rent rose slightly to $917. The population fluctuated during this period, peaking at 4,282 in 2016 before declining to 3,780 in 2022, which may have influenced rental market dynamics.