ABOUT The Flats
The Flats is a growing residential neighborhood in Cleveland, Ohio that is close to Lake Erie’s southern shore and known for being an industrial and entertainment center with a long and rich history.
When the Ohio and Erie Canal was completed in 1927, a trade route was brought to southern Ohio that led to fast-paced progress and widespread city growth. Cleveland attracted many Irish and Slavic immigrants throughout the 19th century, and The Flats provided important opportunities to work in steel mills and other industries.
This area was a major contributor to the city’s economy and was Cleveland’s largest consumer of electricity and water throughout the majority of the 20th century. Change occurred in the late 1970s when post-war recessions and production shifts hit.
The Flats experienced many manufacturers closing. That said, this shift encouraged the shift towards entertainment that The Flats is known for. Today, The Flats is renowned for its restaurants, bars, shoreside housing, and music scene.
Largely because The Flats consists of clubs, restaurants, and venues geared towards young adults, The Flats is a mixed-use area that attracts younger residents and professionals more than families.
Upscale residential properties attract affluent residents, and new housing efforts starting in 2010 have led to many new housing options becoming available to residents, which led to The Flats having an economically diverse population.
Around 30% of residents have some formal college education experience or an associate’s degree, while 10% have a bachelor’s degree. 6% of residents have a master’s degree or above.
The median household income is below the national average and comes in at $27K.
TOP The Flats HIGHLIGHTS
The Flats is located right on the Cuyahoga River, close to where the river meets Lake Erie. The neighborhood’s location offers beautiful views of the water, but it also makes it vulnerable to yearly flooding. Floods are the most common type of natural disaster to hit the area, and they can do plenty of damage to property.
Other than floods, the neighborhood can sometimes get tornadoes, which rarely do damage. Blizzards are another common event, and they can be expected once every winter. Residents are advised to prepare for heavy snowfall in the winter months.
Cleveland residents have an average one-way commute time of 24.1 minutes, which is just under the national average of 26.4 minutes.
As a Cleveland neighborhood, The Flats enjoys being at the center of many well-connected and frequented roadways. For example, Interstate 90 curves east and south of the neighborhood, and Interstate 77 snakes north of The Flats. Detroit Avenue runs through The Flats, and Cleveland Memorial Shoreway is also easily accessed from The Flats.
It’s a 15 minute drive from The Flats to Cleveland Hopkins International Airport, and it takes less than 10 minutes to reach Downtown Cleveland by car.
The Flats has a much higher rate of crime than the average in Ohio, but it has a similar amount to the rest of Cleveland. While the US violent crime average is 22.7 and Ohio’s is 18.4, The Flats’ rating is 84.9. This is on par with the Cleveland average.
Furthermore, the US average rating for property crime is 35.4 and Ohio’s rating is 36.1, but The Flats receives a rating of 85.8. However, Cleveland’s overall violent crime rating is 83 and its overall property crime rating is 84.
SCHOOLS IN The Flats
As a Cleveland neighborhood, The Flats is served by the Cleveland Metropolitan School District, a school system that is overseen by Cleveland’s mayor, who in turn appoints the district’s school board in order to best serve Cleveland’s student population.
While The Flats itself isn’t home to any public or private school campuses, the neighborhood and its surrounding areas are included in the service area of the 2nd largest K-12 district in the state, where student-teacher ratios average at 14 to 1 and the student populations of both public and public charter schools tend to be considerably ethnically and economically diverse.
Specifically, the district is among the top 100 of Ohio school districts in terms of diversity. Likewise, local campuses also feature varied student populations and low student-teacher ratios.
Save for 3 public campuses located north of The Flats, public schools and private campuses are located south of the Cuyahoga River and within short commuting distance of the neighborhood.
The Flats Housing 2020
The median list price of properties in The Flats is estimated to be $235K, and the median list price per square foot is estimated to be around $221. In The Flats, homes tend to sell quickly by Ohio standards, though properties in the neighborhood typically sell 4.9% below list price. Ongoing trends indicate that The Flats can be considered a balanced market, so sellers and buyers are on even ground in terms of real estate.
Compared with U.S. housing market trends, the median sales price in The Flats is well under the national median. However, The Flats can be considered relatively high-end by Cleveland standards, largely because of recent multi-million dollar investments made by the city to improve The Flats.
Looking at Cleveland as a whole, appreciation rates fell under national averages between December 2009 and December 2019, which indicates that appreciation rates in The Flats similarly were under 70% of average appreciation rates during this time period.
The Flats Homes for Sale
Because The Flats is largely considered an up-and-coming neighborhood, residential options can be hard to come by compared with other neighborhoods, and properties vary in terms of price points and age.
While single family homes and condominiums can be found in select parts of the neighborhood, the majority of properties in The Flats appear to be rentals. Apartments and condos generally feature industrial appearances, and properties typically consist of 1-2 bedrooms, largely because The Flats mainly attracts single-person households and young professionals.
To give an idea of how rent in the neighborhood stacks up against Cleveland standards, the average monthly rent in Cleveland is about $1,100, and the average rent in The Flats is estimated to be around $1,000. However, areas closer to Downtown Cleveland have an average of about $1,470. Recent trends indicate that the average rent in the city and this particular neighborhood shows little year-over-year change.