Cleveland, TN
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.44×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Tennessee
- 3.49×-0.05
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
23.3%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Tennessee
- 24.3%-0.9
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.40%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Tennessee
- 4.45%
- vs U.S.
- 4.35%+0.05
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.05%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Tennessee
- 0.15%
- vs U.S.
- 0.03%+0.02
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
7.68
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Tennessee
- 5.07+2.61
- vs U.S.
- 3.52+4.16
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.5%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Tennessee
- 3.4%
- vs U.S.
- 3.9%-0.4
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+67.3%
homeValues.yearOverYear
+4.1%
Median home value
$218,500
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $940 | $11,280 | 17.8% |
| 2 BR | $1,233 | $14,796 | 23.3% |
| 3 BR | $1,584 | $19,008 | 29.9% |
Labor market direction
Unemployment
3.5%
Median household income
$63,490
What's being built
Total TTM
971
+15.9% YoY
Single-family
867
2–4 unit
74
5+ unit
30
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Bradley County | 108,859 | $230,800 | $63,789 | 791 | +18.4% |
| Polk County | 17,620 | $136,400 | $60,227 | 180 | +4.7% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Cleveland | 126,479 | $63,490 | 3.44× | 4.40% | +67.3% | 7.68 | 3.5% |
| New Bern, NC | 122,678 | $63,380 | — | — | — | — | — |
| St. Joseph, MO-KS | 121,952 | $62,900 | — | — | +53.8% | — | 3.1% |
| San Angelo, TX | 122,229 | $66,037 | — | — | +46.1% | — | 2.9% |
| Owensboro, KY | 121,147 | $65,656 | — | — | +44.8% | — | 3.3% |
| Altoona, PA | 122,640 | $60,594 | — | — | +42.1% | — | 3.7% |
Where people are moving in from
Net migration
+65
+0.05% of population
| Origin county | Tax returns |
|---|---|
| Hamilton County, TN | 698 |
| McMinn County, TN | 255 |
| Bradley County, TN | 175 |
| Polk County, TN | 165 |
| Meigs County, TN | 55 |
| Catoosa County, GA | 54 |
Who lives in Cleveland
- Median age
- 40
- Bachelor's+
- 23.2%
- Owner-occupancy
- 69.9%
- Vacancy rate
- 9.6%
- Rent burdened (30%+)
- 41.7%
- Median household income
- $63,490
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.