UPDATE: New reports confirm that Cleveland’s recent designation as the “second most affordable” housing market among the world’s largest cities is misleading, according to Cleveland City Council President Blaine A. Griffin. This assessment raises urgent concerns about the real state of housing affordability in the city.
Cleveland, though labeled affordable, is grappling with a severe housing crisis. A staggering 60% of residents live in rental units, and many are struggling to pay skyrocketing rents, which surged by 10.6% in the past year alone. This contradiction highlights the pressing need for solutions, as local officials, including Griffin, advocate for more affordable housing initiatives.
The confusion stems from a study that compares median home prices to median incomes, painting a picture that does not accurately reflect the harsh realities faced by many Cleveland residents. In contrast to cities like Los Angeles, where housing prices exceed 11 times the median income, Cleveland’s housing costs are about three times the median income. However, this metric does not account for the broader definition of housing affordability.
Housing is considered affordable if it consumes no more than 30% of a household’s income, encompassing both purchase and rental costs. Many families find themselves unable to afford either option, leading to increased homelessness and unsafe living conditions. Griffin emphasizes that the city is inundated with requests for assistance from residents facing these dire situations.
In response to the ongoing crisis, the Cleveland City Council has legislated a significant investment of over $100 million from the American Rescue Plan Act (ARPA). This funding will support new housing construction, gap financing, and home repair programs. Notable projects include $27 million allocated for lead abatement and repairs, and nearly $10 million dedicated to scattered-site housing.
Additionally, the city partnered with the Cuyahoga Metropolitan Housing Authority (CMHA) to secure $35 million for housing initiatives in the Buckeye-Woodhill neighborhood. These investments aim to alleviate the pressures of Cleveland’s housing crisis and create sustainable solutions.
Earlier this year, the city also launched the Cleveland Housing Investment Fund (CHIF), projected to reach $100 million. This fund will provide flexible financing options to expand affordable housing, targeting the creation of between 2,500 and 3,000 affordable units, including at least 100 units for sale.
The irony of Cleveland’s affordability ranking juxtaposed with the urgent need for affordable housing is striking. While the city is recognized as a desirable place for homebuyers, an alarming number of residents face significant challenges in securing safe and affordable housing.
As the city moves forward, Griffin insists that Cleveland cannot afford to slow its efforts. The need for affordable housing solutions is more pressing than ever, and local officials are committed to addressing this crisis head-on. Cleveland’s future depends on ensuring that all residents can access affordable and safe housing options.
This developing story underscores the critical need for continued advocacy and investment in housing solutions. Cleveland must prioritize the well-being of its residents to build a more inclusive community.
