SitemapThe housing market in Youngstown, specifically Mahoning County, is thriving.
For the last three years, the demand for houses has outpaced availability, leading to higher property values in many neighborhoods. According to reports, the median selling price for homes in Youngstown this past April was $118,500, a 3.5% increase.
Sadly, neighborhoods like the greater Glenwood area are being left out of the market and out of this boom, mainly because no homes are available.
If you live in a similar neighborhood, you know that this lack of availability does not mean there aren’t any vacant properties in the area. It’s become a catch-22. Empty and deteriorating houses keep property values down. Consequently, homeowners seeking to add value and equity to their property face challenges accessing financial resources for repair and rebuilding. Considerably, even the fully remodeled homes can’t compete with others in the market.
Since so many neighborhood resources are funded by property taxes, including schools, the impact created by these conditions can reverberate for years.
But even under these circumstances, there’s hope to be found. Local officials are not only aware of the situation but vested in and actively working to resolve it. In partnering with organizations like the Youngstown Neighborhood Development Corporation, the city has established an overall housing strategy to address the housing inequality issues impacting renters and homeowners.
To see the full story from Mahoning Matters, click here.