Key Highlights

  • Cleveland’s median home prices and rents lower than national average
  • Jobless rate now sits full point below national average

Region of Greater Cleveland Ranked as 33rdLargest Metro in Country

Cleveland, the largest city on Lake Erie and the second largest in Ohio, has a population of nearly 400,000.  Its metro area has more than 2 million.  Its county, Cuyahoga, has over 1.2 million.

All in all, the Cleveland region ranks as the 33rdlargest metro in the country.

Diverse Economy and Hub for Arts and Sports

Formerly known for its manufacturing, Cleveland’s economy is now  known for its diversity in technology, higher education, healthcare and financial services.  The Cleveland Symphony, Cleveland Museum and Playhouse Square attract people from all over the world.

The Cleveland Cavaliers and Browns also draw fans locally and from all over the country.  In fact, Cleveland is a mecca for all things related to athletics and the arts.

Cleveland Housing Demand Indicators

Compiled by Housing Tides via EnergyLogic, both median home and rent prices are lower than the national average.  The median home price comes in at $165,000 or 50% lower than the national average despite price growth of 13% y/y.  This is great news for both individual homebuyers and investors.

Median rent as of March 2021 came in at $1,705/month, according to RentCafe.  Cleveland’s highest average rent, $1,599, is in Cleveland’s University neighborhood.

As in other parts of northern Ohio, buying a home in Cleveland is more affordable than renting one.  As in other parts of the country, housing supply in Cleveland is just 1.7 months and, of course, that low supply renders the “Forest City’s” housing market highly competitive.  Ie, the early bird gets the worm, as in other housing markets.

Single-Family Detached Permits

As of March 2021, single-family permits stood at 295, many more than forecasters projected.

Bottom line – more opportunities for investors than anticipated.

Multi-Unit Permits

Multifamily housing permits have been a roller coaster ride for the past five years in Cleveland.  The good news is that permits have been on the rise lately.

In fact, multifamily housing permits in Cleveland as of March 2021 hit 42.8, much higher than the 27.9 permits forecast.

Neighborhoods with Stronger Investing Potential

According to RentCafe, the highest rents in the city tend to be among the following four neighborhoods:

  • University Circle
    • There is a concentration of higher educational institutions with Cleveland’s University District that attract some 13,000 students.
    • This neighborhood is also home to multiple arts and cultural entities such as the Cleveland Museum of Art, Severance Hall (where the Cleveland Orchestra performs) and the Cleveland Botanical Gardens.
  • The Warehouse District
    • Essentially downtown Cleveland, this neighborhood is recognized as an historical district and the home of the city’s original residential center.
    • The neighborhood was the crux of the city’s commercial industry in the 19thC.
    • Warehouse have been converted into both residential and some offices that attract younger buyers/renters.
  • Edgewater
    • This neighborhood is some 5 miles west of downtown and sits at the edge of Lake Erie.
    • Trees line the streets and the Clifton Boulevard Historic District fill retail fantasies of the neighborhood.
  • Solon
    • A suburb of Cleveland, Solon ranks among “the best” in terms of schools, safety and quality of life.Here, the median home price comes in at approximately $340,000.

 

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