Cleveland is just across from the Canadian border, located along the southern shore of Lake Erie. Rock and Roll Hall of Fame, one of the world’s finest orchestras, and major professional baseball, football, and basketball teams are all home to the metro area.
Now is this a good real estate investment destination?
Yes of course- Opines Hirav Shah… He is well known for his services in real estate estimated income and forecasting for realtors and predicting for buyers.
Here are the reasons why Cleveland could be a great place to invest in real estate in 2022 as per Hirav Shah, Prolific Real Estate Strategist and Influential Real Estate Advisor.
Economy in Cleveland
Cleveland has done a remarkable job of transforming its economy into a well-balanced blend of service, high-tech, blue, and white collar employment. And it is the same city that once relied on the manufacturing industry for growth and prosperity.
Cleveland’s diversified economy helps keep the real estate market strong in Cleveland, especially the rental market. Yes, indeed…
Looking at its economy, wouldn’t it be wise to invest in real estate in Cleveland in 2022 !!
Growth of Population in Cleveland
Now this plays a huge role for real estate investors of course.
Yes, among the top 10 U.S. cities for population growth of college-educated millennials, Cleveland ranks…Yes it does !!
That’s amazing news for real estate investors, especially rental property investors. This is because the would-be millennial homebuyers are fueling the rise of lifestyle renting.
Real Estate Market and Statistics in Cleveland
Based on relative prices compared to regional and national averages, and scope for further appreciation, Cleveland is ranked as the number 1 city in America to invest in real estate.
What is especially attracting remote real estate investors and to people working from home, is the cheap values of single-family homes in Cleveland.
One reason people are interested in investing in Cleveland rental property is that successful real estate investors know how to make money in any market cycle. The best part is that Cleveland is one of the most recession-resistant markets in the U.S.
Lately, the Home Value Index for Cleveland is $97,865.
Over the last year, home values in Cleveland have increased by 23.7%.
Home values in Cleveland have increased by nearly 115% over the past five years.
$115,000 is the median list price of a single-family home in Cleveland.
$78 is the median listing price per square foot of a home in Cleveland.
57 is Days on market (median).
South Collinwood with a median listing price of $50,000 is the most affordable neighborhood in Cleveland to buy a home.
Renters have occupied more than 50% of the households in Cleveland, making the market apt for rental property investors.
In fact, Cleveland was #5 on the list of top housing markets to watch last year. So, watch out for “Cleveland”, folks for your real estate investment in 2022-Concludes Hirav Shah, Renowned Advisor And Strategist In The Field Of Real Estate, Globally.