Cleveland Housing

Market
Initial Thoughts &
Gatherings

● Medium Home Value: $57,600 (Zillow)

● Majority of apartment rentals are priced around $300-$500 per bed
● Downtown rental rates vary, 31.4% between $500 and $999, 28.1% between $1,000
and $1,499
● Similarly to Ann Arbor, luxury options priced at $1,000+
● Cleveland’s east side housing market is struggling
○ Some areas of the city haven’t fully recovered from the Recession
● How much demand is really there?
Growth Potential and Data

● “Eds and Meds” knowledge economy

● 1,755 rental homes added from 2010 to 2015
○ Vacancies decreased in same period of time
● “Seller’s Market” pushing prices up in Tremont, Ohio City, Detroit Shoreway, University
Circle (Cleveland.com)
● https://www.youtube.com/watch?v=L5S1sT8N8g8
○ “An additional 6,800 homes could be filled by 2030 without over saturating the market”
● Housing Demand Analysis:
http://www.downtowncleveland.com/DCA/media/DCA_Media/2018-Housing-Deman
d-Analysis.pdf
● Number of households grew 35.5% in 2010-2016
● https://engagedscholarship.csuohio.edu/cgi/viewcontent.cgi?article=2473&context=ur
ban_facpub
Demographics

● Roughly 265,000 jobs in the city (On The Map)

○ Health Care and Social Assistance 28.7%
● 18.4% of workers 29 or younger (On The Map)
○ 72.5% are white, 23.2% are black
● Key income bracket - $50,000-$74,999
○ 15.6% of downtown population
Potential Development Ideas

● Riverfront/waterfront apartments
● Townhouses further out?
● Homeownership is still relatively low compared to other downtowns
○ 5.1% to 22.7% average (Housing Demand Analysis)
● Maintenance of income-restricted/mixed-income communities
New Cleveland
Assignments
Articles

● Comprehensive Housing Marketing Analysis for Cleveland-Elyria:

https://www.huduser.gov/portal/publications/pdf/ClevelandOH-comp-16.pdf
● Cleveland’s 2020 Citywide Plan:
http://planning.city.cleveland.oh.us/cwp/chapterspdf/hous.pdf
● 2017 Downtown Cleveland Alliance Annual Report:
https://www.downtowncleveland.com/getmedia/2438fb42-8319-4447-b574-c817b0
8253bd/2017-DCA-Annual-Report
Downtown Cleveland
Data Points & Demographics

● 5% increase in primary jobs from 2011 to 2015 (84,777 jobs to 89,052)

● 36% increase in residents from 2012 to 2017 (8,748 people to 11,893)
● 35.5% increase in properties from 2010 to 2016 (4,805 homes to 6,513)
● 26% decrease in vacancy from 2010 to 2016 (651 homes vacant to 462)
● 129 new development projects since 2010
● $216/ sq foot (value) according to Trulia
○ https://www.trulia.com/real_estate/Downtown-Cleveland/5450/market-trends/
● Leasing rate: $1.52/ sq foot (2017 DCA Annual Report)
Downtown Cleveland
Income Breakdown

● Average household income: $70,089

○ Substantial disparity between the three census tracts within downtown
■ Census Tract 1071.01 average: $124,915
■ Census Tract 1077.01 average: $78,012
■ Census Tract 1078.02 average: $28,810
● 46.6% of households earning more than $50,000
● 26.2% of households earning more than $75,000
● 19.1% of households earning more than $100,000
● 12.9% of households earning more than $125,000
● 10.5% of households earning more than $150,000
Job Density — Downtown CLE
Job Density — University Circle
Downtown Cleveland
Data Points & Demographics
● Population estimate: 11,893
● Median household income: $42,467
● 53.6% white, 32.9% black
● Owner-occupied housing rate: 4.4%
● Median gross rent
○ Census Tract 1071.01: $1,360
○ Census Tract 1077.01: $1,130
○ Census Tract 1078.02: $695
● 6,725 households
● Overall vacancy rate: 14.6% (980/6,725 homes)
○ 319 of 980 vacancies (32.6%) are for-rent units
● 82.0% of 25+ age population with a high school diploma, 44.9% with a bachelor’s
degree or higher
Beachwood
Data Points & Demographics

● Population estimate: 11,696

● Median household income: $86,026
● 72.2% white, 11.9% black, 11.9% asian
● Owner-occupied housing rate: 59.5%
● Median gross rent: $1,663
● 4,598 households, 2.35 people per home
● 95.1% of 25+ age population with a high school diploma, 59.2% with a bachelor’s
degree or higher
Solon
Data Points & Demographics

● Population estimate: 22,962

● Median household income: $99,050
● 73% white, 11.1% black, 12.1% asian
● Owner-occupied housing rate: 82.5%
● Median gross rent: $1,195
● 8,391 households, 2.73 people per home
● 96.9% of 25+ age population with a high school diploma, 62.6% with a bachelor’s
degree or higher
Cleveland Heights
Data Points & Demographics

● Population estimate: 44,562

● Median household income: $55,339
● 47.5% white, 41.8% black
● Owner-occupied housing rate: 55.2%
● Median gross rent: $892
● 19,041 households, 2.32 people per home
● 93.7% of 25+ age population with a high school diploma, 52.6% with a bachelor’s
degree or higher
Shaker Heights
Data Points & Demographics

● Population estimate: 27,440

● Median household income: $82,830
● 56.5% white, 33.2% black
● Owner-occupied housing rate: 64.2%
● Median gross rent: $988
● 11,180 households, 2.47 people per home
● 96.4% of 25+ age population with a high school diploma, 64.7% with a bachelor’s
degree or higher