Cleveland, Ohio

In Cleveland, Ohio, 14% is the amount that the home value has increased in the last year. There has been a forecast that in the following year, 7.6 percent is the amount the home value will increase. In Cleveland, $53,600 is the median home value.

In Cleveland, per square foot, the list cost median is $69. The Metro Area of Cleveland-Elyria has a higher per square foot list cost median which is $105.

In the city of Cleveland, $80,000 is the presently listed median home value. For houses that have been sold, $63,300 is the cost median.

When it comes to the cost of rent median in Cleveland, it is $850. The Cleveland-Elyria Metro Area has a higher cost of rent median which is $1,075.

The foreclosure rate is important when it comes to the realty economy, and the value of homes. The higher the foreclosure rate, the lower the value of homes. The lower the foreclosure rate, the higher the home value.

If the foreclosure rate is exceedingly high for a particular location, the value of realty in that area could go way down. If the foreclosure rate for much of our nation is exceedingly high, we could be heading into a recession.

For each 10,000 homes in Cleveland, Ohio, 5.3 houses are foreclosed. The Metro Area of Cleveland-Elyria has a much lower foreclosure rate. It is 3.0 houses being foreclosed for each 10,000 houses.

When a homeowner has gone through foreclosure, there was a first step that the homeowner went through. It is called mortgage delinquency. What is the definition of mortgage delinquency? It is the act of homeowner not making a payment on their mortgage.

In Cleveland, 2.5 percent of homeowners are delinquent on their mortgages. This is quite a bit higher than the percent of homeowners who are mortgage delinquent in the United States. It’s 1.1 percent.

The recession of 2008 had a very negative effect on the United States economy. One effect was that the value of real estate fell a greater amount than 20%. This recession caused quite a few homeowners to currently be underwater regarding their mortgages.

What does it mean to be underwater on one’s mortgage? It means that the homeowner has a bigger mortgage debt than the value of their house.

25.9% is the percentage of homeowners who are now experiencing being underwater on their mortgage in Cleveland. The Metro Area of Cleveland-Elyria has a lower underwater rate which is 10.9%.

Now let’s move on to the area of commercial real estate in the Cleveland Metro area. We are going to look at a company named TRG Multimedia that will expand the amount of space it has by a very big amount, moving from Cleveland, Ohio to Brooklyn, a suburb of Cleveland.

2215 St. Clair Avenue is the present location of TRG Multimedia. It is in 3 buildings there. This has been it’s location for around 25 years, and it has around 18,000 square feet.

The new location will be 75,000 square feet. This is an expansion of more than four times of the previous space, a massive increase. The new location in Brooklyn, Ohio will be at the former American Greetings location. This location is a highly iconic building.

January, 2019 is when It is expected the move will take place. This expansion has been planned for around 2 years. Part of that plan was a search of realty to find a very good location.

The new space in Brooklyn, Ohio meets everything the company has been looking for:

1. Correct ceiling height

2. The spacing of columns

3. Expansion capability

4. Nearby highways that are accessible.

The median household income for the Metro Area of Cleveland-Elyria-Mentor Ohio metro area is $52,131.