Rent vs buy in Akron, OH
In Akron, Ohio, typical rent is $1,176 /mo and the typical home value is $138,865.
Buying saves you $19k over 7 years
The comparison applies 20% down and today's mortgage rate to Akron's typical rent and home value. You reach the break-even point in year 4.
An opinion with a clear label and the math shown. These are estimates, not quotes. Adjust any number and the stamp changes.
- How far owning leads
- $19k after 7 years
- When costs balance
- year 4 when owning catches up
- Actual cost of owning
- $1,328 /mo year 1, against $1,176 rent
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The stamp's numbers come from Akron's typical rent and typical home value. Your rent, home price and number of years can change the result.
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Is it cheaper to rent or buy in Akron?
Over 7 years, buying costs $19,137 less when you include the money you get back when you sell. The net cost of owning falls below renting in year 4 and stays lower.
Rent. Cost of owning. Running net cost for each year.
Akron: average rent compared with mortgage payment
Rent and mortgage payments aren't the whole story. Here are all the monthly costs in year 1, using Akron's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,176 | All of it, every month |
| Mortgage payment | $757 | $667 of it is interest in year 1 |
| Property tax | $185 | 1.6% of the value a year |
| Insurance | $76 | Census median for the city |
| Upkeep | $116 | 1% of the value a year |
| Owning, cash out | $1,134 | $90 of it builds equity |
| Lost return on the down payment | $226 | The cash's yearly return at 8.3% |
| Buying costs, spread out | $58 | 3.5% of the price over 7 years |
| True cost of owning | $1,328 | Cash paid out, minus the equity amount, plus the two lines above |
The Akron verdict by the numbers
- Typical home valueZillow ZHVI, September 2026
- $138,865
- Typical rentZillow ZORI, September 2026
- $1,176 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Ohio, 1995 to 2025
- 3.5% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Akron
- 1.6% of value
- Home insuranceCensus ACS 2020-2024, Akron
- $76 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would change the Akron result?
Each line marks the point where Akron's 7-year verdict changes. Everything else stays the same.
Renting wins if
- If home prices grow under 1.5% each year, our calculation applies 3.5%, Ohio's long-run figure.
- The mortgage rate remains above 9.66%.
- A similar home rents for under $970 a month (typical here: $1,176).
- Before year 4, you move.
When buying comes out ahead
- Home prices increase at more than 1.5% yearly.
- Today's mortgage rate is 7.24%, and you lock in a rate under 9.66%.
- If you rented the same home, it would cost more than $970 a month.
- You remain for at least 4 years.
How Akron compares with 812 other cities
| Measure | Akron | Median city |
|---|---|---|
| Typical home value | $138,865 | $422,451 |
| Typical rent | $1,176 /mo | $1,837 /mo |
| Price-to-rent ratio | 9.8 (#790 of 813) | 18.5 |
| Home prices, last 10 years | 8.1% a year | 6.2% a year |
| Rents, last 5 years | 6.2% a year | 4% a year |
| Property tax | 1.60% | 0.87% |
| Households that rent | 49% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Ohio cities apart from Akron
- Rent. Columbus in Ohio. Renting saves you $12k.