Youngstown Ranks 7th in Affordable Housing
YOUNGSTOWN, Ohio — A study conducted by tech company Smart Asset ranks Youngstown as the seventh most affordable housing market in the state and 100th overall across the country.
The study took into consideration several factors, including average closing costs, property taxes, homeowner insurance and annual mortgage payment.
The study applied these costs proportionately to the area’s median income and ranked them accordingly. Those costs that assumed a smaller proportion of the median income were ranked highest.
Smart Asset found that the average closing cost for a house in Youngstown came in at $1,856, while annual property taxes averaged just $658. Homeowner insurance stood at $282 per year, and the average annual mortgage payment was $1,993. The median income for Youngstown was $24,448, giving the city an affordability index score of 52.4.
East Liverpool in Columbiana County was ranked third in the study. The company showed that the average closing cost for a home in that city was $1,989 with annual property taxes of $652. Annual homeowner insurance was on average $360, while the average annual mortgage payment was $2,546.
Median income in East Liverpool stood at $30,291 and scored 54.41 on Smart Asset’s affordability index. The city ranked 65th across the country.
According to the company’s metrics, the most affordable market in Ohio when considering median income is Delhi Hills, near Cincinnati.
Copyright 2023 The Business Journal, Youngstown, Ohio.