The owner occupied housing analysis for homes in the target market of the Cuyahoga County and the State of Ohio shows some interesting results. The pattern of distribution of housing units for both the County and the State are fairly similar. What is striking is that a very large chunk of the housing stock for both the Cuyahoga County and the State of Ohio is in the combined bucket of homes valued at less than $149k. The County has 61.2% of homes valued at $149k or lower as compared to 58.6% for the State.
With housing values relatively low, it stands to reason the businesses serving this market will also have to package and charge for their services accordingly. Clearly there is no way an firm like Lights On Electrical will charge its clients in Cleveland the same rates that a similar firm would charge in the New York Metropolitan area, where the cost of doing business is high and that of course has to be passed along to consumers.
Looking at the next three combined categories in the housing units analysis we find that 36% of homes in Cuyahoga County fall into this combined bucket compared to 39% for he State of Ohio. Thus we can see that basically 60% of the housing stock in both the County and the State are homes valued at less than $149k and the almost all of the remaining housing units are homes between $150k and $499k.
While there are a few homes in both the County and the State valued at more than $500k, they represent less than 3% of the total housing units.
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