More than 50 percent of the housing stock in Stark County was built prior to 1960. Housing stock in the urban centers is older, with more than 65 percent built prior to 1960. Much of the new housing has been built in the growing suburban townships along the western and northern borders of Stark County.
Census Bureau estimates show that since 1990 the number of housing units in Stark County has increased more than the number of households. As a result, the number of vacant housing units has increased. Slow population growth coupled with a larger number of vacant units, particularly rental units, has produced low appreciation in the value of housing and in the cost of rent. Historically, low housing appreciation has led to comparatively low housing prices.
From 2000 to 2008, despite the low cost of housing in Stark County, the annual number of foreclosures has increased by nearly two and one-half times. Formerly, targeted predatory lending practices and the sub-prime mortgage market have contributed to the increase in foreclosures. Currently, the economy has had a big impact on housing in Stark County with the loss of income now being the biggest factor in foreclosure.
The economic downturn and increased foreclosures have resulted in less credit being available to finance housing purchases. In addition, housing values have decreased. Banks are hesitant to extend mortgages on homes at a depressed value. The lack of credit and hesitancy to extend mortgages is particularly true in Alliance, Canton and Massillon and low-income areas.
In Stark County, an individual must earn approximately $25,000 a year to afford a two bedroom apartment. The median income in 2008 for households in Stark County is $44,447. Housing in Stark County is affordable for most people. Despite Stark County’s relatively low cost of housing, there are those whose incomes are insufficient to purchase a home or rent an apartment. For them, subsidized housing is an alternative. However, the demand for subsidized housing has outstripped available supply. For this reason among others, some people are homeless.
The National Association of Realtors - Housing Prices
National Low-Income Housing Coalition |
