News Summary
Cleveland has been identified as the second most affordable major housing market in the U.S., with a median home price of $250,000 compared to the national average of $440,000. The consistent lower demand for housing due to slow population growth has kept home prices stable in contrast to rising prices in markets like San Jose. The positive trend in affordability aligns with Ohio’s economic growth, supported by job creation in advanced manufacturing. Cleveland’s offerings provide promising opportunities for potential home buyers.
Cleveland has emerged as the second most affordable major housing market in the United States, according to a recent report from Chapman University. As national home prices continue to rise, Cleveland’s housing market is proving to be a beacon of affordability amidst increasing challenges faced by home buyers across the country.
Current median home prices in the U.S. have more than doubled since 2014, now averaging approximately $440,000. In stark contrast, Cleveland maintains a median home price that is considered affordable, with their median multiple standing at 3.3. This compares favorably to America’s overall median multiple of 4.8 and is indicative of a housing market that remains within reach for many buyers.
The slow growth in Cleveland’s population has contributed to the lower demand for housing, keeping home prices at a reasonable level. The city’s performance in the housing market is especially notable as many regions in the U.S. grapple with escalating home prices and dwindling supply. The disparity in home prices across the country is stark—while markets like San Jose have a median multiple as high as 12.1, Pittsburgh, the most affordable housing market globally for five consecutive years, has a median multiple of 3.2.
In 2014, a house priced around $500,000 was typically associated with high earners in the U.S., where the median home price was around $159,000 and starter homes averaged $101,000. However, as these starter homes now approach $300,000, many potential buyers find themselves unable to enter the housing market. According to experts, affordability continues to decline, which is particularly evident during the traditionally busy spring and summer selling seasons, which have recently shown slower activity than normal.
Cleveland currently has several notable listings near the $500,000 mark, showcasing diverse options for potential buyers. For instance, homes such as:
- 13532 Elbur Ln, Lakewood, OH – Price: $499,500, 6 bedrooms, 3 bathrooms, 3,284 sq. ft.
- 28744 Woodmill Dr, Westlake, OH – Price: $500,000, 5 bedrooms, 3 bathrooms, 3,026 sq. ft.
- 2165 Stony Hill Rd, Hinckley, OH – Price: $499,900, 5 bedrooms, 3 bathrooms, 2,716 sq. ft.
These listings exemplify the affordable options available in the area, with more properties in Lorain, Burbank, Beachwood, Brunswick, Medina, and Cleveland also available near this price point.
The positive trend in Cleveland’s housing affordability reflects broader economic growth in Ohio as manufacturers return to the state, bolstering job creation and subsequently influencing housing prices. Recent reports from JobsOhio indicate that Ohio gained over 16,000 jobs in 2023, with advanced manufacturing responsible for 27% of these new positions. This growth has begun to influence home pricing in other Ohio cities too; for instance, Toledo saw a home price increase of over 30% year-over-year at the start of 2025, contrasting with Cleveland’s more stable median home price of $250,000.
The report from Chapman University was a collaboration between the Chapman Center for Demographics and Policy and Canada’s Frontier Centre for Public Policy. As Cleveland exhibits resilience in its housing market, the implications for potential home buyers in the city appear promising, even as challenges persist nationwide.
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Additional Resources
- Cleveland.com: Major Ohio City Ranked 2nd Most Affordable Housing Market
- HousingWire: Ohio Housing Market & Manufacturing Revival
- Stacker: Fastest Growing Home Prices in Cleveland Metro Area
- Realtor.com: Cleveland Market Report
- Ohio Capital Journal: Wall Street is Killing the Housing Market
- Wikipedia: Cleveland
- Google Search: Cleveland housing market
- Encyclopedia Britannica: Cleveland
- Google News: Cleveland housing market
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CLEVELAND STAFF WRITER The CLEVELAND STAFF WRITER represents the seasoned team at HERECleveland.com, your premier source for actionable local news and information in Cleveland, Cuyahoga County, and beyond, delivering "news you can use" with in-depth coverage of product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news impacting the region—backed by years of expert reporting and robust community input, including local press releases and business updates, while providing top reporting on high-profile events like the Rock and Roll Hall of Fame inductions, Cleveland International Film Festival, and holiday parades, alongside key organizations such as the Cleveland Clinic, Cleveland Orchestra, and Great Lakes Science Center, plus leading businesses in manufacturing and healthcare like Sherwin-Williams and University Hospitals, and as part of the broader HERE network including HEREDayton.com, offering comprehensive, credible insights into Ohio's vibrant landscape. HERE Cleveland HERE Dayton
