CALCMONEY // HOME AFFORDABILITY // OH // CLEVELAND
How much house can you afford in Cleveland? Based on local median home prices, current OH mortgage rates, and Cleveland property tax data.
$155,000
$1,151/mo
$49,349/yr
$104,993
Monthly housing costs of $1,151 represent 36.4% of Cleveland's median gross monthly income ($3,167/mo). At 36.4%, median-income buyers in Cleveland are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $155,000 |
| Down Payment (20%) | $31,000 |
| Loan Amount | $124,000 |
| Monthly PI Payment | $821 |
| Monthly Property Tax | $266 |
| Monthly Insurance Est. | $65 |
| Total Monthly PITI | $1,151 |
| Housing Cost % of Income | 36.4% |
| Required Income (28% rule) | $49,349/yr |
| Max Affordable Home | $104,993 |
$5,425
$1,427/mo
Cleveland Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $155,000 | Cleveland city median |
| Down Payment (20%) | $31,000 | Conventional loan |
| Monthly PITI | $1,151 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $49,349 | Annual gross |
| Max Affordable Home | $104,993 | Based on median income |
| FHA Down (3.5%) | $5,425 | Minimum FHA |
| Housing Cost % of Income | 36.4% | Median income: $38,000/yr |
| Property Tax Rate | 2.06% | $3,193/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Cleveland is $155,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $124,000, generating a monthly P&I payment of $821. Adding property taxes ($266/mo) and homeowners insurance ($65/mo) brings total monthly PITI to $1,151.
Cleveland's property tax rate of 2.06% is notably high, meaningfully reducing how much home buyers can afford — lenders factor this directly into debt-to-income calculations. On the Cleveland median home, that is $266/month, or $3,193 per year.
Ohio levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Cleveland should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Cleveland's median income of $38,000/year can afford up to $887/month in total housing costs. Based on Cleveland's mortgage rate of 6.95% and property tax rate of 2.06%, that translates to a maximum affordable home price of approximately $104,993 with 20% down on a 30-year loan.
To afford the median Cleveland home priced at $155,000, you need an annual gross income of approximately $49,349. Total monthly housing costs (principal and interest of $821, property taxes of $266, and insurance of $65) come to $1,151/month, which equals 28% of the required income.
At the median home price of $155,000 and median household income of $38,000, the total monthly housing cost of $1,151 represents 36.4% of gross monthly income. This is well above the standard 28% threshold, making Cleveland a challenging market for buyers at median income.
A conventional 20% down payment on the median Cleveland home of $155,000 is $31,000. An FHA loan requires just 3.5% down — $5,425 — but adds mortgage insurance of roughly $106/month, bringing total FHA payments to $1,427/month.