Cities with the most expensive homes in Cleveland metro area

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FILE – In this Friday, May 22, 2020, file photo, a sold sign sits in front of a house in Brighton, N.Y. The coronavirus pandemic helped shape the housing market by influencing everything from the direction of mortgage rates to the inventory of homes on the market to the types of homes in demand and the desired locations. (AP Photo/Ted Shaffrey, File)

(STACKER) Buying a home is an investment—and an increasingly expensive one. The median value of a home in the United States today is $281,370, an 11.6% increase over the last year. Meanwhile, the median monthly housing cost for a home with a mortgage is $1,558 and $490 without a mortgage.

Stacker compiled a list of cities with the most expensive homes in Cleveland-Elyria, OH metro area using data from Zillow. Cities are ranked by the Zillow Home Values Index for all homes as of June 2021.

Home buyers have a lot to consider when house-hunting or looking to invest in rental properties, from the state of the housing market itself to taxes and potential resale value. The housing market grew robust and pricey in the decade following the 2008 recession, and more recently saw a boom during the coronavirus pandemic. Another consideration is the house itself, including what kind of upkeep it requires and those associated costs. Depreciation affects all homes at an average rate of 3.636% each year, which can be a help come tax season if you use your home for business or rentals but may cost you later in capital gains taxes when you sell. Meanwhile, land value tends to increase over time depending on several factors including where the house is located and what amenities and homes are nearby. More desirable neighborhoods allow sellers to charge more; the mantra “location, location, location” has never been more relevant.

How does your city rank? See the cities with most expensive houses in Cleveland-Elyria, OH metro below:

#10. Beachwood, OH ($384,996)
– 1 year price change: +13.7%
– 5 year price change: +38.1%

#9. South Russell, OH ($397,605)
– 1 year price change: +9.7%
– 5 year price change: +28.9%

#8. Orange, OH ($400,723)
– 1 year price change: +12.9%
– 5 year price change: +29.0%

#7. Moreland Hills, OH ($574,816)
– 1 year price change: +14.5%
– 5 year price change: +29.9%

#6. Pepper Pike, OH ($578,523)
– 1 year price change: +14.7%
– 5 year price change: +31.1%

#5. Waite Hill, OH ($592,380)
– 1 year price change: +10.0%
– 5 year price change: +25.3%

#4. Kirtland Hills, OH ($599,298)
– 1 year price change: +11.0%
– 5 year price change: +22.8%

#3. Gates Mills, OH ($619,496)
– 1 year price change: +13.0%
– 5 year price change: +23.9%

#2. Bentleyville, OH ($705,104)
– 1 year price change: +13.7%
– 5 year price change: +32.7%

#1. Hunting Valley, OH ($1,260,381)
– 1 year price change: +6.4%
– 5 year price change: +18.9%

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