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Housing

The City of Cleveland is home to approximately 400,000 people. Additionally, Cleveland is the anchor city in the Cleveland Plus region which is home to four million residents. Made up of distinctive neighborhoods, Cleveland offers many affordable living options complete with valuable amenities.

Each Cleveland neighborhood has something great to offer. And whether you are looking to purchase a home or rent in Cleveland, there are many options to suit a variety of tastes. You will find that you get so much more for your money in Cleveland. We have highlighted below some prodigious new developments that offer access to a great urban lifestyle at a fraction of the cost of living in comparable locations in other cities.

Please click here to learn more about the neighborhoods of Cleveland, housing options and incentives, and the extraordinary value you can find by making your home here. We have also highlighted below Downtown Cleveland, which is our fastest growing residential neighborhood.

Housing Cost Comparisons

While the Cleveland region offers assets and resources of major U.S. markets, it won’t cost nearly as much to live or do business here. Below are some cost comparisons of housing options in Cleveland versus other U.S. cities.

Downtown Cleveland
2 BR, 2 BA
1,332 sq ft, $309,000
Tax abatement through 2018
Downtown Chicago
1 BR, 1.5 BA
1,135 sq ft, $530,000
No tax abatement
Solon, OH (GREATER CLEVELAND)
3 BR, 2.5 BA
2,824 sq ft, $299,000
STOUGHTON, MA (GREATER BOSTON)
2 BR, 2 BA
1,632 sq ft, $294,000
SHAKER HEIGHTS, OH (GREATER CLEVELAND)
5 BR, 5 BA
4,240 sq ft, $384,000
BOSTON, MA
5 BR, 3 BA
3,175 sq ft, $879,000
HIGHLAND HEIGHTS, OH (GREATER CLEVELAND)
3 BR, 2.5 BA
4,241 sq ft, $298,000
OAK PARK, IL (GREATER CHICAGO)
2 BR,1.5 BA
1,400 sq ft, $299,000

Downtown: Cleveland’s Fastest Growing Residential Neighborhood

 

Cleveland provides a 24/7 “Live, Work and Play” environment for the residents, workers and tourists.  Being in the center of the “action” offers many dining opportunities to locally-owned restaurants, major league sports and entertainment venues, the largest theatre district outside of New York, beautiful landscaped parks and Lake Erie – one of the great fresh water lakes and all are within walking distance.
 
Over the past 10-years, Downtown has become the epicenter of Cleveland’s food scene with restaurants run by celebrity chefs.  And the downtown residential population continues to grow: approximately 6,484 lived in the center of the City in 1990.  Today, meeting and exceeding 2013 population projections, over 13,000 call downtown Cleveland their home! As the population has grown, so have the amenities. Currently, there are two grocery stores, one in the Reserve Square Apartment Complex and the other in the heart of the Warehouse District. In 2014, Heinen’s Supermarkets, one of the premier grocery stores in NE Ohio, will open in the historic Cleveland Trust Bank rotunda.

This past year there has been a rebirth of local retail establishments in newly Euclid and Colonial Arcades, now collectively known as the 5th Street Arcades.  The 100+ year old complex features 60,000 sq. ft. of ethnic restaurants and delis, coffee shops, a barbershop, a chocolatier & cupcake shop, a vintage coin retailer, a shoe store and many other locally-owned micro boutiques. The building has gone from being 50% vacant in 2012 to over 90% occupied in the past year.
 
Cleveland is quite affordable compared to other city centers around the country.  Additionally, new and unique housing options continue to enter the market Downtown every year.

Downtown Housing

The Downtown housing market continues to be the hottest in Northeast Ohio. Reflecting generational shifts toward urban living among the baby boomer and millennial generations, new apartments are filling up as quickly as they become available. In early summer of 2013, the Lofts at Rosetta (97 units) and new suites at Reserve Square (218 units) came online with occupancy holding steady at 96.5%. Over 1,000 new units of housing will become available within the next 24 months in order to meet the pent-up demand. 

Downtown Cleveland Residential Population (Estimate)

Year

1990

1995

2000

2005

2010

2013

Residents

6,484

7,140

7,799

9,893

10,499

11,700