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Youngstown, Ohio: Rising Home Values Amidst Industrial Legacy
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Youngstown, Ohio, a city known for its rich industrial history and resilience, has experienced significant shifts in its housing market over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices, revealing a dynamic real estate landscape in this Rust Belt city. The homeownership rate in Youngstown has fluctuated over the years, showing a general decline from 56% in 2013 to 54% in 2019. This trend coincides with an overall increase in average home prices, which rose from $28,643 in 2013 to $35,828 in 2019, representing a 25% increase. Despite this price growth, the homeownership rate remained relatively stable, suggesting other factors influencing housing decisions in the city.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2019, interest rates gradually increased from 0.11% to 2.16%. Despite this rise, Youngstown's homeownership rate only saw minor fluctuations, indicating that local economic factors may have had a more significant impact on housing decisions than national interest rates.
The percentage of renters in Youngstown increased slightly from 44% in 2013 to 46% in 2019. During this period, average rent prices also saw an upward trend, rising from $595 in 2013 to $674 in 2019, a 13.3% increase. This rise in both renter population and rent prices suggests a growing demand for rental properties in the city, possibly due to changing demographics or economic conditions.
In 2023 and 2024, Youngstown's housing market continued to evolve. The average home price in 2023 was $54,425, showing a significant increase from previous years. In 2024, this figure further rose to $56,513, indicating a continued upward trend in the housing market. Concurrently, federal interest rates reached 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that Youngstown's housing market will continue to experience growth. Over the next five years, average home prices are projected to increase by approximately 15-20%, potentially reaching around $65,000 to $68,000 by 2029. Average rent prices are also expected to rise, albeit at a slower pace, potentially increasing by 10-15% over the same period, which could bring average rents to around $740-$775 per month.
In summary, Youngstown's housing market has shown resilience and growth over the past decade. The city has experienced a slight decrease in homeownership rates, counterbalanced by rising home values and increasing rental demand. With continued growth projected in both home prices and rents, Youngstown's real estate market appears poised for further development in the coming years.
