Research / Rent vs. buy / Ohio / Cleveland

Rent or buy in Cleveland?
Owning is $380 a month cheaper.

Owning the typical home in Cleveland costs $380 less a month than renting it. Counting equity, price growth and what a renter could earn by investing the difference, buying comes out ahead in year 2.

Updated November 12, 2026 · Zillow data for September 2026 · 7.11% mortgage rate (Freddie Mac, November 12, 2026) · Rank 3 of 339 (1 = owning closest to renting) · Part of our 2026 rent vs. buy study

Monthly cost to own$979typical home, 20% down
Typical monthly rent$1,359Zillow, September 2026
Buying breaks evenYear 23.5% price growth
Cash needed to buy$26,636$115,810 home · 20% down + 3% closing
Income needed to own$39,167vs. $54,360 to rent · 30% rule

Where the monthly money goes.

The first-month cost of owning the typical Cleveland home, split into its parts, against the typical rent. About $74 of the first mortgage payment is principal, which you keep as equity.

The median household income in Cleveland is $40,801 (Census ACS 2020–2024). Owning the typical home would take 29% of it; renting would take 40%.

As a check with a larger rental, HUD's FY2027 Fair Market Rent for a three-bedroom home in the Cleveland, OH HUD Metro FMR Area area is $1,628 a month, $649 above the cost of owning.

  • Mortgage principal & interest $623
  • Property tax $166
  • Home insurance $93
  • Maintenance $97

How long you would need to stay.

Net worth of a buyer compared with a renter who invests the down payment, closing costs and any monthly savings at 6% a year. Home values and rents grow 3.5% a year; selling costs 6%.

Change the assumptions

Buying vs. renting in Cleveland, by years in the home
StayResult
3 yearsBuying ahead by $15,373
5 yearsBuying ahead by $37,173
7 yearsBuying ahead by $63,322
10 yearsBuying ahead by $112,172
15 yearsBuying ahead by $226,075
20 yearsBuying ahead by $394,739
30 yearsBuying ahead by $991,603

Rent or buy elsewhere in Ohio.

Other large Ohio cities in the study.

All cities
ColumbusRenting $401/mo cheaperCincinnatiRenting $469/mo cheaperToledoOwning $62/mo cheaperAkronOwning $35/mo cheaperDaytonOwning $100/mo cheaper

More on Cleveland

See the full Cleveland rental market profile with Census medians, or check how a typical rental performs for an investor in our cash-flow ranking.

How we calculated this

Price is the Zillow Home Value Index and rent the Zillow Observed Rent Index for Cleveland. The cost of owning includes principal and interest at 7.11% with 20% down, property tax at the city's 1.72% effective rate (Census ACS), the Ohio average homeowners premium (NAIC 2023) and 1% yearly maintenance. It leaves out income-tax effects, HOA dues and utilities. The typical rental may be smaller than the typical home for sale. Full methodology. This is a citywide estimate, not advice about a specific home.