Greater Cleveland/Akron is known for its desirably low housing costs. However, housing costs are always relative. Relative to your desired location and characteristics, and relative to where you are from. People moving from Los Angeles, New York, Boston, and Seattle are giddy when they see our housing costs. While people from some southern regions may see an increase housing costs.
Housing Costs by Comparison
Like much of the Midwest, Greater Cleveland/Akron's housing costs are enticing. Per HSH, the US's largest editorial mortgage rate survey, the Cleveland Metropolitan Area consistently ranks among the 25 least expensive metro areas.
Most candidates and new hires cannot believe they can buy a four-bedroom house with a three-car garage and huge backyard for what they pay in rent for a 1,000 square foot apartment in other metro areas.
We understand that some people living in certain regions of the South are surprised by our housing costs. Many southern states have less expensive labor costs and no labor unions so the cost of a new build in our region is not as low as the cost of one in the South. However, the South's low housing costs are on the rise so the difference is less than it once was. Median Home Prices
For a point of reference, according to NerdWallet, the median home price for a three-bedroom/two-bath room home in Greater Cleveland is $335,169 and $225,731 in Greater Akron.
Salary Needed to Own a Home
While housing prices across the country have steadily risen over the past few years, the necessary salary to own a home in Greater Cleveland/Akron is markedly below the national average.
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Photo Credits
Shaker Heights Houses by Spencer - Own work (CC BY 2.5)
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