Cleveland is Ohio’s 2nd largest city situated in the northeastern portion of the state next to Lake Erie. The city is home to one of the best orchestras in the country, and the city boasts the Cleveland International Film Festival. Cleveland has numerous sports teams, including the Cleveland Browns, Cleveland Indians, and the champion Cleveland Cavaliers. While in Cleveland, you can visit the Rock n Roll Hall of Fame and the Cleveland Museum of Art. You can find parks to explore, and you can stroll around the public square. The city has so many things to offer residents and guests. Numerous people in Cleveland each year purchase homes. If you need a place to live in Cleveland, research the neighborhoods and areas of the city, so you can find the ideal place to call home.
Demographics and Median Income of Cleveland
Cleveland is home to almost 30 colleges and universities and 10 Fortune 500 companies. It is the fastest growing healthcare economy in the country, and it is a leader in innovation. The census bureau at https://www.census.gov/quickfacts/table/PST045216/3916000,00 says the population of Cleveland is 696,697. 33.4% are white, 10% are Hispanic, and 53.3% are African American. 1.8% are Asian. The unemployment rate stands at 7.1%, which is above the state’s average.
Median Home Prices in Cleveland
The recession really hurt the economy in Cleveland; however, home prices are starting to make a recovery. Home values are rising, and the market is starting to get back on track. The number of people moving to Cleveland is rising drastically, and it is one of the most affordable housing markets in the country. The median price of homes in Cleveland stands at $60,000, which is way below the national average. The real estate market is considered hot.
Crime Rates in Cleveland
Cleveland is known has one of the top 10 cities in the country for crime. However, the rate has decreased in recent years. There are almost 31,000 crimes in the city annually, and 6,100 of those are violent. The crime rate is way above the national average.
The average test scores in Cleveland stands at 53%, which is below the national average. Millridge Elementary School and Mayfield Middle School are two of the best schools in the city.
Mortgage Loan Options in Cleveland
There are numerous types of mortgages in Cleveland. You can obtain a 30-year fixed or adjustable rate mortgage, or you can obtain a 15-year fixed or adjustable rate mortgage. Other terms are available if you ask the lender. The 30-year fixed rate is the most popular type of mortgage. With a fixed rate, you will know what the rate will be throughout the life of the loan. 30-year loans offer lower monthly payments, so they are popular amount consumers,
An adjustable rate mortgage is considered more risky. The rate will be fixed over a period of 3-10 years. Then the rate can go up or down depending on the current market conditions. There are caps in place to prevent the rate from skyrocketing.
Some of the types of loans that are offered include:
- Conventional Loans: These loans are not backed by the government and often offer lower interest rates. You need to have a stable monthly income, and make a larger down payment.
- FHA Loans: If you cannot afford a higher down payment and do not have perfect credit, this might be a good option.
- VA Loans: This are for active duty and veterans. The VA provides 100% of the financing.
- USDA Loans: These are for people living in rural areas who have a low to moderate income.
Cleveland is home to Lebron James, awesome restaurants, and fascinating museums. It is an excellent place to live. If you are looking for a loan in the city, decided what loan is best for you and what area you prefer. You can then enjoy all of the perks that Cleveland has to offer.