Akron, Ohio Housing Market Prices
Akron Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 30% below the Ohio median$97,299
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Median rent 8% below the Ohio median$954
Housing Market Overview
| Metric | Akron | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $97,299 | $139,044 | $248,835 |
| Price Trend (Annual %) | 5.9% | 6.7% | 7.5% |
| Median Gross Rent | $954 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 4.1% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Akron is about 30% lower than in Ohio. Rent is about 8% lower than the Ohio average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Akron, up about 5.9% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Akron rose about 40.1% between 2015 and 2024, from $681 to $954. Over the same span, rent in Ohio rose about 41.7%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Akron.
Buying the median-priced home in Akron costs roughly 8.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Akron. The price-to-rent ratio in Ohio is about 11.2.
| Metric | Akron | Ohio Avg | US Average |
|---|---|---|---|
| Median Home Price | $97,299 | $139,044 | $248,835 |
| Median Household Income | $48,360 | $71,509 | $80,455 |
| Price-to-Income Ratio | 2.0 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Akron rose about 60.1%, while median household income rose about 32.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Akron | Ohio Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.9% | 61.7% | 58.5% |
| Rental Rate | 44.3% | 30.1% | 31.2% |
| Vacancy Rate | 9.7% | 8.1% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Akron has a homeownership rate of 45.9%, lower than the Ohio average of 61.7%. Its housing vacancy rate is 9.7%, compared with 8.1% in Ohio.
Housing Stock
| Metric | Akron | Ohio Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.17 people | 2.37 people | 2.53 people |
| Median Structure Built Year | 1954 | 1970 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Akron was built around 1954. On average, 2.2 people live in a home with about 5.6 rooms, staying for about 13.0 years on average.
Akron, OH Housing Compared With Nearby Cities
How Akron, OH compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Akron, OH | 187,388 | $97,299 #2/2 | $954 #2/2 | 50.9% #2/2 |
| Cuyahoga Falls, OH | 52,018 | $175,510 | $1,044 | 63.7% |
Frequently Asked Questions
Common questions about the housing market in Akron, Ohio.
What is the median home price in Akron, Ohio?
The median home price in Akron, Ohio is $97,299, lower than the Ohio average of $139,044.
What is the average home price in Akron, Ohio?
The typical home price in Akron, Ohio, reported as the median sale price, is $97,299. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Akron, Ohio?
The median gross rent in Akron, Ohio is $954 per month, lower than the Ohio average of $1,033.
What was the median gross rent in Akron in 2020?
In 2020, the median gross rent in Akron, Ohio was $795 per month.
What is the price-to-rent ratio in Akron, Ohio?
The price-to-rent ratio in Akron, Ohio is about 8.5, meaning it would take roughly 8.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Akron.
Are home prices or rent rising faster in Akron, Ohio?
Both home prices and rent are rising in Akron, up about 5.9% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Akron, Ohio?
45.9% of households in Akron, Ohio own their home, lower than the Ohio average of 61.7%.
What is the vacancy rate in Akron, Ohio?
The housing vacancy rate in Akron, Ohio is 9.7%, higher than the Ohio average of 8.1%.
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