Greater Cleveland Ranks as the one of the Most Affordable Markets in the Nation

An interesting new study rating a homeowner's payment-to-income ratios rated Greater Cleveland as the most desirable/least expensive in the US. This doesn't come as a surprise, as many of my clients have been flocking to the area since the start of Covid due to the excellent housing stock, well built homes, stately neighborhoods, and overall affordability compared to much of the United States.

This study analyzed how much an average American spends monthly on their housing expense compared to their monthly income. While the average American spends 40.6% of their income on housing expenses, the average in Greater Cleveland is 25..5%. This is the best ratio of any greater metro in the US. Compare this to parts of California, Florida, and New York where the average cost is a whopping 50%-65% of one's monthly income.

Clearly, we are at an advantage locally. This is attracting attention and more people flocking to Ohio. It makes for quite an interesting market for both buyers and sellers alike. The real estate market is strong here, even with the limited inventory and higher interest rates. If you have any questions at all about buying or selling in 2024, I'd be happy to answer your questions.

-Pat