What Is The Average Household Income In Cleveland?

Choosing to relocate to Cleveland could be one of the best decisions you've ever made. The best thing about Cleveland real estate is that it's the Best Markets Real Estate Investment, both worthy and reasonably priced. The chances of property prices rising are ten times higher than normal. This energetic metropolis provides a special combination of suburban coziness and metropolitan charm. However, it's important to know the financials, particularly how your family income fits into Cleveland's real estate market, before you pack your bags.

Is Cleveland An Affordable City To Live In?

Yes, it is known for its affordability and offers lower housing and living costs compared to other major U.S. cities. To manage finances effectively, ensure your housing costs, including rent, mortgage, and utilities, don't exceed 30% of your gross income. While the median home value and average rent for a two-bedroom apartment in Cleveland are relatively modest, these figures can vary by neighborhood, impacting the income needed for comfortable living.

Analyzing The Cleveland Real Estate Market

Cleveland's real estate market, viewed through the lens of household income, presents a nuanced picture. The city is known for its affordability compared to other major U.S. cities and offers diverse housing options. In 2021, the median family income in Cleveland stood at $83,830, slightly higher than Ohio's average. This income level plays a crucial role in determining the kind of lifestyle families can afford in a city where living costs, including housing, are generally lower.

However, income disparities across age groups and household sizes are significant. The highest median household income, approximately $48,151, is found among those aged 25 to 44 years, indicating that younger, possibly dual-income households may find Cleveland economically favorable. This disparity emphasizes that while Cleveland is affordable, the comfort and lifestyle a family can enjoy vary greatly depending on their income bracket.

Regarding real estate, a family's ability to afford a comfortable lifestyle in Cleveland depends on their income relative to the cost of living and housing in their chosen neighborhood. As a general guideline, housing costs should not exceed 30% of gross income. Families with income around or above the median can typically expect to live comfortably in most areas of the city.

Average Household Income in Cleveland

The median household income in Cleveland is $53 more than that in Ohio, but it is $7,402 less than that in the United States. In September 2023, the 2022 metro income data—which includes the average median household income in Cleveland, will be mentioned below.

· 2021 1-Year Change 3-Year Change

· US $69,717 -1.64% +4.32%

· Ohio $62,262 -1.60% +2.84%

· Cleveland $62,315 -0.40% +2.76%

According to ACS 1-year statistics, Cleveland's median household income in 2021 was $83,830. The typical family income in Cleveland is $3,070 more than the median family income throughout Ohio. The Cleveland family income statistics for 2022 will be made public in September 2023, much as the median household income figures.

Real Median Family Income for Cleveland, Ohio

· 2021 1-Year Change 3-Year Change

· US $85,806 -1.68% +4.09%

· Ohio $80,760 -0.87% +3.92%

· Cleveland $83,830 -0.32% +3.32%

According to the ACS 1-year survey, Cleveland's per capita income in 2021 was $37,729. The median per capita income in Cleveland is $2,610 more than the median per capita income in Ohio. The 2022 Cleveland per capita income statistics will be made available in September 2023, much like the median household and median family income mentioned above.

Real Per Capita Income for Cleveland, Ohio

· 2021 1-Year Change 3-Year Change

· US $38,332 -1.03% +5.01%

· Ohio $35,119 -1.17% +4.01%

· Cleveland $37,729 +0.23% +1.78%

Overall, Cleveland's real estate market is affordable, with a median family income of $83,830 (2021), slightly above Ohio's average. Income varies, with the highest median income ($48,151) among those aged 25 to 44. Considering other expenses like transportation and leisure, Cleveland offers a suitable and enjoyable lifestyle with a rich cultural scene and community spirit.

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