{"id":13212,"date":"2019-12-17T15:58:49","date_gmt":"2019-12-17T23:58:49","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=13212"},"modified":"2024-03-15T08:47:42","modified_gmt":"2024-03-15T15:47:42","slug":"buyer-buy-house-in-cleveland","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-buy-house-in-cleveland\/","title":{"rendered":"Buying a House in Cleveland, Where You\u2019ll Find Great Deals and Historic Gems"},"content":{"rendered":"

This is an exciting time to buy a house in Cleveland. With an award-winning theater district, a growing food scene, and burgeoning technology and healthcare industries, this city has a ton to offer but remains an incredibly affordable place to live. Cleveland lands at 72.6 on the cost of living index<\/a> (where the national average is 100) and has an astoundingly low median owner-occupied home price of $67,600<\/a> as of 2017. However\u2026\u00a0 don\u2019t expect buying a home here to be a cake walk.<\/p>\n

\u201cNow is one of the most difficult times to buy in recent history,\u201d says Michael Thies<\/a>, a top-ranking agent in Cleveland. \u201cThere hasn\u2019t been enough inventory available. If you find a nice, renovated house in a hot neighborhood, you\u2019ll be getting six or seven people bidding on it.\u201d<\/p>\n

We talked to Cleveland housing experts with decades of experience in home inspections and real estate and researched 58 local neighborhoods<\/a> to give you the best chance at a successful house hunt. Here\u2019s everything you need to know to buy a home in Cleveland and make the home of the Rock and Roll Hall of Fame your greatest hit.<\/p>\n

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Source (re-sized): (Tim Evanson\/ Flickr<\/a> via Creative Commons Legal Code<\/a>)<\/figcaption><\/figure>\n

Understanding the affordability of the housing market in Cleveland<\/h2>\n

Cleveland\u2019s housing market remains one of the most inexpensive among major metropolitan areas. It is one of the seven United States cities with the most homes available under $100,000<\/a>.<\/p>\n

Some of these homes, though, are in need of major repairs due to neglect over the years, so it can still be a hunt to find the right gem. And if you want to shop for a home in a popular neighborhood with sought-after renovations like kitchen and bathroom remodels, be prepared to face some competition.<\/p>\n

Compared to high-cost cities like New York and San Francisco, your bidding wars<\/a> will still be relatively tame, with homes in sought-after neighborhoods of Cleveland going for prices in the $180,000s as of 2019.<\/p>\n

However, it is important to talk to your buyer\u2019s agent about recent listing and sales data in the area and make sure you don\u2019t lowball an offer, since you could lose out on a great house opportunity if you quibble over a few thousand dollars. If the bidding war gets intense and you are asked to increase your bid multiple times, make sure you keep doing your comparisons to other available homes; there should be a point where you are happy to walk away.<\/p>\n

Pad your Cleveland homebuying budget with a little extra for maintenance, property taxes, and insurance<\/h2>\n

When you are putting together your Cleveland home-buying budget, you\u2019ll want to start with HomeLight\u2019s Simple Home Affordability Calculator<\/a>, set to \u201cCleveland, OH.\u201d This calculator gives you what you need to budget by taking your conditions \u2014 estimated down payment, monthly mortgage payment, existing debts, and credit score \u2014 into account.<\/p>\n

However, be aware that certain housing costs in Cleveland can bust your monthly budget faster than you can say \u201cLet’s go, Cavs!\u201d To keep costs down and account for any surprises, be sure to:<\/p>\n

Factor in local property taxes<\/b><\/p>\n

Local property taxes are specific to neighborhoods, villages, and townships, so being in the Cleveland metro area can result in varying property taxes<\/a>. Cleveland proper has a property tax rate of 2.79%. Areas around Cleveland have rates that range from 1.75% in Cuyahoga Heights to 4.13% in Garfield Heights.<\/p>\n

Plan for monthly and yearly maintenance\u00a0<\/b><\/p>\n

Maintenance costs may be higher than average in this part of Ohio and the United States in general. Cleveland gets heavy snowfall because it experiences the tail end of the \u201clake effect\u201d snow.<\/a> Snowfall is 54 inches per year, nearly double the national average, and Cleveland has 166 days of sun per year on average<\/a>.<\/p>\n

While this is ideal for walking in a winter wonderland, it means that sidewalks, driveways, and roofs take a beating. Budget for additional sidewalk and driveway crack-repair, a new roof every 18-25 years, and snow removal if you\u2019ll need to leave the house during or right after blizzards. Want custom quotes for these expenses? Here are some local providers who have 4.4 or more average stars on their Google Reviews or Angie\u2019s List:<\/p>\n

Snow removal\/salt:<\/p>\n