Rent to own Homes in Cleveland, OH
Cleveland was founded in 1796 but got off to a slow start. By 1802, the settlement only consisted of 76 free men aged 21 and higher, and its population totaled 1,075 in 1830. It didn't have much to offer as a city until 1832 when the Ohio River was connected to Lake Erie through the completion of the Ohio and Erie Canal. Cleveland then began to ascend as a regional transportation hub, and people started moving to the city. Its numbers increased to 6,071 in 1840 and 17,034 in 1850. Once the railroads began running through Cleveland, it became an industrial center for the area, and the population started increasing more quickly. By 1880, it had 160,146 residents.
Cleveland currently has a population of 381,009, and its economy has adapted nicely with the times. It is now a city with lots to offer. Some of the city's major industries include health care, advanced manufacturing, law, aerospace, banking, insurance, technology, and education. Corporate giants such as Sherwin-Williams, Medical Mutual of Ohio, Applied Industrial Technologies, Hyster-Yale Materials Handling, Lincoln Electric Holdings, and several other Fortune 500 and 1000 companies maintain their headquarters in Cleveland.
Cleveland, OH is a great place for affordable rent-to-own homes! With a median household income of over $31,838 and a median rent of $735, the Cleveland, OH rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Cleveland, OH. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Cleveland, OH Property Resources
Rent to own Homes in Cities Near Cleveland, OH
- Bay Village
- Bedford Heights
- Bentleyville
- Berea
- Boston Heights
- Broadview Heights
- Brooklyn
- Chesterland
- Cuyahoga Falls
- Elyria
- Euclid
- Fairlawn
- Glenwillow
- Grafton
- Highland Heights
- Hudson
- Hunting Valley
- Independence
- Kirtland
- Lakeline
- Lakewood
- Linndale
- Lyndhurst
- Macedonia
- Maple Heights
- Medina
- Middleburg Heights
- Montrose-Ghent
- Moreland Hills
- North Olmsted
- North Ridgeville
- Olmsted Falls
- Orange
- Parma
- Parma Heights
- Peninsula
- Reminderville
- Richfield
- Richmond Heights
- Rocky River
- Shaker Heights
- Sheffield
- Sheffield Lake
- Solon
- South Russell
- Timberlake
- Twinsburg Heights
- Valley City
- Westlake
- Wickliffe
Neighborhoods in Cleveland, OH
Euclid - Green rent to own homes North Collinwood rent to own homes Lee - Miles rent to own homes South - Collinwood rent to own homes Corlett rent to own homes Brooklyn - Centre rent to own homes Buckeye - Shaker rent to own homes Central rent to own homes Clark - Fulton rent to own homes Edgewater rent to own homesBuying a Home in Cleveland, OH
Cleveland, OH is seeing rapid growth and Cleveland, OH's' housing market remains optimal with an average home price that is -66% below the 2024 national average. Cleveland, OH is part of Cuyahoga county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Cuyahoga is 1.93% which is above the national average, which is 0.99%.
Median Home Price in Cleveland, OH
Median Rent in Cleveland, OH
Average Cost of Living in Cleveland
One of the reasons people are attracted to Cleveland is its low cost of living. Groceries, health, housing, and utilities are all below national and state averages. Transportation is 6.6% higher than Ohio's average and 9.5% lower than the U.S. average. The city's overall cost of living is 10% lower than the state and 27.4% lower than the rest of the country. It won't be easy to find a cheaper place to live in the area. Brook Park, Fairview Park, and Lakewood are 9%, 15.2%, and 17.2% higher, respectively.
Average Home Prices in Cleveland
Ohio has very affordable housing in general, but Cleveland has some of the state's lowest prices. The median cost of a home in the city is $53,500, which is well below the state average of $140,700, and a fraction of the U.S. average of $231,200. Houses in Brook Park, Fairview Park, and Lakewood range between $130,500 and $183,600. It's very unusual to find such low housing prices in a major city with a full line of amenities and a booming economy, making Cleveland an appealing option for people looking for rent-to-own homes.
Cleveland Statistics
If you're interested in Cleveland rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Cleveland statistics compared to the U.S. national average.
| Cleveland Averages | National Averages | |
|---|---|---|
| One-Way Commute | 24.1 minutes | 26.4 minutes |
| Violent Crime | 72.5 | 22.7 |
| Property Crime | 74.5 | 35.4 |
| Unemployment Rate | 6.6% | 3.9% |
| Income Tax Rate | 5.5% | 4.6% |
| Air Quality | 30 | 58 |
| Water Quality | 52 | 55 |
| Median Household Income | $26,179 | $53,482 |
| Median Property Taxes | $1,700 | $2,200 |
| Utilities | $100/month | $112/month |
| Monthly Rent | $700 | $1,470 |
| Median Home Cost | $53,500 | $231,200 |
| Median Home Age | 78 years | 40 years |
Popular Amenities and Attractions in Cleveland
In 2018, more than 19 million people visited Cleveland. You can get to the city from anywhere in the country by air using Cleveland Hopkins International Airport, bus, or Amtrak. More than 43% of U.S. residents live within 500 miles of the city, which might make driving an option as well. Cleveland has a very walkable downtown, and its Regional Transit Authority operates free trolleybuses for people who travel beyond the downtown. You can also use rideshares or the city's bike-share program to get around town.
Cleveland is famous for its excellence in health care. Cleveland Clinic alone sees patients from more than 130 countries every year. Although the hospital has 17 locations throughout the U.S. and the world, its primary campus, spanning 165 acres, is located near downtown Cleveland. There are many research facilities, hospitals, and biotech companies within the city.
The city has some unique and exceptional museums and attractions. In 2016, Business Insider ranked the Cleveland Museum of Art as the second-best museum in the country. If you'd like to learn more about currency, you can check out the Federal Reserve Bank of Cleveland's Learning Center and Money Museum. Music fans will love the Rock and Roll Hall of Fame, where you can learn about the evolution and players of the genre. Playhouse Square is the second-largest performing arts center in the country. More than a million visitors enjoy its Broadway shows, concerts, comedy, opera, dance, and children's programs every year.
What more can a person expect from a city? An excellent network of parks, a bustling economy, and an extremely affordable housing market make Cleveland an attractive option for your next rent-to-own home purchase.