Cleveland, OH

Here are the 8 top cities people are moving to for cheaper rent

Published

3 weeks ago

November 3, 2024

Press Room

Here are the 8 top cities people are moving to for cheaper rent

Rents skyrocketed after the pandemic, and they’re not showing any signs of slowing down.
Now, consumers are either moving to different states or downgrading their apartments to save money.
Bank of America shares the top eight cities people are moving to for cheaper rent.

It’s one of your biggest monthly expenses, and it’s only increasing every year.

A recent Redfin report found that the median rent in the US is now $1,634 — up 20% from pre-pandemic times. Rents have gone up significantly in just the last year, too. According to Consumer Price Index data, you’re paying almost 5% more to rent the same apartment compared to this time a year ago.

The rent hikes are driving people to move to cheaper areas, according to Bank of America. In an October 30 client note, the bank found that based on its deposit data, the average consumer’s rent payment increased 3.7% year over year in September 2024. That discrepancy between Bank of America’s data and the official rate of rent inflation indicates that people are moving to find more affordable rent instead of staying put, the bank said.

Consumers are either moving away from high-cost-of-living areas or downgrading within the same city to save money. Renters make up around 34% of all US households and are disproportionately younger and lower-income consumers, meaning that they’re more price-sensitive.

This isn’t a new trend — the pandemic led to many people moving to places with cheaper rent as remote work became normalized. Now, persistent rent increases are pushing consumers to continue moving in search of lower housing costs.

Bank of America analyzed the number of address changes among its customer base to track migration trends. The bank found that areas of the West and Northeast are seeing an especially big exodus of consumers, with rental inflation in the Northeast rising the fastest. New York, Boston, San Francisco, San Jose, and Los Angeles are seeing the biggest net outflows of residents as many consumers are being priced out.

On the contrary, people moving to Southern states saw only a 2% increase in new rents, below the rate of inflation. The Midwest was also a popular destination for consumers moving across state lines, as rents there are relatively low compared to the rest of the country.

Bank of America identified eight cities where people are moving to for cheaper rent below the national average, indicated by a net positive population inflow in Q3 2024. Included also is the median asking rent for September 2024, provided by Redfin.

Source link

Click to comment

Cleveland, OH

Your guide to holiday activities across Northeast Ohio

Published

2 hours ago

November 21, 2024

Press Room

Your guide to holiday activities across Northeast Ohio

Oh, there’s no place like home for the holidays, which is why you’ll want to check out these fun activities happening across Northeast Ohio.

We break down all the different types of events happening in the area.

Tree lightings

Wade Oval

Wade Oval will be hosting Illuminate the Circle on Nov. 23 from 5-8 p.m.

The lights will be turned on daily from Nov. 24 until Jan. 26.

NELA Park

NELA Park Holiday Lighting Ceremony showcases GE Lighting ‘Holiday Delighter’

NELA Park Holiday Lighting Ceremony will be celebrating its 100-year anniversary this year.

The ceremony will take place on Dec. 6.

WinterLAND

Brian Sobolewski

Cleveland’s Holiday tree arrives at Public Square.

On Nov. 30, make sure you head down to Public Square to watch the lights turn on across Cleveland.

The annual tree-lighting will be part of a day of celebrations and family-friendly experiences across Cleveland.

For more information, click here.

Annual traditions

Cuyahoga Valley Scenic Railroad

All aboard!

The holiday season is here, which means the North Pole Adventure on the Cuyahoga Valley Scenic Railroad has returned.

The event that runs through December 20 has something to offer for the entire family and guest appearances from Santa Claus and his elves.

For more information and tickets, click here.

Wild Winter Lights

Wild Winter Lights returns next month

The popular Wild Winter Lights event will take over the zoo from Nov. 12 until Dec. 30.

The event features more than one and a half million lights strung across multiple holiday-themed areas in the zoo.

For more information, click here.

Magic of Lights

Magic of Lights drive-thru more than doubles traffic as families safely celebrate holiday season

Magic of Lights is returning to the Cuyahoga County Fairgrounds this holiday season.

The light show opens on Nov. 27 and closes on Jan. 4.

Click here for more information.

Performances

Trans-Siberian Orchestra

Cleveland, OH - Rocket Mortgage FieldHouse -TSO2024_Admat_Horizontal_16x9_Localized.jpg — retouching | digital imaging | post production | finishing | pre press | publishing | graphic design | photography | concert photography

It wouldn’t be the holidays without the Trans-Siberian Orchestra coming to town.

This year, their concert is on Dec. 27 at Rocket Mortgage FieldHouse.

To learn more, click here.

Cleveland Orchestra

The Cleveland Orchestra might perform concerts year-round, but during the month of December, they perform sounds of the holiday season.

The holiday concerts are performed from Dec. 11 through the 22.

For more information, click here.

The Nutcracker

The beloved holiday show, The Nutcracker, will be taking over Playhouse Square.

Come and watch the Cleveland Ballet perform the holiday classic.

For more information, click here.

A Christmas Carol

Even if you’re a Scrooge, you will enjoy this show.

A Christmas Carol will be performed at Playhouse Square from Nov. 24 until Dec. 23.

For more information, click here.

Winter break camps

Great Lakes Science Center

The Science Center will be hosting STEM camps from Dec. 23 until Dec. 37 and from Dec. 30 to Jan. 3.

Kids will learn about space, chemistry, engineering and more.

Click hereto learn more.

Indoor activities

Cleveland Museum of Art

Looking for something fun and free to do while your kids are off school?

Head to the Cleveland Museum of Art to check out their new exhibits.

For more information, click here.

Natural History Museum

Hidden Gems - Cleveland Museum of Natural History 8.jpg — A chunk of the moon collected by Alan Bean on Nov. 20, 1969 is on long-term loan from NASA at the Cleveland Museum of Natural History.

Have you missed going to the history museum? They reopen on Dec. 15.

For more information, click here.

News 5 currently has sponsorship agreements with University Circle, Inc., organizer of the Wade Oval holidays events; Live Nation, organizer of the Trans-Siberian Orchestra concert; and the Great Lakes Science Center, host of the holiday camps.

Source link

Cleveland, OH

High winds leave tens of thousands without power in Northeast Ohio

Published

10 hours ago

November 21, 2024

Press Room

High winds leave tens of thousands without power in Northeast Ohio

CLEVELAND, Ohio (WOIO)—High winds on Wednesday brought down power lines and trees, leaving tens of thousands without power in northern Ohio.

Power Outage generic graphic(WTVY)

As of 4 p.m., FirstEnergy’s website says there are just over 10,000 customers without power, Cleveland Public Power is not reporting any widespread outages and AEP is reporting 7,100.

Click your power company link above for the latest outage information.

Wind Advisories have been issued for Lorain, Cuyahoga, Lake, Geauga and Ashtabula counties until midnight tonight. In these counties, winds could gust 50 to 60 mph for several hours this afternoon and evening.

Click here for the latest from the 19 News First Alert Weather Team.

Source link

Cleveland, OH

Report: Cleveland Cavaliers owner to launch bid to bring WNBA team to Northeast Ohio

Published

17 hours ago

November 20, 2024

Press Room

Report: Cleveland Cavaliers owner to launch bid to bring WNBA team to Northeast Ohio

With WNBA expansion on the horizon, multiple reports say that Cleveland Cavaliers owner Dan Gilbert intends to make a bid to bring a franchise back to Cleveland.

WNBA commissioner Cathy Engelbert has talked about the league having 16 teams by the 2028 season. The league will be at 13 teams to start the 2025 season with the addition of the Golden State Valkyries. Toronto and Portland, Oregon have already been announced as the home of future franchises.

Gilbert, whose Rock Entertainment Group also owns the Columbus Blue Jackets’ AHL affiliate, the Cleveland Monsters, in addition to the Cavaliers told CNBC, “I just feel extraordinarily confident that, should a team be given to Cleveland, in part because of the city, in part because of what sports means here, in part because of the Cavs, it would immediately be a huge success.”

Cavaliers CEO Nic Barlage also spoke to CNBC, which was the first to report on the bid, about the potential of the WNBA finding a home in Cleveland.

“We have this unique convergence of infrastructure, culture and these foundational pieces that we think make Northeast Ohio, and specifically Cleveland, a great opportunity to expand from a WNBA perspective,” he said.

Cleveland hosted one of the WNBA’s eight original teams. From 1997 to 2003, the Cleveland Rockets competed in the league before the franchise folded due to low attendance.

Last year, Columbus added a professional women’s team to its city, as it welcomed the Pro Volleyball Federation’s Columbus Fury.

Columbus also had its own professional women’s basketball team, the Columbus Quest, which lasted two seasons from 1996-1998 in the now-defunct America Basketball League.

bmackay@dispatch.com

@brimackay15

Source link