|
And that is the METROPOLITAN AREA not just the city (i.e. the City lost a LOT of people, while the suburbs lost some). Furthermore the surrounding rural area has also lost population (Mostly in the old Coal patches as people age and die 20 years after the coal mines closed).
Thus you have a lot of homes for sale. It is expected that 1/2 of the homes in Johnstown will be rental units within the next few years (In most cities rental units are about 1/3 of the housing units, with even less rental units in the Suburbs).
Last Fall one of the local slum lords (actually he was one of the better landlord, but he still owned a lot of properties) gave his rental property to the Federal Government as part of his plead involving illegal gambling. The Feds than had a local real estate broker sell them. You could get some good "Fixer- uppers" (i.e. livable right now but you have to put some money into them to get them up to modern standards i.e. new Furnace, new Windows, new insulation etc) for $15-20,000. You could get some habitable houses for as little as $5000 (i.e. NEEDS a LOT OF WORK INCLUDING NEW Roof, major reconstruction of the walls or Ceilings etc but still habitable till something goes wrong and it will).
I have a neighbor who owns two houses in Johnstown section of Johnstown. One he lives in the other he rents out as apartments. These have been up for Sheriff's sales for years, no one would bid on them. The last couple of years the Sheriff did not even bother to list them for sale. You could buy both for less than $1000, but no one wants them for there are just to many low end housing units in Johnstown.
One of the problems with these low cost housing is that the closing costs are about the same for a $2000 house as for a $200,000 house if you plan to finance the house (i.e. about $2000). The only way to get around this is to pay cash for the house.
Let me show you how bad it is, I am running an old fashion 1900 era Hotel (I.e. Rooms with a common Bathroom and Shower of each of the two floors with Room). The Rooms are going for $250 a month (with me paying for heat and electricity) with access to a Washer and Dryer (No fee to use), a Computer with Printer, and a Phone (NOT a pay phone) and I still can NOT get tenants. Other Landlords are renting "1/2 a double" i.e. a house built as two homes with a common wall between them, can can not get tenants, my ex-landlord can not get tenants. With this many landlords looking for tenants, rents are low as are the prices of houses in Johnstown.
These prices tend to bring the better quality homes in the suburbs down with them, through the suburbs are more "Normal" prices than Johnstown Proper. For that reason Johnstown has NOT participated in the recent housing Boom.
That is the problem with Johnstown, if you have a decent paying job it is a great place to live. Housing is Cheap, Commuting to work is short even from the Suburbs (Johnstown has the shortest and quickest commute in Pennsylvania), but if you do NOT have a job the best way to get a job is to move out of the County. Sad but true and the reason for the last four Decades Johnstown has lost 10% of its population in EACH of those four Decades.
|