According to a recent article in the Wall Street Journal, "Greater Cleveland has been one of the most profitable places in the country to flip houses and own rentals".

Cleveland, Ohio is one of the strongest real estate markets in the nation, offering investors high cash flow and future growth. With a workforce of over 2 million people, Cleveland has the 12th largest economic region in the nation and is located on the southern shore of Lake Erie, about 60 miles west of the Pennsylvania border.

 

 

 

 

 

 

 

Downtown & Surrounding Neighborhoods

With an all time high of 15,000 moving downtown just last summer, mostly comprised of the coveted Millennials (ages 18-34). This demographic shift is referred to as the “brain gain,” since there’s been a 139% rise in the number of young residents with bachelor’s degrees.

Why? Downtown Cleveland has experienced a renaissance over the past several years, with an estimated $19 billion in development completed or planned since 2010. Just in the last three years, a 10-acre green space downtown was redesigned and has quickly become a gathering place for locals and tourists. The $50-million project is just one of many, including commercial and residential real estate developments.

Housing Market Statistics

  • Current Median Home Price: $138,000

  • Median Rent Per Month: $1,143

  • Median Household Income: $71,582

  • Metro Population: 2.1 M

  • 1-Year Job Growth Rate: 0.94%

  • 7-Year Equity Growth Rate: 31.43%

  • 8-Year Population Growth: -0.90%

  • Unemployment Rate: 4.2%
     

Housing Market Quick Facts

  1. Fastest growing healthcare economy in U.S. (and home to world renowned Cleveland Clinic).

  2. Nation’s first Global Center for Health and Innovation as well as a new medical convention center.

  3. 10 Fortune 500 company headquarters (Goodyear Tire, Cliffs, Natural Resources, Firstenergy, Sherwin Williams, Eaton Corporation, Travel Centers of America, Aleris, Parker Hannifin, Progressive Insurance, KeyCorp).

  4. Home to three major sport teams that bring billions of dollars to the area every year.

  5. Job growth continues to steadily rise at 0.94%.

  6. In 2019, the median price of 3 bedroom homes in Cleveland was $138,000. This is 38% lower than the national average.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conclusion: Top 3 Reasons to Invest in the Cleveland Real Estate Market in 2020

 

Here’s a recap of the top three factors that make Cleveland one of the best cities to buy rental property in for 2020:

Job Growth: Cleveland has a fast-growing healthcare and tech sector. Millennials are moving into the area at a rapid pace to take advantage of the job opportunities available at Cleveland companies, including The Cleveland Clinic, Eaton Corporation, and Key Corp.

 

Population Growth: While Cleveland’s population has declined over the last 8 years, the number of people moving to downtown Cleveland has increased from around 6,000 residents to 20,000 residents. And the pace is picking up, with an all time high of 12,500 moving downtown last year, mostly comprised of the coveted Millennials (ages 18-34).

 

Affordability: In the neighborhoods where our savvy clients invest, the median price is only $105,000. This is 53% less than the average 3 bedroom home nationwide. This means there’s a good opportunity for cash flow and appreciation in this market. And that’s great news for real estate investors in 2020.

Source: https://www.realwealthnetwork.com/learn/best-places-to-buy-rental-property/#26-7-cleveland-ohio

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