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Wellsville Economy Boom? An Excess of Jobs and A Shortage of Family Homes

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The economy of Wellsville has seen better times, like during our manufacturing heydays. As a child of the 80’s, the look back reveals what was a very vibrant and balanced economy. Our tax problems didn’t seem as acute because our per capita income was higher. We had hundreds of executive level jobs, thousands of fair wage labor jobs, and the retail economy was strong.

Now decades later, our tax rate has continued to increase, and our per capita income(average income) hasn’t. That said, my opinion is that this decline is behind us. Prior to the pandemic, employers couldn’t find enough help and the price of an average family home was increasing. Now, within a pandemic that has literally changed the way Americans work, Wellsville’s real estate market is at a precipice.

At a recent public meeting one well known real estate professional declared that, “there is no inventory left”, meaning all the houses have been bought up. A quick search of the market websites and you will see a very limited offering, especially for family homes that are ready for occupancy. Homeowners who are putting a FOR SALE sign up are finding many buyers and at competitive prices.

Zoomtowns are a child of the Covid-19 pandemic, just google the phrase and you’ll see what I mean. Millions of people like you suddenly realized they can work from anywhere, and travel when necessary. They can see how dense populations fared with this pandemic compared to places like Allegany County. Suddenly, keeping your distance is cool. Shout out to all my South Hill Road pals!

As a legal professional who deals with real estate in Wellsville on a daily basis said:

“Aspects of the local real estate market are like coiled springs”

The other side of this economic equation is the labor market. While Wellsville has lost many good paying jobs and hard working people, the labor market is in high gear. Just look at the sponsors at the end of this article… they can’t fill the jobs. And several other local businesses who don’t advertise for resumes are in the same boat. Heck, if the babysitter market is any indicator, Wellsville is ready to have another BOOM.

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