Cleveland, OH
Cleveland merits investigation by yield-focused buyers who can tolerate weak demand signals; investors relying on job or population growth should avoid it.
Why this market scores where it does
Written from the figures on this page and then checked against them: every number below had to appear in the source record or recompute from two that did, or the text was rewritten.
Cleveland merits investigation by yield-focused buyers who can tolerate weak demand signals; investors relying on job or population growth should avoid it. A $255,598 median home value and $1,474 median asking rent correspond to a 6.92% gross yield.
Rent rose 4.11%, nearly matching the 4.15% increase in home values, while rent equals 25.03% of median household income. That combination supports current rent economics without showing improving acquisition value.
Risk sits in demand and location selection. Employment fell 0.15%, and net migration was negative 3,022 households. Supply appears restrained at 1.82 permits per 1,000 residents, but buyers still need property-level flood review because inland flooding is the dominant hazard.
Frequently Asked Investor Questions
What does the median property-to-rent relationship look like?
Is household migration supporting demand?
How active are investors in purchases?
Investor Quick Takeaways
Computed from the current Zillow rent and home-value medians.
Zillow ZORI rent growth trend over trailing 12 months.
Originated investment purchase share (CFPB HMDA).
Annualized loss ratio evaluated for flood & hurricane risk.
Test the market, then test the deal
Keep Cleveland as the starting point or move into a more specific property and rent check.
The current market in eight signals
Fast-moving Redfin conditions sit beside the slower fundamentals so a buyer can separate today's negotiating climate from the long-run investment case.
Rents versus prices, indexed to 2019
Both series start at 100. The gap between the lines is the investment case, and which line is closing it tells you what kind of market this is.
What each component measures
Weights are published, not hidden, and the arithmetic is shown. Five components, each measured as a national percentile across all tracked metros.
| Signal | Score | Weight | Points |
|---|---|---|---|
| Job growth | 39 | 30% | 11.70 |
| Rent trend | 62 | 25% | 15.50 |
| Affordability | 47 | 15% | 7.05 |
| Supply pressure | 69 | 15% | 10.35 |
| Climate risk | 96 | 15% | 14.40 |
| Published score | 59 | ||
Job: employment fell 0.15% -> weak labor demand raises leasing and rent-growth risk.
Rent: median asking rent rose 4.11% -> rental pricing improved in the measured period.
Affordability: rent consumes 25.03% of median household income -> tenant affordability appears manageable at the metro level.
Supply: 1.82 permits per 1,000 residents -> limited new permitting reduces the visible pipeline of competing units.
Climate: annual expected loss equals 0.0812% of building value, with inland flood dominant -> metro-level losses are low, but water exposure requires property-specific review.
What this market costs and what it earns
Every derived ratio below recomputes from the same source record used by the article and score.
What is being built, and for whom
Permits are the 12-to-24 month early warning. The total matters less than the mix: apartments compete with a rental the day they open.
Demand, and the competition for it
Tax filings say how many households moved and what they earn; mortgage disclosures say how many local purchases went to someone who will not live there. Moves between counties inside this metro are netted out of both flow figures.
What would make this a bad buy
Generated from the same figures with the instruction to argue against the score, and published unedited. A page that only agrees with itself is an advertisement.
Three ways the case breaks
- Employment contraction could weaken tenant demand.
- More households moved out than moved in, producing negative net migration.
- Inland flood exposure could create property-specific loss and insurance costs not resolved by the metro average.
Move from the metro average to local evidence
County pages carry tax, migration, listing and hazard records. City pages appear only where direct city price, rent and Census evidence pass the publication gate.
Metros that behave like Cleveland
Nearest neighbours on price level, income, yield and job growth — not on geography. Every market page gets a different peer set, which is the point.
| Metro | Score | Price | Rent | Yield | Job Growth |
|---|---|---|---|---|---|
| Cleveland, OH (Target) | 59 | $256k | $1,474 | 6.9% | ▼ 0.1% |
| Memphis, TN | 28 | $248k | $1,435 | 6.9% | ▼ 0.4% |
| Oklahoma City, OK | 38 | $248k | $1,393 | 6.8% | ▼ 0.6% |
| Birmingham, AL | 39 | $264k | $1,462 | 6.7% | ▲ 0.2% |
| Tulsa, OK | 50 | $256k | $1,361 | 6.4% | ▲ 0.1% |
Where every figure came from
“Checked nightly” means every source is re-pulled and re-verified each night. It does not mean every source moves nightly — the release column tells you how fresh each number can possibly be.
| Dataset Source | Method | Release Period | Pulled Date |
|---|---|---|---|
| Census ACS 5-year — household income | direct | ACS 2024 5-year | 2026-07-26 |
| Census ACS 5-year — population | direct | ACS 2024 5-year | 2026-07-26 |
| BLS CES — payroll employment | direct | CES SM current | 2026-07-26 |
| BLS LAUS — resident employment | direct | LAUS current | 2026-07-26 |
| BLS QCEW — county employment and wages | direct | annual county employment and wages 2025 vs 2024 | 2026-07-31 |
| OMB/BLS delineation — metro geography | direct | OMB July 2023 delineation | 2026-07-30 |
| Census Building Permits Survey — permitted units | direct | BPS through 2026 | 2026-07-26 |
| Census ACS 5-year — city population, households and housing | direct | ACS 2024 5-year | 2026-07-29 |
| Census ACS 5-year — county housing value, tenure and stock | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS 5-year — cities and communities | direct | ACS 2024 5-year | 2026-07-30 |
| FEMA National Risk Index — hazard loss ratios | modelled | NRI counties (FEMA ArcGIS) | 2026-07-26 |
| FHFA House Price Index — annual county appreciation | direct | annual county HPI 2025 | 2026-07-28 |
| HMDA / CFPB — purchases by occupancy type | direct | HMDA 2024 purchase originations | 2026-07-26 |
| HUD Fair Market Rents — Section 8 standard | direct | FY2026 FMR | 2026-07-26 |
| HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback | direct | ZIP-CBSA 2025Q4 + SAFMR FY2026 | 2026-07-26 |
| IRS SOI — county migration and mover income | direct | SOI migration 2022-2023 | 2026-07-26 |
| Freddie Mac PMMS — mortgage rates | direct | week of 2026-07-23 | 2026-07-27 |
| Census ACS 5-year — effective property tax | direct | ACS 2024 5-year | 2026-07-27 |
| Realtor.com Economic Research — county listing inventory | direct | county inventory 2026-06 | 2026-07-28 |
| Redfin Data Center — inventory, days on market, and price cuts | direct | metro tracker through 2026-05-01 | 2026-07-26 |
| Zillow ZHVI and ZORI — county values and rents | direct | county ZHVI/ZORI 2026-06 | 2026-07-26 |
| Zillow ZHVI — metro home values | direct | Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv | 2026-07-26 |
| Zillow ZHVI — city home values | direct | zillow_zhvi_city.csv | 2026-07-29 |
| Zillow ZORI — metro market rents | direct | Metro_zori_uc_sfrcondomfr_sm_sa_month.csv | 2026-07-26 |
| Zillow ZORI — city market rents | direct | zillow_zori_city.csv | 2026-07-29 |
| Zillow ZORI — ZIP market rents | direct | ZORI ZIP 2026-06 | 2026-07-26 |