The typical owner-occupied home in Cleveland is worth about $61,800, 84% below the Virginia median of $383,700 and 81% below the national median of $332,700. Owners pay a median $244 a year in property taxes, about 0.39% of their home's value, lower than the Virginia rate of 0.73%. The median household earns $28,704 a year, so the median home costs 2.2 times the median income (4.1 times for Virginia). 36% of occupied homes here are lived in by their owners, and 19% of those owners still have a mortgage.
Cleveland at a glance
| Cleveland | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $61,800 | $383,700 | $332,700 |
| Median property tax paid per year | $244 | $2,790 | $3,119 |
| Property tax as a share of value | 0.39% | 0.73% | 0.94% |
| Median household income | $28,704 | $93,170 | $80,734 |
| Homes lived in by their owners | 36% | 67% | 65% |
| Owner homes with a mortgage | 19% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $820 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 51.0% | 20.1% | 21.0% |
| Median rent | $692 | $1,579 | $1,413 |
| Rent as a share of renters' income | 33.5% | 29.4% | 30.6% |
| Median year homes were built | 1966 | 1984 | 1980 |
| Vacant homes | 18.0% | 8.7% | 10.1% |
| Population | 369 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Cleveland
At this week's average 30-year rate of 7.11%, buying the median Cleveland home of $61,800 with 20% down costs about $378 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $481, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $16,218 for the 20%-down payment. That payment is 16% of the median Cleveland household income of $28,704; at that income and 20% down, the 28% guideline points to a home of about $109,000.
The median rent here is $692 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $12,360 |
|---|---|
| Loan amount | $49,440 |
| Principal and interest | $333 |
| Property taxes (0.39% a year) | $20 |
| Homeowners insurance (our estimate, 0.5% a year) | $26 |
| PMI | $0 |
| Total per month | $378 |
Change the numbers in the calculator
| Down payment | $2,163 |
|---|---|
| Loan amount | $60,681 |
| Principal and interest | $408 |
| Property taxes (0.39% a year) | $20 |
| Homeowners insurance (our estimate, 0.5% a year) | $26 |
| FHA mortgage insurance | $27 |
| Total per month | $481 |
Change the numbers in the calculator
Questions about home buying in Cleveland
What is the median home value in Cleveland?
About $61,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cleveland?
Homeowners pay a median $244 a year, which is about 0.39% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Cleveland?
For the median home with 20% down at 7.11%, the payment is about $378 a month. Keeping that under 28% of gross income takes about $16,218 a year.
More about Cleveland
- Mortgage Refinance in Cleveland
- Debt Relief in Cleveland
- Home Equity Loans in Cleveland
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data