Reason for Lakewood's Steady Population Loss? (Cleveland: rental, crime, houses)

[MrJones17]

Hi everyone,

I have heard nothing but great things about Lakewood. However, I'm wondering why, if it's such a great, safe place with awesome schools, the population is consistently falling each year? You can see the chart right on Google.

I want to purchase rental property in this city, but the population loss is a bit concerning.

Thanks!

[j_ws]

The entire county is losing population at a pretty consistent [slowing] rate. It's a symptom of regional shifts and, probably to some extent, the fact that households are now smaller.

[MrJones17]

Originally Posted by j_ws

The entire county is losing population at a pretty consistent [slowing] rate. It's a symptom of regional shifts and, probably to some extent, the fact that households are now smaller.

Makes sense. I know that Ohio has lost a ton of manufacturing jobs, but I'm surprised the Cleveland region is still losing population given its numerous healthcare facilities and universities. Exceptionally low cost of living alone should attract outsiders, no?

[j_ws]

People are definitely relocating for healthcare, tech, etc. jobs, but the gain of "knowledge economy" workers doesn't equal the number of people having to leave because of the loss of lower-skill jobs or economic barriers, so there's a net loss in population.

Housing is indeed very cheap, but housing is really just this dichotomy between high-end new construction or high-end renovations and old, very low quality housing stock. Therefore, unless you have some money to throw at a property (either to build/renovate/restore or rent a middle/upper-middle income rental) the housing market isn't very welcoming. Cleveland has a lot of very poor residents who generally have to choose between renting really poor quality housing from absentee or neglectful landlords or figuring out a way to leave.

We still have a huge lack of quality working class housing.

[andrew61]

Originally Posted by MrJones17

Hi everyone,

I have heard nothing but great things about Lakewood. However, I'm wondering why, if it's such a great, safe place with awesome schools, the population is consistently falling each year? You can see the chart right on Google.

I want to purchase rental property in this city, but the population loss is a bit concerning.

Thanks!

All of Cleveland's inner-ring suburbs are losing population... and the trend is starting to hit the outer ring as well (those suburbs on the outer edge of Cuyahoga County, to be specific... many of the suburbs outside the county line are still growing).

In Lakewood's case, smaller household sizes might indeed have something to do with it.

Then, too, there's a perception among many that Lakewood isn't what it used to be, as regards safety/crime and property upkeep.

Incidents like this (from just the other day) certainly don't help that perception, sadly:

Lakewood police investigating after 10 shots fired into home | cleveland.com

[andrew61]

On the other hand, there is evidence that some gentrification has been occurring in Lakewood recently. If you purchase rental property and make high-quality upgrades to it, chances are good that you can charge very good rental prices nowadays.

The western half of Lakewood is generally considered more desirable than the eastern half.

[MrJones17]

Originally Posted by andrew61

On the other hand, there is evidence that some gentrification has been occurring in Lakewood recently. If you purchase rental property and make high-quality upgrades to it, chances are good that you can charge very good rental prices nowadays.

The western half of Lakewood is generally considered more desirable than the eastern half.

What attracts me to Lakewood is that it's a densely packed neighborhood with lots of multi-family properties. So people sort of expect to be in duplexes/triplexes when they look to rent in this city. I think the denseness of it would attract a younger crowd eventually, especially with the better than average schools and proximity to the lake. I have to look more into the waterfront development in Lakewood, but I imagine there is plenty.

What is it about the western half that makes it better? From an initial Google Maps tour, I don't really see too many differences in neighborhood/housing quality. I may just be looking at the wrong streets though.

[andrew61]

Originally Posted by MrJones17

What attracts me to Lakewood is that it's a densely packed neighborhood with lots of multi-family properties. So people sort of expect to be in duplexes/triplexes when they look to rent in this city. I think the denseness of it would attract a younger crowd eventually, especially with the better than average schools and proximity to the lake. I have to look more into the waterfront development in Lakewood, but I imagine there is plenty.

What is it about the western half that makes it better? From an initial Google Maps tour, I don't really see too many differences in neighborhood/housing quality. I may just be looking at the wrong streets though.

Lakewood is already very popular with Millennials, or so I hear... so it's apparently already attracting a younger crowd.

The western half is more removed from, and thus less affected by, the parts of Cleveland's West Side that have high rates of crime, poverty, and other urban issues. The eastern side of town has more lower-priced housing and somewhat of a spillover from sketchier parts of Cleveland. Although, to be fair, the eastern side does also have a number of residential streets that are very beautiful and even somewhat upscale.

[usaf_1832]

I would guess average household size is the main reason. With Lakewood being very dense, smaller family sizes across the dense streets have a scalable ripple effect. There’s no room to build out or new like other suburbs.

[MrJones17]

Originally Posted by usaf_1832

I would guess average household size is the main reason. With Lakewood being very dense, smaller family sizes across the dense streets have a scalable ripple effect. There’s no room to build out or new like other suburbs.

With regard to building new, it seems like there are many houses/duplexes that are very well maintained. Even some with updated kitchens/bathrooms and central air conditioning. The prices are well under $250K. I would have thought this city would have been a much hotter market than it is.