Restaurants are the new retail, says Diana Olick of CNBC, and celebrity chefs are having a major impact on the real estate market in Cleveland because of it.
Cleveland has embraced the "foodie" culture, as young millennials move downtown. They are the force behind a 70% jump in the city's downtown population to over 13,000, according to the Downtown Cleveland Alliance. Apartment growth is already robust, with 4,000 units in the planning stages, and job growth in professional services and technology is helping to fill more and more housing.
The city has the most affordable housing in the nation, with an average sale price of $74,502, according to Coldwell Banker's 2015 Home Listing Report. Those inexpensive prices are causing more young people to move to the area.
“The kids that left
Cleveland to be educated somewhere else would stay in Chicago, they'd go to San
Francisco, Los Angeles or New York. Now those people are coming back to
Cleveland. That's the future," said, Zack Bruell, one of Cleveland's