| Index | Akron | Ohio | National |
| Cost of living | 83 | 89 | 100 |
| Groceries | 98 | 97 | 100 |
| Health care | 97 | 96 | 100 |
| Housing | 57 | 74 | 100 |
| Transportation | 92 | 96 | 100 |
| Utilities | 99 | 96 | 100 |
| Lifestyle & Entertainment | 89 | 95 | 100 |
| Household Items | 93 | 97 | 100 |
| Education & Childcare | 88 | 93 | 100 |
Knowing the cost of living in Akron allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Akron stands at 83, marking it 17% lower than the national average.
Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Akron stands out by reporting housing costs that are 43.2% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Akron can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.
The real experts on a city are its residents. That's why we reached out to 23 locals to get their views on the cost of living in Akron. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 65% found it budget-friendly with decreasing prices, while 35% said it's simply not affordable as prices have continued to rise.
Is Akron affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Akron, for instance, where the median home price falls 54.3% lower than the national average, and monthly rent rates are 17.3% lower than usual. Additionally, median income levels contribute to the equation, with Akron flaunting a median household income of $60,769, 25.3% lower than the national norm.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Akron, the baseline sales tax rate begins at 5.75%, and income tax rates start at 2.76%.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Akron, the transportation index is 8% lower than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Akron, the groceries index is 1.8% lower than the national average.
The Akron cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $81,725 | $6,810 | $1,907 | $2,452 |
| Renters | $43,568 | $3,631 | $1,017 | $1,307 |
| State | General Sales Tax | With Max Surtax |
| Ohio | 5.75% | 8% |
| State | Income Tax (Low) | Income Tax (High) |
| Ohio | 2.76% | 3.99% |
| City | Population | Cost of Living Index | National Avg. |
| Sawyerwood, OH | 1,645 | 79 | 21.4% |
| Barberton, OH | 26,844 | 83 | 16.7% |
| Ravenna, OH | 11,685 | 86 | 13.8% |
| Lakemore, OH | 3,174 | 85 | 14.9% |
| Rittman, OH | 6,610 | 86 | 13.6% |
| Akron, OH | 203,042 | 83 | 17.0% |
| City | Population | Cost of Living Index | National Avg. |
| Port St. Lucie, FL | 203,094 | 113 | 12.8% |
| Little Rock, AR | 202,086 | 96 | 4.3% |
| Glendale, CA | 204,037 | 193 | 93.1% |
| Grand Rapids, MI | 204,117 | 96 | 4.0% |
| Augusta, GA | 204,183 | 92 | 8.1% |
| Akron, OH | 203,042 | 83 | 17.0% |
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