This area is in the middle section between Cleveland and Pittsburgh and serves as a key logistical center between the 2 cities and the center of the growing important industry in this region.
Many still see Youngstown as a declining area, but smart investors have been arriving into this region – particularly from California, and also as far as Europe and Australia in snapping up properties while cheap and rent out with very attractive yield.
The whole combined area including all the surrounding cities will add to around 700,000 in total.
Like any area – we will look at the Growth Factors & Risks first.
1. There had been very few constructions in this area since the 1980s which means the supply is steady with no new developments. Some of the older houses were redeveloped into newer homes.
2. The job market is improving from the shale gas industry which also includes drilling, engineering, and more importantly, resurgence in steel related industries such as piping industry which has been growing due to strong growth from nearby gas drilling activities.
3. Several very large refinaries and plants had been opened in nearby cities, and as Youngstown is the largest city in the nearby areas, we are starting to see steady increase of professional families moving into the Youngstown area.
4. This is where GM’s Chevy is produced, it has a massive production plant with 3 shifts and is a major employer of the area. Chevy’s success has seen increase in production from this plant and continue to add more jobs to the region.
5. The Government has implemented successful policies for many years, the cities now enjoy low crime rate and is attracting families moving to these areas.
6. Properties are very affordable in these areas, it is common to see nice properties listed for $35,000 to $60,000 range. Investors have been buying both tenanted properties and also cheap properties (under $20,000) and renovate and lease them out.
7. Austintown is benefiting from the new racetrack and gaming facility which is the first such facility in the region. This is expected to bring in tourists from nearby states, and it is also contributing to Austintown Government to modernize the infrastructure. The new facility has also created new opportunities including new hotel developments, new shopping malls and new franchises and restaurants to the area.
8. Youngstown is also becoming a hub for call center operators with significant increase of call center operators opening up new businesses here servicing customers in the midwest and southwest.
The principals of Harbourview Capital are very experienced investors in this region – we can provide with research and identify where the opportunities are as well arranging for inspections, renovations and find tenants for your properties.