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City of Cleveland, Housing

Housing market in Cleveland rates as one of the worst in the nation

(Plain Press, September 2015) A recent study, by WalletHub, compared 300 United States, large, midsize and small size cities on the health of their housing market. Cleveland ranked 294 out of the 300 cities studied. This means, according to the study, that Cleveland does not fare well as a place to purchase a home when compared to housing markets across the country. The cities worse than Cleveland in the study were: Hartford, CT; Elizabeth, NJ, Dayton, OH, Newark, NJ; Paterson, NJ; and Flint, Michigan.

Among cities studied with populations over 300,000, Cleveland was dead last of the 62 big cities studied. The housing market here was ranked worse than in Detroit which was 61st; Milwaukee at 60, Baltimore at 59 and Chicago at 58. The five best housing markets among large cities were: Austin, TX at number 1; Seattle, WA at number 2; Denver, CO at number 3; San Jose, CA at number 4 and San Francisco, CA at number 5.

The 300 cities were measured on 14 key metrics. The data sets ranges from median home-price appreciation to home price as a percentage of income, to job growth. Here is how Cleveland fared on some key metrics:

Health of the Housing Market in Cleveland (1=Best; 150=Avg.):

  • 292nd – % of Homes Underwater (with Negative Equity)
  • 186th – Average Number of Days Until a House Is Sold
  • 257th – Median Home-Price Appreciation
  • 264th – Job Growth
  • 183rd – Foreclosure Rate
  • 251st – % of Mortgage Holders in Delinquency
  • 281st – Number of Unsold Homes Owned by Banks (REOs)
  • 271st – Unemployment Rate
  • 280th – Population Growth

Cleveland ranks 294th overall and 62nd among large cities.

For the full report, please visit:

http://wallethub.com/edu/healthiest-housing-markets/14889/

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