Rent to Own Homes in Youngstown

Youngstown city was historically known as an industrial city and was reliant upon the steel and metalworking industries for jobs. While there are still many jobs available in those industries, the city is opening its doors to technology and innovation through the Youngstown Business Incubator. This project has introduced startup technology companies to the downtown area, and new residents and job opportunities came along with the project.

Youngstown crime rates are often a concern for families, but there are some neighborhoods that offer safe zones along with affordable real estate prices and local parks for outdoor recreation. The Youngstown City School System offers a variety of educational opportunities for younger students, which includes access to an early college high school.

Buying a Home in Youngstown

You can expect to see prices ranging from around $40,000 to more than $200,000 when browsing homes for sale in Youngstown. The median listing price for the city typically stays well below $100,000, making this one of the most affordable places to purchase a home in the United States. Since crime rates are high in many areas of the city and not all public schools receive high ratings, it is important to do a little research into each neighborhood before you make an offer on a new home. If possible, it's also a good idea to drive through the neighborhood at various times of day before committing.

Popular Neighborhoods in Youngstown

To find safe neighborhoods in Youngstown while staying close to some of the best schools, stick to communities along the western and southern edges of the city. One of the most desirable neighborhoods is found in the southeastern corner, mostly falling west of North Lima Road and Poland Village Park. Retail prices are generally around $200,000 in this area, and most homes have at least three bedrooms. This is an established neighborhood with few new homes, and the vacancy rate is often below 5 percent.

If you need lower real estate prices, look to the Churchill neighborhood on the northernmost tip of the city. This area falls west and north of the Youngstown Country Club, and the median real estate price is typically around $100,000. Most of the homes in this community were built prior to the year 2000, and most have fewer than four bedrooms. The neighborhood is established with a mixture of rental and owner-occupied homes.

Buying vs. Rent to Own Homes

To buy a home in Youngstown, you typically have to secure pre-qualification through a lender before you can start looking at homes. If you aren't ready to put your financial life on the line and apply for financing, you might search for rent-to-own homes instead. These properties allow you to move into your new home right away, but you don't have to make the purchase official until a later date. You don't have to worry about other people making offers on the property, and you can smoothly transition from renter to buyer when you're ready to take out that loan.

Cost of Living in Youngstown

Youngstown is known for having one of the cheapest real estate markets in the United States, and that drives down the overall cost of living. The housing market often plummets 60 percent lower than the national average, and sometimes it can drop even lower. You can expect to pay average prices for utilities, transportation and most other expenses. You can purchase a large home for a reasonable price in this city, and that allows more residents to own homes comfortably.

Summary

Youngstown is located within the Mahoning Valley of northeastern Ohio, and the local economy has traditionally rested on the metalworking and steel industries. The city has made efforts to expand into technology, and the Youngstown Business Incubator has attracted startups into the community. While the crime rates are a concern for many families moving into the area, the low housing prices and reasonable cost of living are major attractions.