GHC Thematic Report: Northeast Ohio - Not a Flyover Region!
From Fortune 500 companies to expansive shorelines and award-winning entertainment, Northeast Ohio is built for livability. The region is excelling once again and others are taking notice. As Northeast Ohio continues to thrive, more people and businesses are migrating here. In order to accommodate this influx and maintain affordability, the region will need updated and additional multi-family real estate properties. Green Harvest Capital is creating go-to affordable housing options for the future by acquiring and upgrading assets in strategic Northeast Ohio locations.
Your Money Goes Further
Northeast Ohio offers residents more for less. Ohio was ranked #1 in the nation for affordability by U.S. News & World Report, with the Northeast metropolitan area having the lowest cost of living in the state. The dollar goes further here than in other major U.S. cities, allowing residents to utilize their incomes beyond the essentials. With this extra money in their pocket, residents can enjoy a variety of nationally-ranked attractions and lifestyle amenities in Northeast Ohio.
Arts and entertainment are at the core of Northeast Ohio's offerings. University Circle was named the best art district in the U.S. by USA Today. In addition, Playhouse Square in downtown Cleveland is the second-largest theater district in the country outside of Broadway in New York City. Apart from exquisite arts, Northeast Ohio is home to an award-winning park system, the Cleveland Metroparks. This system spans over 23,000 acres, including over 300 miles of trails. Finally, Northeast Ohio offers world-renowned healthcare, from the #2 ranked hospital system in the world, Cleveland Clinic, to other award-winning hospital systems such as University Hospitals and Akron Children’s Hospital. The combination of these factors helped the state earn “Ohio #2 in the U.S. for quality of life” in Forbes Magazine. Residents here have the means to do more and, as a result, they are putting more money into the region’s economy.
An Economy Built To Last
The Northeast region accounts for 40% of Ohio’s economy. The area’s infrastructure makes it a hub for a variety of industries including Advanced Manufacturing, Automotive, Food Processing, and Information Technology. Each of these industries employs thousands of people, creating a strong workforce.
These workers are coming from both within the Northeast Ohio region and beyond. 13 of the region’s high schools ranked among the top 1,000 high schools in the U.S. by U.S. News & World Report in 2021. In addition, Northeast Ohio has 25 higher education institutions, many of which are nationally or regionally acclaimed. These education institutions and job opportunities are causing people to migrate to the area. Cleveland, specifically, was 5th in the U.S for net new resident gain during the COVID-19 pandemic. With such a large, established workforce, businesses are more interested than ever in bringing their firms here. This will bring even more job opportunities and grow the economy in the years to come.
Fueling The Region’s Future Success
Maintaining affordability is key to the future success of Northeast Ohio. This selling point is helping drive new talent and investors to the region. To continue the migration to Northeast Ohio, there must be adequate affordable housing. Single-family home prices continue to rise, while availability decreases. This means that more and updated multi-family real estate properties will be needed to support the growing workforce in the area.
What Are We Doing?
Green Harvest Capital is helping create affordable living options in Northeast Ohio. We keep residents’ quality of life in mind and carefully consider the locations of our properties. Each of our investments is located within minutes of the region's top amenities including parks, hospitals, and top school systems. We are investing in the future by establishing our properties as the go-to affordable housing option for new and current Northeast Ohio residents.