Home Affordability in Akron, OH
The median home price in Akron is $120,000 with a median household income of $37,436. Housing is relatively affordable compared to local incomes.
Median Home Price
$120,000
Median Income
$37,436
Price-to-Income Ratio
3.2x
Est. Affordable Home
$146,000
Property Tax Rate
1.68%
Annual Property Tax
$2,016
Sales Tax Rate
6.75%
Cost of Living Index
82
Buying a Home in Akron
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $37,436 in Akron can afford a monthly housing payment of approximately $874. This translates to a home price of roughly $146,000, which is at or above the median home price — the typical home is within reach for a median-income household.
Property taxes on a median-priced home in Akron would be approximately $2,016 per year ($168/month) at the effective rate of 1.68%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $3,600 | $116,400 | Yes |
| 5% | $6,000 | $114,000 | Yes |
| 10% | $12,000 | $108,000 | Yes |
| 20% | $24,000 | $96,000 | No |
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