CLEVELAND — Cleveland was recently listed as one of the most affordable cities to live by real estate brokerage company Home Bay. Eric Tepfenhart, a realtor in the Cleveland area, said he has seen a high demand for people wanting to buy homes in Cleveland.

What You Need To Know

  • Cleveland was named on the of the most affordable cities to live in by Home Bay, which is a real estate brokerage company

  • The housing market for those looking to buy a home has been popular and more affordable

  • For people looking to rent in Cleveland, it's less affordable 

“This is one of the biggest areas to buy because it is cheap,” he said.

Tepfenhart explained that compared to there places around the country, people looking to buy in Cleveland will get more bang for their buck if they are buying.

“You’re looking at around I think $140 square foot on average compared to the rest of the country, you’re looking at on average 180 to 220,” he said.

Although the market for buying is good, it is not the same for people who are renting. Tepfenhart explained that this an issue across the nation.

“Just like Cleveland and other areas, they’re raising rent on people,” he said.

Marcus Roth, an employee of the Coalition on Homelessness and Housing in Ohio, said that affordable housing is relative.

“Knowing for the people that actually live in these cities, the people that are earning the wages that people earn in Cleveland, Dayton, Cincinnati, it’s not affordable,” he said.

Roth said the standard is typically that people shouldn’t spend more than 30% of their income on rent.

“Renters need to earn $19 and 19 cents an hour working full time year round just to afford a basic two-bedroom apartment in Cleveland,” he said.

Roth said that many Ohioans do not have jobs that pay that much.

“The 10 most common jobs in Ohio, only three out of those 10 most common jobs actually pay more than that $19 and 19 cents an hour wage,” he said.

Roth expressed his concern over the potential increase of homeless in Cleveland if renting prices continue to be this high. He said that the lack of affordable housing is the primary cause of homelessness.