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Akron, OH Cost of Living

Akron cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexAkronOhioNational
Cost of living index8191100
IndexAkronOhioNational
Goods & Services index8499100
Groceries index10299100
Health care index8495100
Housing index5273100
Transportation index109101100
Utilities index9793100
An overview of the general cost of living index for Akron, OH is displayed above for your reference. Residents in Akron, OH enjoy a cost of living index of 81. This index is 11% lower than the Ohio average, and 19% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Akron, OH, the average cost of goods and services is 15% lower than it is in Ohio, and it is 16% lower than the national average.
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Did you know?

  • The cost of living in Akron is 11% lower than the Ohio average.
  • The cost of living in Akron is 19% lower than the national average.
  • The cost of housing in Akron is 48% lower than the national average.
  • Ohio general sales tax is 13% higher than the national average.
  • Ohio state income tax is 78% lower than the national average.

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Compare Akron, OH Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Using the salary calculator lets you compare the salary you earn in Akron, OH to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Akron, OH, you have to earn a higher income in order to still have the same standard of living. To operate the Akron, OH salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$50,966$4,247$1,189$1,529
Renters$22,675$1,890$529$680
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Akron, OH, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Akron, OH has a median income of about $50,966 for people who own homes. Based on that number, a person should spend a maximum of $1,189 on expenses related to housing. Renters have a slightly different median income, which is $22,675. Based on this average, renters should spend no more than $529 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Ohio Sales Tax

StateGeneral Sales TaxWith Max Surtax
Ohio5.75%8%

Ohio Income Tax

StateIncome Tax (Low)Income Tax (High)
Ohio0.5%5%
When considering the overall cost of living expenses in Akron, OH, it's important to take into account the sales tax for Ohio, as well as the rate for income tax in Ohio. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Ohio is 8%, and the sales tax in the state of Ohio is 5.75%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Ohio starts from 0.5% and goes up to 5%.

Goods & Services

ItemAkronNational avg.Difference
Haircut $14.59$16.099.3%
Beauty Salon $32.54$37.3312.8%
Toothpaste $3.00$2.4522.6%
Shampoo $1.04$1.004.4%
Movie $10.53$10.282.5%
Bowling $3.45$4.9330.1%

Groceries

ItemAkronNational avg.Difference
Ground Beef $3.37$3.8011.3%
Fried Chicken $1.95$1.4039.9%
Milk $1.89$2.015.8%
Potatoes $3.54$3.0117.7%
Pizza $8.96$9.899.3%
Beer $8.34$8.906.3%

Health Care

ItemAkronNational avg.Difference
Optometrist $70.20$102.1631.3%
Doctor $79.75$108.3626.4%
Dentist $72.51$92.5321.6%
Ibuprofen $9.36$9.280.9%
Lipitor $452.74$425.826.3%

Housing

ItemAkronNational avg.Difference
Home Price $80,000.00$184,700.0056.7%
Avg. Mortgage Payment $1,369.31$1,202.4413.9%
Apartment Rent $693.00$949.0027.0%

Transportation

ItemAkronNational avg.Difference
Gasoline $2.23$2.240.4%
Tire Balancing $59.71$46.2929.0%

Utilities

ItemAkronNational avg.Difference
All Electricity$151.97$165.968.4%
Phone $29.92$28.684.3%
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.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Sawyerwood, OH1,31679-21%
Barberton, OH26,26681-19%
Ravenna, OH11,58282-18%
Rittman, OH6,52884-16%
Lakemore, OH3,06485-15%
Akron, OH198,50881-19%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Shreveport, LA198,57188-12%
Huntington Beach, CA198,72416969%
Glendale, CA197,89516464%
Little Rock, AR197,64095-5%
Amarillo, TX197,57085-15%
Akron, OH198,50881-19%
Source: The Akron, OH cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.
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