Cleveland housing costs: Renting is cheaper than owning a home
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Renting is cheaper than owning a home in Cleveland and every other major U.S. metro area.
Why it matters: Housing costs have soared nationwide, with stubbornly high home prices and mortgage rates weighing on would-be buyers.
- Homeowners with a mortgage now pay around 37% more per month than renters.
Zoom in: The median monthly gross rent in Cleveland was nearly $1,081 in 2024 (based on the latest available census data), compared to $1,570 a month for mortgaged homes, according to a LendingTree analysis.
- That's a difference of 44%, the 35th biggest gap among the country's 100 largest metro areas.
Zoom out: The median monthly gross rent nationally was nearly $1,500 in 2024, compared to over $2,000 a month for a mortgage.
- In 22 of the 100 largest metros, owning costs at least 50% more each month than renting, including utilities, fees and taxes.
- New York (76%), Bridgeport, Connecticut (75%), and Providence, Rhode Island (67%) saw the biggest percentage differences between homeowners' and renters' bills.
What they're saying: "The cost disparity here could be enough to convince someone that they'll never be able to own a home in some areas, and — unfortunately — they may be right," said Matt Schulz, LendingTree's chief consumer finance analyst, in a statement.
What we're watching: President Trump has proposed a raft of policies meant to lower mortgage rates and boost home-buying demand.
- But making housing more affordable is easier said than done.