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📊 How Much Income Renters Need for a Typical Home in Cleveland

Cleveland is one of the most affordable housing markets in the US. According to recent research, Cleveland homeowners spend about 20% of their income on housing, and renters spend roughly 27%. Compare that to some California markets where residents spend upwards of 50% of their income to keep a roof over their head.

As a property investor with multiple rental properties in Cleveland, making sure my prospective tenants have enough income to pay their rent on time is critical for stable cashflow.

So exactly how much income dies a renter need to afford a typical home? Let’s find out according to Zillow’s April 2025 data:

🏠 Cleveland

• Renters need: $54,734/year
• Single-family homes: $61,785/year
• Multifamily units: $48,483/year

🏠 Akron (Most Affordable)

• Typical rental: $49,534/year
• Single-family: $50,510/year
• Multifamily: $44,941/year

🏠 Columbus

• Typical rental: $58,341/year
• Single-family: $76,011/year
• Multifamily: $52,964/year

🏠 Cincinnati

• Typical rental: $60,842/year
• Single-family: $75,566/year
• Multifamily: $54,154/year

🔎 National Comparison

• U.S. renters now need $80,000+ annually to afford a typical rental
• Rents since April 2020:
  • Apartments: ⬆ 28.7% ($1,858/month)
  • Single-family homes: ⬆ 42.9% ($2,256/month)
• Median U.S. household income: ⬆ 22.5% to $82,000
• Rent-to-income ratio: 29.6%, just under the affordability threshold of 30%

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Conclusion

Today’s US mortgage rate data shows a clear downward trend in mortgage rates, which can be a game-changer for those looking to buy or refinance. Locking in a rate now could lead to major savings down the road. At the same time, renters in cities like Cleveland still enjoy more affordability than in most U.S. markets—but that gap is closing fast.

For property investors, focussing on properties that cashflow in affordable markets like Cleveland will likely yield string long-term results.

As always, it’s wise to stay updated with current market trends and consult with a mortgage professional when making big decisions.