A Perfect Example of the Revitalization of an American City
Northeast Ohio and specifially Cleveland has become the poster child of American revival in core industries. It combines a solid business infrastructure with education, lifestyle and an affrdable cost of living. The universities attract researchers and students from around the world. The city has a great orchestra, museums and recognized sports teams. There are miles of park trails, the shores of Lake Erie and The Rock and Roll Hall of Fame. All of this adds up to make Cleveland a great place to live and work, and thus an attractive investment climate for rental real estate
Cleveland is a large city located in the state of
Ohio. With a population of 385,809 people and 176
constituent neighborhoods, Cleveland is the second
largest community in Ohio. Much of the housing stock in
Cleveland was built prior to World War II, making it one
of the older and more historic cities in the country.
Unlike some cities where white-collar or blue-collar
occupations dominate the local economy, Cleveland is
neither predominantly one nor the other. Instead, it has
a mixed workforce of both white- and blue-collar jobs.
Overall, Cleveland is a city of service providers, sales
and office workers, and professionals. There are
especially a lot of people living in Cleveland who work
in office and administrative support (14.08%), sales
jobs (8.80%), and food service (8.44%).
Cleveland, like many big cities in America, has a
public transportation system, but the citizens of
Cleveland are lucky because theirs is one of the most
extensive and widely used. Many commuters choose to
leave their cars at home and instead use the bus to get
to and from work. In fact, for some people it is
feasible to forgo car ownership entirely, avoiding the
cost and headache of driving in heavy traffic. The
benefits include reduced air pollution and load on the
The citizens of Cleveland are slightly less educated
than the national average of 21.84% for the average city
or town: 16.07% of adults in Cleveland have a bachelor's
degree or advanced degree.
The per capita income in Cleveland in 2010 was
$18,003, which is low income relative to Ohio and the
nation. This equates to an annual income of $72,012 for
a family of four. Cleveland also has one of the higher
rates of people living in poverty in the nation, with
35.98% of its population below the federal poverty line.
Cleveland is an extremely ethnically-diverse city.
The people who call Cleveland home describe themselves
as belonging to a variety of racial and ethnic groups.
The greatest number of Cleveland residents report their
race to be Black or African-American, followed by White.
Cleveland also has a sizeable Hispanic population
(people of Hispanic origin can be of any race). People
of Hispanic or Latino origin account for 10.84% of the
city’s residents. Important ancestries of people in
Cleveland include Irish, Italian, Polish, and English.
The most common language spoken in Cleveland is
English. Other important languages spoken here include
Spanish and Arabic.
Information by Department of Numbers, Bureau of Labor Statistics, U.S. Census Bureau and Locatoin Incorporated are deemed reliable but not guaranteed.
Information by realestate.com and altosresearch.com are deemed reliable but not guaranteed.
. (Recessions shown as gray bars.)
- Current Population Survey, CES
- Current Employment Statistics.
The rent-to-mortgage payment ratio uses the adjusted market rent against a 100% loan-to-value mortgage (30-year fixed) for the median price home using MLS sales statistics. A ratio of 1.0 means that annual rent is equivalent to annual mortgage payments. Values less than 1.0 indicate rents are cheaper, and values greater than 1.0 mean mortgage payments are cheaper. (Note: taxes are not considered here.)
The rent-to-mortgage payment ratio for Cleveland was 1.14 in March 2014.
Information by Department of Numbers, Bureau of Labor Statistics, U.S. Census Bureau deemed reliable but not guaranteed.