Cleveland – A Great Place to Invest
Cleveland, Ohio has come a long way since it was nicknamed, the Mistake the on the Lake when its Cuyahoga River caught on fire. Situated across the border from Canada, it butts against the southern shore of Lake Erie. Home to several professional sports teams and the Rock & Roll Hall of Fame, it has diversified from its manufacturing industry roots to add a hub of high-tech service, white-collar workers. In recent years, Cleveland has seen a growth in the City’s economy that has catapulted it, according to Forbes, to the number five spot on its list of the most successful housing markets in the U.S.
If you are a real estate investor, this is a city you don’t want to overlook. Especially since Cleveland has proven itself to be notably recession-resistant market. A perfect situation for today’s economic environment
Nowadays, as more and more people are working from home, the desirability of single-family homes is becoming more common in Cleveland especially due to the affordable prices being offered. It’s not unusual for several houses in Cleveland to go under contract on the same day they’re listed due to the fierce competition in the real estate market. Homes in Cleveland are selling quickly for the simple reason that the prices are still very affordable. In fact, Cleveland’s median listing price for a home is just $100,000, making it one of the most affordable bigger cities in the country. But the inventory is strong—having a supply and demand for homes that is about even.
In addition, Cleveland’s renters account for over half of all households, making the market a perfect investment opportunity. It boasts a strong representation in the renter pool when it comes to its millennial population (a staggering 63% of the population is between the ages of 18-34). One of Cleveland’s major drawcards is its academic institutions, Cleveland State University and Case Western Reserve University bring about 28,500 students (a great reason to own rental properties in the area). This millennial population boom is among the fastest nationwide, as low living costs and jobs continue to entice a high number of college grads to move here.