For this reason that, of its significance in a wide range of inventions, including clay marbles, baby dolls, balloons, rubber ducks, balls, and many others, Akron is known as the “City of Invention.” The Rubber Capital of the World, Rubber City, Summit City, and Tire City are just a few of the additional titles given to Akron. The city of Akron is a reasonably priced area to live and do business. The cost of living is significantly lower in comparison to the United States and other cities within the United States. It has a small-town vibe to it and has a low crime rate. There are additional parks, a community centre, a library, and a business sector in the area. The most affluent neighborhood in the area is Fairlawn Heights in Northwest Akron. It offers big single-family home lots in a lovely country setting. Akron is a pleasant town with a decent hospital and reasonably priced apartments. Housing costs as little as $60,000 in the city, and it’s simple to get around on foot or by bus.
Cost of Living
The cost of living in Akron is 13 percent lower than the Ohio average and 31 percent lower than the national average, making it one of the most affordable cities in the country. Groceries, healthcare, utilities, transportation, and housing are all significantly less expensive in Akron than the state average. Only about half of Akron’s people own property, with a homeownership percentage of 50.6 percent. The typical sales price of a home in Akron is $97 per square foot, with an average price of $110,000. Homes for sale in Akron, OH stay on the market for an average of 28 days before going pending, making it a competitive market. Because the other half of Akron residents rent their homes and flats, the average monthly rent is $820, which is 3% lower than the city’s average last year. You may anticipate paying roughly $706 per month for a one-bedroom apartment, and closer to $883 per month for a two-bedroom property. The median property price in the area is around $80,000. There are, however, a variety of options available, with higher-end residences selling for more than six figures.
The Housing Market in Akron
One of the most common questions people have before relocating to Akron is how well the housing market is performing. Residents in Akron can choose from a variety of communities that offer affordable housing, whether they are renting or buying. In Akron, an average studio costs $390, while a four-bedroom apartment costs $1,070. Even a low-cost apartment is more expensive than a typical metropolis in the United States. Renting in Akron may be less expensive in the long term than buying a property in a nearby city. Due to affordable housing, single-family homes account for 54 percent of home ownership in Akron. The median property price in Akron is just under $66,000. This is a 14 percent rise over the previous year’s level. Goodyear Heights, Firestone Park, Ellet, and Fairlawn Heights are some of Akron’s most desirable neighborhoods.
Renting in Akron
Of course, for those moving to Akron who want to rent, there are alternative housing possibilities. Rent in Akron is reasonably priced and provides good value for tenants. A studio apartment costs $390 per month, and a four-bedroom apartment costs $1,070. These figures indicate that there are lots of rental units available that are suitable for every budget. The decreased rental prices in Akron help to lower the cost of living significantly. Because of the decreased prices, people who are relocating to Akron can stretch their money a little further.
Transportation Costs in Akron
Residents of Akron value the variety of transportation alternatives accessible to them. The cheap Akron cost of living index includes lower transportation expenditures. More than 60% of area commuters had commute times of less than 20 minutes, which is lower than the national average. A gallon of fuel costs an average of $2.57. The Akron Metro system provides excellent public transit. One-way Metro tickets cost $1.25, while monthly passes cost $50 and are an excellent alternative to driving within the city. The Amtrak train, as well as ridesharing services such as Lyft and Uber, provide additional transit alternatives in Akron. The Akron-Canton Airport and the Akron Fulton International Airport are two local airports that provide shuttle service to and from their respective terminals. Other transportation costs, such as car insurance prices, can differ from one state to the next. According to data, the average vehicle insurance rate in Ohio is $1,558, which is more than the national average of $1,517. According to EPI data, the average single adult in the state spends $9,854 on transportation each year. In a year, the average motorist in the state will spend $919 on gas alone.
Utility Charges in Akron
Utility costs vary from city to city across the country. At an average price point around 8% lower than the national index, Akron’s utility expenses are acceptable. When comparing utility expenses between cities, air conditioning, heating, and water are the most important considerations. Between all three services, an average 950-square-foot household in Akron will spend roughly $171.13 per month, which is again less than the national average. The monthly cost of services such as phone, cable, and internet is presently roughly $68.33.
The Price of Food and Dining in Akron
The cost of groceries and other foods in Akron is lower than the national average. A dozen eggs, for example, cost $1.65, cheese cost $4.26 per pound, and a gallon of milk cost $2.48, while meat and chicken cost less than the national average. Fruits and vegetables are more expensive than in other Ohio cities, although they are still less expensive than the national average. Your taste buds will be pampered while you dine at local restaurants. Residents of Akron can eat practically any type of food they want. A single adult in Ohio spends an average of $2,985 on food each year, while a family of four spends an average of $8,621. To put things in perspective, a single adult’s annual food expenditure is $3,240, while a family of four’s annual food cost is $9,354.
What Does It Cost to Live in Akron, Ohio?
Living in Akron, Ohio is inexpensive, making it a good choice for both young professionals and families. With a typical property value of $80,000, Akron is one of the cheapest cities in the United States for homebuyers. Without rent, a family of four will spend $3,069 per month. Without rent, a single person’s estimated monthly costs are $872. New York is 35.15 percent more costly than Akron (without rent). In fact, less than 1% of homes in Akron sell for more than $500,000, so you can be confident that you’ll locate the perfect property for a fair price. In many other ways, the cost of living in Akron is reasonable. Healthcare and goods and services costs in Akron are 16 percent lower than the national average. In Akron, transportation and food are slightly more expensive than the national average, although the differences are minor: 2% for groceries and 9% for transportation.
The Best Places to Live in Akron
In Akron, there are several wonderful areas that are ideal for both professionals and families. Goodyear Heights, named after the rubber tire business, is one of Akron’s most affordable neighborhoods. This is a large community with about 20,000 residents and homes that sell for roughly $40,000, making it ideal for young professionals wanting to purchase their first home. Highland Square, another prominent Akron area, is noted for being varied and hyped up, drawing largely young people. At just about $103,000, the median home value is slightly more than the Akron average. Merriam Valley is a great place to live if you’re searching for a family-friendly community in Akron. Homes here retail for roughly $138,000 and are in a more premium area. Merriam Valley is an excellent neighborhood for outdoor enthusiasts, located just south of the Cayuga Valley National Park and offering a variety of outdoor activities such as canoeing and kayaking down the Cayuga River.
Vacancies in Akron, Ohio
In fact, the rubber industry is not Akron’s largest employer. The major employers in Akron are Summa Healthcare, the Cleveland Clinic, and Akron Children’s Hospital, with Summa Healthcare, the Cleveland Clinic, and Akron Children’s Hospital claiming the most employees. Moving to Akron will also expose you to plenty of job opportunities in the Summit County government and Akron’s public schools. While the typical household income in Akron is roughly $35,000 per year, professionals in specialized job categories can expect to earn more.
Akron, Ohio Schools
Akron schools are the 5th largest school system in Ohio, with around 22,000 students enrolled. Akron public schools have high graduation rates and above-average test scores, and the school district’s website boasts that students from its schools have garnered over $16.8 million in scholarship awards. Families in Akron have the option of attending one of 130 private schools, including four high schools, or one of 18 charter schools, including seven high schools.
Taxes in Akron
Taxes differ from city to city. The average tax burden per individual is $30,741 per year. This is less than the $38,433 national average, which is greater than the national average. Despite its low housing costs, Akron is home to a variety of cultural and entertainment facilities. Taxes are one of the few expenses that differ significantly from one state to the next. The average adult working in Ohio pays $4,829 in taxes per year, which is less than the national average of $6,542. This includes state and federal income taxes, as well as Social Security contributions and Medicare payroll. When federal taxes are excluded and state and local taxes, such as property and sales taxes, are included, Ohio’s state and local tax burden is lower than the national average. Ohio collects $2,492 in state taxes per person each year, compared to $3,151 on average across all states.
Gas Bills
In Ohio, the average gas bill is $135.36. Installing a gas furnace is more expensive than installing an electric furnace. In a three-bedroom house, a gas stove costs $4,500 to $6,000 to run, while an electric heater costs $2,000 to $4,000 to run. Despite the fact that $100 is the average monthly cost, the amount you pay can vary depending on the season.
Water Bills
The average American household of four uses roughly 10,000 gallons of water each month, which corresponds to about 13.4 HCF, according to the US Environmental Protection Agency. Based on the foregoing rates, the average Akron family would pay $36.30 per month for water service.
Ohio Health Care Expenditures
The average cost of health care for a single adult in the state is $3,720 per year, compared to $4,266 nationally. The average annual health-care cost for a family of four is $11,331 — $1,619 less than the national average of $12,950.
Child Care Costs in Ohio
Child care costs add thousands of dollars to a family’s annual budget. In Ohio, the average yearly cost of child care for a four-year-old is $7,857, far less than the national average of $8,903. In Ohio, it costs an average of $13,560 a year to care for a four-year-old child and an eight-year-old child, compared to a national average of $15,853.
Conclusion
Professionals in healthcare, manufacturing, and administrative sectors, as well as families with small children, will like living in Akron. Whether you’re moving to Akron for employment, school, or the beautiful countryside, this city has a lot to offer you and will warmly welcome you. Akron has a plethora of family-friendly events, attractions, and activities. Sports, art, culture, outdoor exploration, and history may all be found without having to drive far. There is something for everyone, no matter what they are looking for. Despite the city’s many advantages, people can take advantage of low-cost housing. The city’s economy is healthy, with low unemployment and a steady housing market. Affordable housing and a high-quality apartment are both possible.
