C
leveland ranks 15th among the most affordable U.S. metros for buying homes and renting, according to a recent study by Clever Real Estate. The online real estate resource analyzed factors such as home-buying affordability ratio, rental rates, insurance costs, property taxes, and energy expenses in 100 of the largest U.S. cities.

    Cleveland's home-buying affordability ratio was 3.6, below the national average of 4.8. Brook Park is the most affordable zipcode in Cleveland's metro area, with Los Angeles having the highest ratio at 10.9. The study found that Cleveland has the 5th lowest homeowners insurance rates in the country.

    In terms of buying a home, Cleveland ranked 11th on the list, with a typical home value of $233,535 and an average monthly mortgage payment of $1,575. This includes taxes and insurance on a 30-year-mortgage with 20% down. The study also found that Cleveland's typical rent is $1,455 per month, which is about 26.8% of the median household income and 30% lower than the national average.

    Toledo took the top spot in the study, with a typical home value of $190,669 and an average monthly mortgage payment of $1,286. Other Ohio cities that made the top 50 include Akron, Little Rock, Wichita, and Pittsburgh. The state of Ohio was ranked as the most affordable in the country, followed closely by Pennsylvania, due to its modest home and rental costs, reasonable median incomes, and below-average homeowners insurance rates.