Cost of Living in Akron, OH

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An Overview of Cost of Living in Akron, OH

Are you thinking about relocating, but curious about the potential cost of living in Akron? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Akron stands at 84, making it 16% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that 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 affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

What Do Locals Say About the Cost of Living in Akron?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 22 locals to understand their opinions on the cost of living in Akron. The results indicated that 64% found it reasonably priced with decreasing prices of goods and services, while 36% viewed it as quite expensive, with increasing prices.

Is Akron Affordable?

Is Akron an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Akron, the median home price is 54.8% lower than what most folks pay across the country, and monthly rent prices are 16.2% lower than the usual rates. Income levels in Akron come in at $40,281, which is 27.2% lower than the national average.

What Factors can Influence the Cost of Living in Akron?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Akron, the transportation index stands at 2% lower than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Akron, the groceries index registers 1.1% higher than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Akron, healthcare costs are 4.8% lower than the national average.

Where is the Data From?

The Akron cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

Most Affordable Places to Live in and Around Akron

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Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living in Akron is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Akron has a median income of about $55,399 for people who own homes. Based on that number, a maximum of $1,293 should be spent on expenses related to housing. Renters have a slightly different median income, which is $29,387. Based on this average, renters should spend no more than $686 on all rental costs if they want to maintain a non-impoverished standard of living.

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Ohio Income Tax

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Health Care

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Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.