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If Cleveland lands 2016 GOP convention, visitors may want to buy a cheap home

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Cincinnati formally withdrew its bid Thursday to host the 2016 Republican National Convention, the AP reported, after local leaders said the Queen City on the Ohio River failed to meet RNC criteria regarding adequate convention facilities.

But Cleveland is still standing, along with Dallas, Denver and Kansas City. With Ohio Gov. John R. Kasich leading his Democratic challenger this year by as many as 15 points, according to the last Quinnipiac University Ohio Poll, Cleveland nabbing the top prize would be both a feather in Gov. Kasich’s hat and maybe a harbinger of good things to come, should he decide to again seek his party's nomination for president as he tried but failed to do in 2000.

And now that Gov. Kasich has sufficient buzz about him being a rising outlier candidate as a “comeback” executive of a Midwestern state so central to any winning bid for the White House, the GOP bringing its presidential election year megaevent to Ohio would bode well for Kasich, who is expected to win a second and final term in November barring some unseen scandal toppling his expected path to victory.

Cleveland remains a perennial poor large city, however, and news from a report by HSH.com®, the nation's largest publisher of mortgage and consumer loan information, showing that the cost of a median-priced home is just $102,100, the least expensive among the 27 metro areas the data collection group focused on this year, may not be a headline Gov. Kasich wants to talk about, given his claim that the state was broken and he's fixed it.

To afford to purchase a home in Cleveland, on the North Coast by Lake Erie, a Clevelander should expect to earn $29,788.67 to pay principle, interest, taxes and insurance. According to Census data for 2014, Ohio's median income is $48,246, down from the national figure of $53,046. Ohio peaked at $54,395 in 2000, according to the Census's Current Population Survey.

“Cleveland remains the most affordable metro on our list again. The lack of consistent and significant price growth continues to hurt homeowners in Cleveland. But for homebuyers, the lack of price growth offered housing opportunities for those with smaller salaries in the first quarter,” HSH.com’s report explained.

At the opposite end of the state in Cincinnati, the second Ohio city in the 27-metro survey, the price of a home is higher but still very affordable at $121,700. To afford the purchase of a home, a salary of $31,850.18 is the floor for paying principle, interest, taxes and insurance.

“Cincinnati took one step back in affordability during the first quarter. Like its sister-city Cleveland, Cincinnati home prices struggled to gain positive ground over both the long- and short-term,” HSM.com wrote. “Homebuyers in Cincinnati could have made more than $1,000 less in the beginning of the year and still have been able to afford their monthly mortgage payments.”

According to HSH.com, the National Association of Realtors’ first-quarter data for median home prices and HSH.com’s first-quarter average interest rate for 30-year, fixed-rate mortgages were used to determine how much salary it would take to afford the base cost of owning a home in 27 metro areas.

San Francisco was the most expensive among the metro areas, with a median-priced home selling for $679,800, a price that required a minimum salary of $137,129.55.

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