MARKET PROFILE

Cleveland, Ohio

Over the past decade, Cleveland has seen a revitalization to its previous industrial glory. Many consider now to be the beginnings of the Great Revitalization, a period of growth which make the city ideal for asset appreciation over the next decade. Cleveland continues to be one of the main healthcare hubs of the country with institutions like the world-famous Cleveland Clinic, University Hospitals of Cleveland, MetroHealth, and Medical Mutual of Ohio making up the bulk of this sector. Biotechnology, fuel cell research, and technology are three fast growing sectors in Cleveland. Forbes, recently speculated that Cleveland might become the country’s next technology hub.

population

2.06 Million

Population (Greater Metro Area)

population growth

-0.34%

Annual Population Growth

960,000

Number of Jobs

$56,203

Median Household Income

$120 Billion

GDP

Annual GDP Growth

1.84%

Annual GDP Growth

Median Home Price

$67,800

Median Home Price

Median Rent

$1,106

Median Rent

Rent to Price Ratio

20%

Rent to Price Ratio

In addition to the numbers above, the factors below also contributed to our decision to enter into the Cleveland market:

Market Profile

Cleveland

Cleveland is rare in that it is one of the only cities in America that offers both affordable housing and high rental demand. In 2019, 50% of the households in Cleveland are occupied by renters, well above the national average of 36% and median home price is at an affordable $67,800. Cleveland had a home appreciate rate of 2.99% which is higher than the national average. According to Zillow, the average value of Cleveland homes for sale rose by a considerable 8%  According to Redfin analysis, one largest US real estate brokerage firms, Cleveland was ranked #4 of all US cities to be least at risk to a housing downturn.