Businesses find that it costs less to do business in Cleveland than in most other major U.S. cities. A report released by Ernst & Young LLP and the Council on State Taxation (COST) ranks Ohio among the top three states for favorable business tax rates on new investments. Our strategic location and proximity to major markets reduces shipping time and rates and our lower hourly wages and competitive real estate options make us a cost-efficient alternative to many other regions.
On average, the cost of living is 9% lower in the Cleveland area when compared to the rest of the nation. If you’re considering moving or relocating to Cleveland, check out our cost of living calculator to see how affordable life in Northeast Ohio can be.
- The cost of living in Cleveland is 5.1% less than the Ohio average
- The cost of living in Cleveland is 9% less than the national average
- Headquarters to 10 Fortune 500 companies
- World-renowned medical field, as well as the fastest growing healthcare economy in the United States.
- Over 25 universities and colleges in the Cleveland region, including Cleveland State University, Case Western, Kent State, Baldwin Wallace, John Carroll..
- Three major sports teams, Indians, Browns and Cavaliers
- Home to the second largest live theater district in the United States, only after NYC
- Highest net return in rental yield in the nation average: 9.5%
- Strong rental market, over 40% populations are renters
- Port of Cleveland generates $1 billion in annual trade
- Affordable Turnkey Investments
- The region is undergoing nearly $11 billion in major capital investment
Cleveland is home to 10 Fortune 500 companies, the likes of which include Goodyear, First Energy, Sherwin Williams, and Progressive Insurance. Other notable companies in cleveland includes Ford, Arcola Aluminum Company, General Steel Corporation NASA, and Amazon, all adding over thousands of jobs to the Cleveland workforce.
In October 2016, Forbes called Cleveland, “America’s Hottest City”, and Business Insider listed Cleveland as one of nine top US cities for investment in 2017.
