AN INCLUSIVE TABLE | Location, location, location — the housing market booms, but not in Glenwood
The 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.
Part of the plan includes supporting YNDC programs like Emergency Home Repair and Homes For Sale, which renovates vacant homes and puts them on the market as affordable housing. The organization also offers affordable rentals through its REVITALIZE Rentals program, which renovates vacant and abandoned properties.
“Home repair is part of it, but it goes even beyond that,” said YNDC’s Neighborhood Stabilization Director Jack Daugherty. “The quality of rental housing in the city is abysmal. And there are some steps that the city has to take to raise that quality standard.”
As part of its housing strategy implemented in 2021, the city has ramped up its rental registration and inspection program, thus holding landlords accountable for housing quality issues affecting tenants. YNDC and other partner organizations are also urging local officials to create a gap funding program to absolve potential developers from dealing with financial losses in cases where their rehabilitated property may be listed for less than their total investment due to the continued devaluation of local properties.
In addition to the high demand for houses for sale, there continues to be increased demand for low-income and senior rental property. Daugherty sees this as another opportunity to continue pushing the Youngstown area’s growth and development.
“Why not encourage the people who live in the neighborhood to be the developers that meet those housing needs?” he said. “If you live next door to the house that you rent, you’re gonna have a much different standard than if you live in Florida.”
This story was originally published June 11, 2022 at 5:00 AM.
