Akron home values rise as blight declines, report finds, and assistance remains essential

• The Akron Housing Action Plan and Market Value Analysis contains 23 recommendations for how the city can address housing issues.
• The report states that housing values have increased by 75% citywide, and over 100% in some areas.
• The market value analysis portion of the report identifies specific market strengths and weaknesses of Akron's neighborhoods.

A new report released Tuesday by the city of Akron says home values are climbing as neighborhoods are tackling blight, but finds more assistance must be provided for many residents to be able to continue to afford living here.

The Akron Housing Action Plan and Market Value Analysis "will help the city spur new housing development, keep long-time residents in their homes, and improve the quality of existing homes for all Akron residents," the city said in a a news release.

Akron Mayor Shammas Malik said the report provides "an important and insightful update on the state of Akron’s housing market, as well as actionable recommendations for stabilizing our neighborhoods and extending access to quality affordable homes.”

He said the information will help city staff as they implement housing programs and aid nonprofit development partners, builders and lenders in Akron.

Here's what we know about the plan:

What is the market value analysis?

Using local data, the market value analysis performed by the Greater Ohio Policy Center and the Reinvestment Fund provides insight into Akron neighborhoods' market strengths and weaknesses. This data will be used by the city, and others, to make decisions about where and how to invest public money.

What's the strategic work plan?

Utilizing findings in the market value analysis, the strategic work plan recommends 23 actions that will aid new construction while protecting existing properties from declining. It proposes a blueprint that will boost rental and homeownership opportunities for all income levels.

The plan identifies actions that the city of Akron and other partners should take. Those partners include community development corporations, financial institutions, philanthropy, developers, property managers and real estate investors.

What does the market analysis say?

In part, the market analysis states that housing values have increased by 75% citywide. Neighborhoods like south and east Akron have seen increases of more than 100%.

Additionally, it states that neighborhoods that were "deeply distressed" in 2017 — Sherbondy Hill and West Hill, for example — have stabilized, leading to an increase in value by $20,000 to $40,000 because of blight elimination measures, like demolition.

Furthermore, it says that 2017 and 2022 the removal of blighted properties across the city’s most distressed neighborhoods has created opportunities to bring vacant parcels back into productive use.

Since 2017, foreclosures have been halved, possibly because of COVID-related mortgage assistance programs.

What are some of the recommendations from the strategic work plan?

Recommendations are broken up into three categories: enhancing existing neighborhoods; protecting vulnerable residents, and retaining and attracting residents; and lowering barriers to new development and redevelopment. There are 23 recommended actions.

The recommendations include:

• Expanding home repair programs for owner-occupied properties.
• Creating a low-interest revolving loan fund for small local landlords to facilitate investment and maintenance in the city’s rental housing stock.
• Working with community organizations to inform property owners about the process of selling a home, particularly how to avoid selling to cash-offer investors, which can squeeze out homeownership opportunities and undermine neighborhood stability.
• Lowering barriers to infill redevelopment by reforming outdated development standards such as parking requirements and minimum lot sizes.

Contact reporter Derek Kreider at DKreider@Gannett.com or 330-541-9413