A recent study by Point2Homes aimed to find the best metropolitan areas for house renters. The study compared 75 of the largest metros in the country, scoring them against 25 metrics relevant to house renters, such as cost of living and the share of renters who comfortably afford housing costs, as well as things like air quality and commute times. And Cleveland, OH, sits among the best metros for house renters in the U.S.
- Cleveland lands among the top metros for renters, in part due to one of the lowest costs of living and a comparatively low unemployment rate of just 3%.
- Quality of life sets the Cleveland metro apart: Short commute times, larger-than-average rental homes, and entertainment and recreation options make it an appealing choice for families, professionals, and retirees alike.
Climbing onto the property ladder is becoming increasingly out of reach for many Americans, making renting a safer and more practical choice. With home prices skyrocketing, interest rates climbing, and down payments running into the tens of thousands, buying is often out of the question — before even factoring in the ongoing costs of maintenance.
At the same time, the pandemic and rapid technological change have reshaped the job market, boosting the appeal of the flexibility that renting provides. According to the latest data, one metro where this lifestyle is particularly attainable is Cleveland, which offers renters affordability, stability, and a strong quality of life.
Cleveland Performs Well In Numerous Metrics Determining the Best Metros for House Renters
With a total score of 52.45, Cleveland, OH, ranks 23rd out of the 75 metros studied. For the most part, the metro scores fairly average results across the bulk of the metrics, though it does excel in some areas, such as commute times and, most importantly, cost of living.
1. Cleveland Enjoys a Strong Economy
Cleveland boasts the 9th lowest cost of living among the metros studied. Coupled with an unemployment rate of 3% — tying with Tulsa, OK; Milwaukee, WI; Richmond, VA; Albany, NY; and Miami, FL — the high score hints at a thriving economy.
For renters seeking stability and job security, Cleveland can be a safe choice. Its economy is both diverse and resilient, driven by major industries such as healthcare, technology, manufacturing, finance, and insurance. Building on this strength, at least five Fortune 500 companies are headquartered in the metro, employing thousands of residents.
2. Quality of Life is at Home in Cleveland
The average number of bedrooms in a typical single-family rental in Cleveland is 3.9, the fourth-highest number of the metros studied. This is a strong indication that homes in Cleveland are larger than in other metros, meaning house renters here enjoy more space on average.
What’s more, the average Cleveland commute time is just 22 minutes, which is the second shortest on the list. Over the course of a year, Cleveland commuters can expect a total of around 48 hours of delays, which is far less than some West Coast metros, such as Los Angeles or San Francisco, where commuters could find themselves being delayed by more than 100 hours a year, on average. It’s also less than Columbus, where commuters are delayed by 53 hours a year on average.
Cleveland renters will find no shortage of places to go out for entertainment in the metro. With a large number of food service places, fitness and recreational sports centers, as well as a good number of movie theaters, there are plenty of things to do and see in the metro.
All in all, the Ohio metro strikes a rare balance between affordability, economic opportunity, and quality of life. For renters seeking stability, space, and flexibility without the steep costs found in many other metros, Cleveland proves to be not just a practical option, but an appealing one.
Methodology
Point2Homes.com is a real estate listing portal for rental homes across the United States. Part of Yardi Systems, Point2Homes covers housing trends and news through comprehensive studies that draw from internal data, public records, governmental sources, and online research.
- For this study, we considered the 75 largest Metropolitan Areas based on the most recent data from the 2023 1-year ACS.
- To determine the best metros for house renters, this report uses a combination of ranking scores and weighted averages across 25 relevant metrics, divided into two categories: Economy & Housing; and Community & Quality of Life:
- Each metric received a score based on the metric’s minimum and maximum value multiplied by the metric’s weight. The score for the final ranking was based on the sum of scores across all metrics. Ranking metrics and data sources:
Economy & Housing
- Cost of Living for Single-Family Renter Households (Rent + Utilities) compared to the National Average: Weight: 8%; Source: IPUMS*
- Renters Insurance (state level): Weight: 2%; Source: Insurance Information Institute
- Share of Single-Family Renter Households: Weight: 4%; Source: IPUMS
- Share of Single-Family Renter Households comfortably affording Housing Costs: Weight: 4%; Source: IPUMS
- Single-Family Renter Household Average Income: Weight: 8%; Source: IPUMS
- Unemployment Rate: Weight: 8%; Source: Bureau of Labor Statistics
- Job Growth: Weight: 4%; Source: Bureau of Labor Statistics
- Average Number of Bedrooms per Single-Family Renter Household: Weight: 2%; Source: IPUMS
- Average Number of Vehicles per Single-Family Renter Household: Weight: 2%; Source: IPUMS
- Average Gasoline Price: Weight: 4%; Source: aaa.com
Community & Quality of Life
- Community Well-Being Index: Weight: 8%; Source: Sharecare.com
- Safety (Violent & Property Crime Rate): Weight: 8%; Source: Federal Bureau of Investigation
- Average Commute Time: Weight: 4%; Source: IPUMS
- Annual Hours of Delay per Commuter Average: Weight: 4%; Source: Texas Transportation Institute
- Walkability Index: Weight: 4%; Source: Environmental Protection Agency
- Share of Days with Good Air Quality: Weight: 4%; Source: Environmental Protection Agency
- Difference Between Average & Ideal Annual Temperature: Weight: 4%; Source: National Oceanic and Atmospheric Administration
- Quality of Education & Attainment Gap: Weight: 4%; Source: WalletHub
- Food Services & Drinking Places (per 10,000 residents): Weight: 2%; Source: BLS
- Fitness & Recreational Sports Centers (per 10,000 residents): Weight: 2%; Source: BLS
- Golf Courses & Country Clubs (per 100,000 residents): Weight: 2%; Source: BLS
- Performing Arts Companies (per 100,000 Residents): Weight:2 %; Source: BLS
- Motion Picture & Video Exhibition Places (per 100,000 residents): Weight: 2%; Source: BLS
- Libraries & Archives (per 100,000 residents): Weight: 2%; Source: BLS
- Amusement & Theme Parks (per 1,000,000 residents): Weight: 2%; Source: BLS
*IPUMS means Integrated Public Use Microdata Series and provides census and survey data from around the world integrated across time and space. IPUMS is a part of the Institute for Social Research and Data Innovation at the University of Minnesota. Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0 Images: Gorodenkoff; Wirestock Creators; Kevin Ruck; Joe Guetzloff/Shutterstock.com.
Image: ungvar/Shutterstock.com
Fair use and redistribution
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