If you are looking for a new home in the Midwest, you should check out Fostoria, MI. It’s a small town, but it has a lot to offer, from a rich history to an excellent school system. In fact, the city is home to two NS main lines, which are aptly named, the Iron Triangle.
The city is located on the convergence of three counties. Tuscola, Ottawa and Calhoun, and is roughly 40 miles from Toledo. At the 2010 census, the population was 694. Despite this, the median age is 45 years old. However, a large percentage of the population is made up of retirees. Aside from its railroading history, Fostoria is also known for its glass making history.
While Fostoria has seen its share of population declines, it hasn’t been a complete wash. Despite the low population numbers, the town has managed to woo many families and retirees who are looking for a place to call home. As of 2016, there were 22 properties for sale in the Fostoria area, with an average listing price of $169,350. Most of the homes in the area are single family, but there are several condos and apartments in the works. Unlike many cities in the Midwest, the housing market in Fostoria is not as hot as it once was, and there are plenty of options available. Read more here.
One of the most enticing things about living in Fostoria is that its economy is largely driven by its booming manufacturing sector. As of 2010, it had the highest per capita industrial output in the state. There are a host of employers in the area, from glass makers to manufacturers of aerospace components. Despite its modest growth, the unemployment rate remains high.
Luckily, the city of Fostoria is still able to take advantage of its strong local workforce and its location near Toledo, Michigan. In fact, the city has an active Section 8 Housing Choice Voucher program that’s worth a look if you are on the hunt for a new home. This program is operated by Public Housing Agencies, which operates federally assisted affordable housing programs at the local level for HUD. Despite this, you may have to wade through a number of competing offers in order to find a suitable apartment or condominium. Click here for more from our blog.
Another noteworthy aspect of the area is it’s surprisingly high home appreciation. The median home price in the area has increased by 11.9% over the past 12 months. Fortunately, the city does have a few rental properties that are affordable to low income households. Some of these are in the form of rent subsidized apartments. Those who are lucky enough to qualify for a subsidy, can pay up to $743 for a one-bedroom unit and $909 for a two-bedroom unit.
With the high cost of housing in the area, the number of low-income residents hasn’t climbed very much. According to the most recent Census data, the poverty rate in the city is 16.2%, which is on the high end of the scale.