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Where Should I Invest in CLEVELAND?

15 Great Areas in Cleveland for Investment Properties in 2023

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*Updated: April 2023

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Cleveland is home to over 2 million residents living in 40 neighborhoods, so it can be difficult to know where to look first. To ease your search, we’ve put together a list of 15 neighborhoods to investigate for investment property. Specific data on each neighborhood comes from Realtor.com, Niche.com, and Redfin as of December 2022.

 

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*Old Brooklyn

Located south of Downtown Cleveland, Old Brooklyn is a good neighborhood for investors looking for an entry-level home. The neighborhood is ranked by Niche.com as the seventh best in Cleveland and has a dense suburban feel:

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  • Population: 32,813

  • Median sale price: $133,500

  • Change in sales price (year over year): 11.3%

  • Days on market: 30

  • Median rent: $782

  • Renter-occupied households: 44%

  • Median household income: $41,233

  • ZIP codes: 44109, 44144, 44134

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*Jefferson

​The Jefferson neighborhood in Cleveland is west of Downtown, near West Boulevard, another popular neighborhood. Jefferson has a dense suburban feel, and nearly half of the residents rent their homes: 

  • Population: 19,771

  • Median sales price: $118,062

  • Change in sale price (year over year): 18.1%

  • Days on market: 27

  • Median rent: $852

  • Renter-occupied households: 47%

  • Median household income: $39,726

  • ZIP codes: 44111, 44135

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​*Ohio City

​Home prices in the Ohio City neighborhood are a bit higher than other popular neighborhoods in Cleveland, which may be one reason more residents here rent than own. Bordering Lake Erie and adjacent to Downtown, the neighborhood has a mixed urban-suburban feel:

  • Population: 10,713

  • Median sale price: $210,000

  • Change in sales price (year over year): -16.0%

  • Days on market: 37

  • Median rent: $724

  • Renter-occupied households: 70%

  • Median household income: $39,056

  • ZIP codes: 44102, 44113

 

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*North Collinwood

Even though home prices in North Collinwood are relatively low, there are still more residents who rent rather than own. The North Collinwood neighborhood is located east of Downtown, along the lakefront and has a mixed urban-suburban feel:

  • Population: 16,602

  • Median sale price: $89,000

  • Change in sales price (year over year): 6.0%

  • Days on market: 45

  • Median rent: $717

  • Renter-occupied households: 59%

  • Median household income: $31,646

  • ZIP code: 44110

 

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*South Broadway

Located south of the city along I-77, the South Broadway neighborhood’s home prices are relatively affordable, and more residents rent than own. The neighborhood has a sparse suburban feel: 

  • Population: 16,415

  • Median sale price: $71,000

  • Change in sales price (year over year): 34.0%

  • Days on market: 47

  • Median rent: $741

  • Renter-occupied households: 55%

  • Median household income: $26,986

  • ZIP codes: 44105, 44109, 44125, 44127

 

 

*Downtown

Downtown Cleveland is top ranked by Niche.com. Rent prices here are among the highest in the city, and nearly everybody rents rather than owns:

  • Population: 12,847

  • Median sale price: $275,000

  • Change in sales price (year over year): 26.7%

  • Days on market: 114

  • Median rent: $1,156

  • Renter-occupied households: 94%

  • Median household income: $56,948

  • ZIP codes: 44113, 44114, 44115

 

 

*Tremont

Located south of Downtown, next to the Ohio City neighborhood, Tremont is another neighborhood with a high percentage of renters. The neighborhood is ranked as the third best in Cleveland:

  • Population: 8,459

  • Median sale price: $321,250

  • Change in sales price (year over year): 28.5%

  • Days on market: 49

  • Median rent: $863

  • Renter-occupied households: 69%

  • Median household income: $50,101

  • ZIP codes: 44109, 44113

 

 

*Goodrich-Kirtland Park

The Goodrich-Kirtland Park neighborhood is ranked as the second best neighborhood in Cleveland. Nearly everyone rents rather than owns, and the area has some very affordable homes. Located along the lakefront, adjacent to Downtown, Goodrich-Kirtland Park has an urban feel:

  • Population: 7,560

  • Median sale price: $41,000

  • Change in sales price (year over year): -67.2%

  • Days on market: 52

  • Median rent: $747

  • Renter-occupied households: 88%

  • Median household income: $23,684

  • ZIP codes: 44103, 44114

 

 

*Edgewater

Edgewater is located along the lakefront, adjacent to the Detroit-Shoreway neighborhood and just west of Downtown. The neighborhood is rated highly by Niche.com, and has a high percentage of renters:

  • Population: 8,873

  • Median home value: $214,400

  • Change in sales price (year over year): 5.4%

  • Days on market: 25

  • Median rent: $737

  • Renter-occupied households: 73%

  • Median household income: $42,703

  • ZIP code: 44102

 

 

*Detroit-Shoreway

Located between Edgewater and Ohio City, the Detroit-Shoreway neighborhood has a dense suburban feel. Ranked as the eighth best neighborhood in Cleveland, the area receives high grades from Niche.com. It also has a high percentage of renter-occupied households:

  • Population: 16,303

  • Median sale price: $246,000

  • Change in sales price (year over year): 20.6%

  • Days on market: 43

  • Median rent: $753

  • Renter-occupied households: 64%

  • Median household income: $32,167

  • ZIP codes: 44102, 44109, 44113

 

 

*West Boulevard

The West Boulevard neighborhood is located just south of the I-90/Northwest Freeway, adjacent to the popular Jefferson neighborhood. The area has a dense urban feel, and is another neighborhood where more people rent than own:

  • Population: 17,070

  • Median sale price: $108,000

  • Change in sales price (year over year): 22.0%

  • Days on market: 42

  • Median rent: $784

  • Renter-occupied households: 54%

  • Median household income: $35,441

  • ZIP codes: 44102, 44111

 

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*Glenwillow

Glenwillow is a small suburb southeast of Cleveland. The neighborhood has a sparse suburban feel and is ranked by Niche.com as the second best place to raise a family in the Cleveland area: 

  • Population: 1,088

  • Median sale price: $190,000

  • Change in sales price (year over year): – Not enough data

  • Days on market: 47

  • Median rent: $716

  • Renter-occupied households: 10%

  • Median household income: $84,167

  • ZIP code: 44139

 

 

*Riverside

The Riverside neighborhood is located southwest of the city, on the other side of the Cleveland Hopkins International Airport. The neighborhood has a sparse suburban feel and is home to a lot of coffee shops and parks:

  • Population: 5,225

  • Median sale price: $136,000

  • Change in sales price (year over year): 23.6%

  • Days on market: 38

  • Median rent: $586

  • Renter-occupied households: 42%

  • Median household income: $43,543

  • ZIP codes: 44135, 44142

 

 

*Puritas-Longmead

Home prices in the Puritas-Longmead neighborhood are relatively affordable, and the area has a good percentage of renters. Located next to Riverside, the neighborhood has a sparse suburban feeli:

  • Population: 15,130

  • Median sale price: $108,000

  • Change in sales price (year over year): 12.5%

  • Days on market: 23

  • Median rent: $878

  • Renter-occupied households: 42%

  • Median household income: $36,547

  • ZIP codes: 44111, 44135

 

 

*Cleveland Heights

Cleveland Heights is a suburb of Cleveland located east of the city and has a mixed urban-suburban feel:

  • Population: 44,571

  • Median sale price: $172,000

  • Change in sales price (year over year): 24.2%

  • Days on market: 48

  • Median rent: $965

  • Renter-occupied households: 45%

  • Median household income: $57,768

  • ZIP code: 44118

       (Source: www.roofstock.com)

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