How Millennials are Actually Improving Cleveland Real Estate

Published on April 13th, 2016

Spring is in the air and housing marketing is ramping up in Northeast Ohio. Cleveland real estate offers affordability and fun for Millennials moving in.

The housing market in Cleveland and the rest of Northeast Ohio is ramping up this year to prepare for more Millennials settling down in the burbs. The foodie culture and growing opportunities for entrepreneurs in Cleveland have built up excitement and are drawing crowds of younger people into the city to live, work, and play.

A decade ago, younger generations raised in Cleveland would go to school in a bigger city, possibly in a different state, and stay there. More recently, we have seen these jetsetters coming back. Cleveland’s real estate is by far one of the most affordable. Men and women in their late twenties and early thirties are coming back to the city to live, save money, find good jobs, and even buy homes and start families. Doing all of this in a city like New York or Chicago would take much longer because of the high cost of living.

What is attracting so many people to Cleveland, a city formerly known as the mistake on the lake? The city offers an extensive list of amenities from retail and nightlife to a high demand for professionals with advanced degrees. The city is affordable and the cost of starting your own business is relatively low.

Growth in the downtown and surrounding areas of Cleveland is a result of several city projects, new housing projects and restaurants popping up. Neighborhoods such as Ohio City and Tremont have seen a spike in Millennial population with the addition of new restaurants, bars, and shops opening. The Cleveland real estate market has recently seen a lot of new construction, especially townhomes and single family homes. Suburbs like Lakewood bring in a lot of diversity as the city has a wide variety of rentals and homes for sale. Cleveland’s next step is growing public transportation to allow residents an easy way to explore the city’s different neighborhoods.

As David Fields of Nelson/Nygaard was quoted saying, “Downtown Cleveland is an amazing turnaround success story. The next generation is moving back in and is really activating the place in a way that, if you haven't seen it in a long time, makes it really exciting to go downtown. It's not what you think of when you think of Cleveland from a few decades ago.”

If you want to learn more about living in Cleveland or Cleveland real estate, check this out. If you have any questions about preparing for the digital mortgage process, chat with one our mortgage advisors now or call us today at 1-844-778-5626. If you’re ready to move to Cleveland and begin your digital mortgage process, get a free rate quote today.

Are you ready to get your digital mortgage process started?

Want to compare your options before you get started?