The city of Lansing has landed at the number two spot on a national list indicating the area has the second cheapest real estate in the nation.
The list put together by CNNMoney.com says Youngstown Ohio comes in first with a median property value of $55,400. Lansing was second with a median value of $64,400 while Toledo Ohio hits third with a median value of $64,900.
The area has been battered by automotive layoffs, state employee cuts and a deluge of bad mortgages which have lead to staggering foreclosure rates in the city. In May, city residents rejected a proposal to increase property taxes to cover fire and police positions. That measure failed, leaving the city to face millions in cuts, including over 150 police and fire officers. The budget woes are a combination of plummeting property values and decreased statutory revenue sharing cash from the state.