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Cleveland housing ranked as most undervalued in the nation in new study
Homes in the Cleveland area are selling for 16% less than their worth.

Dennis Keating says millennials are not buying homes as early, creating lesser demand.
Courtesy of Cleveland State
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A national ranking of housing markets puts Cleveland on the "most undervalued" list along with Detroit. For Ohio Public Radio, WCPN’s Brian Bull reports:

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The findings show homes in the Cleveland-Elyria-Mentor area were selling at roughly 16 percent less than what they’re worth.

Dennis Keating is a Professor of Urban Affairs at Cleveland State University. He says there are roughly 16,000 vacant and abandoned homes in the area, bringing down the values of those neighborhoods.

“So with a glut of vacant housing on the market, that would tend to drive the price down…and nationally millennials, due to the job situation, also due to student debt and other factors, are not buying homes as earlier as they might have in the past.  Therefore again, lesser demand," Keating says. 

And as of this year, more than a fourth of Cleveland homes are underwater, meaning owners are paying lenders more on them than their actual assessed worth.

Listener Comments:

Not sure how this is possible; we were assured by the Cleveland City Council, Cuyahoga County Council, etc. that spending a small fortune to build stadiums and arenas for the Browns, Indians, and other multi millionaires was a shrewd and wise use of taxpayer monies, and that the net result would be a mad rush of people buying homes in Cuyahoga County and creating some sort of economic nirvana.

Posted by: Mark (Smith) on June 12, 2015 12:06PM
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