The Greater Cleveland metro area boasts over 2 million residents. The number of people moving to downtown Cleveland is up 32% from 1990 to 2000—the largest population increase of any Midwest city (including Chicago) and far above the regional average (7.7 percent), according to Brookings.
And the pace is picking up, with an all time high of 12,500 moving downtown just last summer, mostly comprised of the coveted Millennials (ages 18-34). This demographic shift is referred to as the “brain gain,” since there’s been a 139% rise in the number of young residents with bachelor’s degrees.
Why? Downtown Cleveland has experienced a renaissance over the past 5 years, with an estimated 19 billion in development completed or planned since 2010. Occupancy rates are at an astonishing 98% and home sales are up 12% year over year.
Yet you can buy still buy properties at a fraction of their mid-2000 prices in B neighborhoods for $70,000 – 85,000 that rent for $800 – $1000/month.
Here are more reasons for all the recent growth:
Fastest growing healthcare economy in U.S. (and home to world renowned Cleveland Clinic)
Nation’s first Global Center for Health and Innovation as well as a new medical convention center
10 Fortune 500 company headquarters (Goodyear Tire, Cliffs, Natural Resources, First Energy, Sherwin Williams, Eaton Corporation, Travel Centers of America, Aleris, Parker Hannifin, Progressive Insurance, Key Corp)
27 area colleges and universities
World’s largest metropolitan lakefront
2nd largest live theater district in the U.S., second only to New York City
Home to three major sport teams that bring billions of dollars to the area every year