LYNN — Improving the city’s housing market and general economic growth all starts with education, North Shore Community College Economics Professor Moonsu Han said.
Between 2021 and 2022, data compiled by construction and development insurance company Construction Coverage showed Lynn’s housing inventory declined by more than 22 percent, while municipalities across the country saw an increase in housing inventory increase of 20 percent that year.
Han said that Lynn’s decline in housing inventory between 2021 and 2022 is primarily a result of the city’s four percent drop in housing sale prices that same year. He said low ratings for Lynn’s middle schools and high schools ultimately lower property values in the city and hinder the development that comes from property taxes.
“Lynn area houses are more affordable compared to other areas like Peabody or Salem— that’s the reason for dropping housing inventory. That’s why more people are going to buy houses, causing a drop in market inventory,” Han said. “We can improve Lynn’s housing market and develop the local economy by improving the quality of our schools.”
According to data acquired from the school information non-profit GreatSchools, Lynn’s elementary school ratings range from six out of 10 to eight out of 10, while ratings for the city’s middle and high schools range from one out of 10 to five out of 10.
Han said those ratings ultimately impact housing prices and the population’s general economic growth.
“Elementary school ratings were not bad —middle school, that’s worse, and high school ratings are even worse. I believe if we improve educational quality in the school system, especially in middle and high schools, it could bring a very positive change to the Lynn housing market, and the city’s economic growth,” Han said.
This fall, NSCC partnered with the school district to create a first-of-its-kind early college program allowing high school students to study at the college, and potentially earn an Associate’s Degree before graduating high school.
Han said that with partnerships between NSCC and local high schools, he is optimistic for Lynn’s economic and educational future.
“Working together with local colleges will be beneficial,” Han said. “The city’s future is going to be very positive. Improving school quality and educational quality will make the city better — it will facilitate development, and generally have a positive impact. If we work on improving education quality, it will make the city’s future a lot brighter.”
