Cleveland has become an unlikely hotspot for millennials in search of affordability
Over the past three years, Cleveland has become an unlikely mecca for millennials searching for affordability.
After all, the city was being mentioned in the same breath as Sunbelt metros that have been long celebrated as pandemic and post-pandemic boomtowns. But while Cleveland may not be a technology hub or have mild winters, it does have two very important things going for it that millennials can't get enough of: good jobs, and affordable housing.
It's one of only four cities where wage growth outpaced rents from 2009 to 2021 as population and jobs continue to grow,During that period, incomes grew 3% more than the average rent there, the data show. Cleveland residents now pay just over 17% of their income on rent, while the average American pays 20%.
. Homes are also lingering on the market for 7% longer and nearly 12% less homes were sold during this period.
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