Is It Worth Buying a Home in Cleveland, OH?
The decision to rent or buy in Cleveland, Ohio depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $115,000 and median monthly rent of $1,100, the math plays out differently depending on your personal situation.
Cleveland has an average property tax rate of 1.52% annually, which adds approximately $146/month to the cost of homeownership on a median-priced home.
Historically, home values in Cleveland have appreciated at roughly 1.2% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Cleveland Buyers
- Down payment of 20% on a median home = $23,000
- Monthly mortgage (30yr at 6.99%) ≈ $611/mo
- Property tax ≈ $146/mo
- Estimated maintenance ≈ $96/mo