Is It Worth Buying a Home in Akron, OH?
The decision to rent or buy in Akron, Ohio depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $135,000 and median monthly rent of $1,100, the math plays out differently depending on your personal situation.
Akron has an average property tax rate of 1.52% annually, which adds approximately $171/month to the cost of homeownership on a median-priced home.
Historically, home values in Akron have appreciated at roughly 1.5% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Akron Buyers
- Down payment of 20% on a median home = $27,000
- Monthly mortgage (30yr at 6.99%) ≈ $718/mo
- Property tax ≈ $171/mo
- Estimated maintenance ≈ $113/mo