Cleveland Area House Prices are Unevenly Recovering

A decade ago, the housing collapse pushed Cuyahoga County into a recession, and the county had a high percentage of vacant properties. Now, based on Frank Ford’s study, who is a senior policy adviser at Western Reserve Land Conservancy, the housing market in Cuyahoga County is recovering unevenly. Some districts of Cleveland and suburban areas have regained the value they lost during that time. However, the majority neighborhoods, especially in the inner city, are still in the poor condition.
The situations are starkly different between the central Cuyahoga County and the suburban areas, as illustrated in the map below. In the city of Cleveland, only a few neighborhoods have already recovered from the recession or seen an improvement in the housing market. The housing median price was no more than $50,000 in 2015 for 25 of the 34 city neighborhoods from Ford’s study.
Maps by William Neff of The Plain Dealer


However, unlike big cities, where the housing prices were fluctuating quickly, the housing prices in suburban areas were showing “much slower slope” in both ways, which means the housing prices in suburban areas are just smoothly changed. And in some neighborhoods, they never experienced the same ups and downs as the city.  

Although the housing markets in suburban areas and some city neighborhoods have recovered, the housing prices in the city of Cleveland are still much lower than before. However, the lower housing price is not a benefit for residents there, as it is caused by the huge number of abandoned and blighted properties. Arguably, these neighborhoods can no longer provide a safe environment for residents, so more residents moved to the suburban areas for better living conditions. In time, this situation may increase the gap between the suburban area and the inner city.


Post by Xuewei Chen 


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Michelle

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