The cost of living in Akron, Ohio, is roughly 10% lower than the national average. Housing costs are about 36% cheaper than in the U.S. A family needs $20,160 to live well, while a single person needs around $30,400. Akron’s median household income is $51,765, and the population is 193,153.
Grocery prices in Akron are also competitive. Basic items such as milk, bread, and eggs are reasonably priced, averaging around $3, $2, and $2 respectively. Transportation costs, including gas and public transit, remain lower than the national average, making commuting more affordable for residents.
To maintain a comfortable lifestyle, the living wage in Akron is approximately $16 per hour. This amount allows individuals to cover essential expenses without financial strain.
By comparing these factors—prices, rent, and living wage—it becomes clear that Akron provides a balanced economic environment. This balance is particularly appealing for families and professionals seeking job opportunities. Understanding these dynamics can guide potential residents in making informed decisions.
Next, we will explore the local job market and its influence on the overall cost of living in Akron, Ohio.
What is the Current Cost of Living in Akron, Ohio?
The cost of living in Akron, Ohio, refers to the average expenses required to maintain a standard lifestyle in the city. It includes costs for housing, food, healthcare, transportation, and other necessities.
The definition is supported by the Council for Community and Economic Research, which provides data on living expenses in various U.S. cities. Their assessments help individuals understand regional economic conditions.
The cost of living encompasses various components, such as rent, groceries, utilities, and transportation. Each of these elements contributes to the overall financial demands placed on residents.
Additionally, the Economic Policy Institute defines cost of living as the amount necessary to cover basic expenses in a specific area. Their breakdown allows for comparisons across different regions.
Factors affecting the cost of living include local wages, housing availability, and economic growth. Changes in these areas can lead to fluctuations in living costs.
As of 2023, the cost of living in Akron is approximately 12% lower than the national average, according to Numbeo. For example, the average monthly rent for a one-bedroom apartment is around $850, significantly lower than in metropolitan areas.
The cost of living influences economic stability, quality of life, and migration patterns. High costs can deter newcomers and strain existing residents financially.
Health care access, transportation costs, and housing availability affect residents’ overall well-being and financial security in Akron.
For instance, high utility costs may strain families, leading to limited access to essential services.
To address rising living costs, experts recommend promoting affordable housing initiatives, increasing minimum wage, and investing in public transportation.
Policy-makers can implement tax incentives for developers and enhance community resources to create a more financially accessible environment for residents.
How Does Akron’s Cost of Living Compare to the National Average?
Akron’s cost of living is generally lower than the national average. Below is a comparison of key living expenses between Akron and the national average:
| Expense Category | Akron | National Average | Akron as % of National Average |
|---|---|---|---|
| Housing | 30% lower | 100% | 70% |
| Utilities | 10% lower | 100% | 90% |
| Groceries | 5% lower | 100% | 95% |
| Transportation | 15% lower | 100% | 85% |
| Healthcare | 20% lower | 100% | 80% |
These figures indicate that living in Akron is more affordable compared to the national average across various expense categories.
What are the Average Rent Prices in Akron, Ohio?
The average rent prices in Akron, Ohio, vary based on the type of housing and location. As of now, the average rent for a one-bedroom apartment is approximately $950 per month.
- Types of rent in Akron:
– One-bedroom apartment
– Two-bedroom apartment
– Studio apartment
– Houses for rent
– Rent prices by neighborhood
– Affordable housing options
The diversity of rent prices in Akron reflects various housing options available in the city. Each housing type offers different characteristics, influencing overall pricing.
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One-Bedroom Apartment:
A one-bedroom apartment serves as a popular choice for individuals and couples. In Akron, the average rent is around $950 monthly. This price may vary based on location and amenities offered. -
Two-Bedroom Apartment:
A two-bedroom apartment typically accommodates families and roommates. The average monthly rent for this type is about $1,200. The variation in rent is often linked to the property’s location and features. -
Studio Apartment:
A studio apartment consists of a single room serving as both living and sleeping space. The rent for a studio is generally lower, averaging around $750 per month. This option is common among students and young professionals seeking cost-effective housing. -
Houses for Rent:
Renting a house offers additional space and privacy. In Akron, the average rent for houses can range from $1,400 to $2,000, depending on size, location, and condition. Families often prefer this option for its spaciousness. -
Rent Prices by Neighborhood:
Rent prices vary significantly by neighborhood. Areas considered desirable, such as Highland Square and Fairlawn, may command higher rents than less popular neighborhoods. Understanding local market dynamics helps potential renters choose wisely. -
Affordable Housing Options:
Akron provides several affordable housing programs aimed at low-income families. Organizations like the Akron Metropolitan Housing Authority offer subsidies and assistance programs. This ensures more residents can access quality living.
Understanding these aspects of rent prices in Akron helps potential renters make informed decisions that align with their budget and housing needs.
What Rental Costs Should You Expect for Apartments in Akron?
The rental costs for apartments in Akron, Ohio, vary significantly based on location, size, and amenities, but generally range from $800 to $1,300 per month.
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Average Rent:
– One-bedroom apartments: $800 – $1,200
– Two-bedroom apartments: $1,000 – $1,500 -
Factors Influencing Rent:
– Location (downtown vs. suburbs)
– Property age and condition
– Included amenities (pools, gyms, parking) -
Market Trends:
– Increasing demand in certain neighborhoods
– Comparisons with previous years’ rental prices -
Alternative Housing Options:
– Houses for rent
– Affordable housing programs
Considering the diverse factors affecting rental costs in Akron, let’s delve into each point for a clearer understanding.
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Average Rent:
The average rent in Akron reflects the local real estate market conditions. One-bedroom apartments typically range from $800 to $1,200 per month, while two-bedroom units range from $1,000 to $1,500. According to the Zillow Rent Index (2023), Akron’s rental prices are lower than the national average, which allows for more affordable housing for residents. -
Factors Influencing Rent:
Factors influencing rental prices in Akron include location, property age, and amenities. For example, downtown areas may command higher rents due to proximity to employment and entertainment options. Older properties often offer lower rental rates, whereas newer apartments with modern amenities, like gym facilities or pools, tend to be priced higher. A study by Realtor.com (2023) highlights that apartments with additional features can demand a premium of 10-20% over similar properties without these amenities. -
Market Trends:
Currently, rental trends in Akron show an increasing demand for apartments in certain neighborhoods, particularly near Kent State University. This has driven up rental costs significantly in those areas. A report from the Akron Beacon Journal (2023) indicates that average rents have climbed by 5% year-over-year. This rise in demand suggests a shift in the rental landscape, influencing both renters and landlords. -
Alternative Housing Options:
In addition to standard apartment rentals, Akron offers alternative housing options. Renting a house can often provide more space for a similar or lower cost compared to apartments. The Summit County Housing Authority also offers affordable housing programs for those who qualify. The availability of these options can significantly affect overall rental costs and help accommodate residents with varying financial circumstances.
Overall, understanding these aspects provides valuable insights into what renters can expect when searching for apartments in Akron.
How Do Rental Prices Differ by Neighborhood in Akron?
Rental prices in Akron vary significantly by neighborhood due to factors such as location, amenities, and local demand. Understanding these differences can help prospective renters make informed decisions.
Several factors influence rental prices in Akron’s neighborhoods:
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Location: Neighborhoods closer to downtown Akron or major employers typically have higher rental prices. For instance, the Highland Square area has a vibrant community with shops and restaurants, resulting in median rents around $1,200 per month (Zillow, 2023). In contrast, suburbs like Cuyahoga Falls may offer lower rents, averaging approximately $1,000 per month.
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Amenities: Areas with more amenities tend to have higher rental prices. For example, neighborhoods like Fairlawn with parks, shopping centers, and recreational facilities can command higher rents. According to local real estate reports, the presence of such features can increase rental prices by 10-30%.
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Demand: Rental prices rise in neighborhoods with high demand. Areas experiencing growth, such as North Hill, show increased interest. A report by Realtor.com (2023) indicates that North Hill has seen rents increase by about 15% year-over-year due to its growing popularity among young professionals.
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Property types: The type of housing available influences rental prices. Single-family homes in desirable neighborhoods often cost more than apartments or duplexes in less sought-after areas.
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Rental trends: Market trends also play a role. Recent data from the Akron Area Board of Realtors highlights that rental prices have generally increased by 5-10% across the board in the last year, reflecting broader economic conditions and local job market changes.
These factors create a diverse rental landscape across Akron, making awareness of neighborhood-specific dynamics essential for anyone looking to rent in the city.
What is the Living Wage in Akron, Ohio?
The Living Wage in Akron, Ohio, is the minimum income needed for a worker to meet basic needs without government assistance. This wage accounts for costs such as housing, food, healthcare, and transportation.
According to the Massachusetts Institute of Technology (MIT), the Living Wage Calculator provides accurate figures based on these criteria, which serve as a key resource for understanding living wage levels across various regions.
The living wage reflects economic realities and supports families in covering essential expenses. It varies by household size and local cost of living. An adequate living wage allows workers to maintain a modest standard of living without external financial aid.
The Economic Policy Institute (EPI) defines a living wage as one that can sustain a family above the poverty line. Such definitions emphasize the importance of equitable compensation for labor.
Factors affecting the living wage include local economic conditions, industry wages, and housing prices. Inflation and regional demand for labor also influence these variables, making living wage discussions crucial for policymakers.
As of 2023, the living wage for a single adult in Akron is approximately $17.16 per hour, according to the MIT Living Wage Calculator. This reflects a growing demand for higher wages to keep pace with rising living costs.
An insufficient living wage can lead to increased poverty, housing instability, and health issues among workers and their families, impacting community well-being.
A low living wage can also affect local economies. Workers with inadequate wages spend less, impeding economic growth and stability.
Effective solutions include raising the minimum wage, promoting job training programs, and advocating for better labor practices. Organizations like the EPI suggest increasing the living wage to ensure families can meet their basic needs.
Implementing strategies such as public awareness campaigns and employee training can further address wage disparities. Employers can adopt fair wage policies and improve employee benefits to enhance overall worker satisfaction.
How is the Living Wage Determined for Akron Residents?
The Living Wage for Akron residents is determined by assessing local living costs. First, researchers evaluate the essentials, including housing, food, healthcare, transportation, and childcare. They analyze these costs to calculate the minimum income needed for basic living standards.
Next, organizations and local governments use tools like the MIT Living Wage Calculator to provide a detailed estimate. This calculator considers the number of working adults and children in a household. It provides a wage that enables families to afford necessary expenses without financial strain.
Community input may also play a role in refining these estimates. Local surveys and feedback help ensure the wage aligns with the community’s needs.
In summary, the Living Wage in Akron is deduced by analyzing essential living costs, utilizing calculators for precise data, and incorporating community insights. This process ensures that the wage accurately reflects the financial demands of local residents.
Which Expenses Are Included in the Calculation of Living Wage in Akron?
The expenses included in the calculation of the living wage in Akron typically encompass essential costs that allow individuals to meet basic needs.
- Housing costs (rent or mortgage payments)
- Utilities (electricity, water, gas, and internet)
- Food expenses (groceries and dining)
- Transportation costs (public transport, fuel, and car maintenance)
- Healthcare expenses (insurance premiums and out-of-pocket costs)
- Childcare costs (if applicable)
- Taxes (income and other local taxes)
- Miscellaneous expenses (clothing, personal care, and entertainment)
These categories encapsulate diverse perspectives on living wage calculations, and opinions may vary regarding the sufficiency of these expenses.
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Housing Costs:
Housing costs in Akron refer to what residents spend on rent or mortgage payments. The National Low Income Housing Coalition reports that affordable housing should consume no more than 30% of a household’s gross income. In Akron, the average rent for a one-bedroom apartment is approximately $800 per month, which can consume a significant portion of an individual’s wage. -
Utilities:
Utility expenses include electricity, water, gas, and internet services. According to the U.S. Energy Information Administration, the average household in Ohio spends about $225 monthly on utilities. Access to reliable utilities is essential for maintaining a basic standard of living. -
Food Expenses:
Food expenses encompass both groceries and dining out. The USDA reports that the average monthly grocery cost for a single adult in Ohio is about $300. Proper nutrition is vital for overall health and productivity, emphasizing the importance of including food costs in the living wage calculation. -
Transportation Costs:
Transportation costs involve expenditures on public transport, fuel, and maintenance of vehicles. The Bureau of Transportation Statistics estimates that the average American household spends about $9,700 annually on transportation. Akron’s public transport system provides some alternatives, but many residents rely on personal vehicles to commute to work. -
Healthcare Expenses:
Healthcare expenses cover insurance premiums and out-of-pocket costs for medical services. The Kaiser Family Foundation notes that employer-based insurance premiums average $7,000 annually per individual in Ohio. Access to affordable healthcare is crucial for maintaining a healthy workforce. -
Childcare Costs:
Childcare costs affect many families. The Economic Policy Institute reports that in Ohio, the average annual cost of infant care can exceed $10,000. Such expenses can have a significant impact on a parent’s income and overall financial stability. -
Taxes:
Taxes include local and state income taxes. According to the Tax Foundation, Ohio’s average state income tax rate is about 3.8%. Taxes reduce disposable income, affecting the living wage calculation. -
Miscellaneous Expenses:
Miscellaneous expenses cover clothing, personal care, and entertainment. These costs, while variable, are necessary for maintaining a balanced lifestyle. Financial analysts recommend budgeting around 10% of income for these areas to avoid undue financial stress.
Each of these expense categories contributes to the overall calculation of the living wage in Akron. Addressing these costs helps to ensure that individuals can maintain a decent quality of life.
How Do Utility Costs Affect the Overall Cost of Living in Akron, Ohio?
Utility costs significantly impact the overall cost of living in Akron, Ohio, by influencing housing affordability and disposable income for residents.
Utility costs encompass expenses for essential services like electricity, water, gas, and sewage. In Akron, these costs are comparatively moderate. For example, the average monthly electricity bill is approximately $117 (Energy Information Administration, 2023). When integrating these costs with housing and other living expenses, the overall cost of living adjusts as follows:
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Housing Affordability: Utility costs are often factored into the total cost of rental or mortgage payments. Higher utility bills reduce disposable income for other essentials such as groceries or healthcare. In 2023, the average rent for a one-bedroom apartment in Akron is around $800 (Apartment List, 2023).
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Budgeting: Residents must account for utility costs in their monthly budgets. This requirement directly affects their discretionary spending. According to a report by the Economic Policy Institute (2022), a household in Akron typically spends around 15% of their monthly income on utilities.
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Cost Comparisons: Compared to national averages, Akron’s overall utility expenses can be lower. For instance, while the national average for electricity is approximately $130, Akron’s average aligns at around $117 (U.S. Energy Information Administration, 2023). This can make Akron a more attractive option for individuals and families looking for affordable living.
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Economic Impact: Utility costs can influence local economic conditions. High utility expenses may lead to increased financial strain on families, which can slow down spending in other areas of the local economy. Conversely, lower utility costs may encourage spending on local goods and services.
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Quality of Life: Affordable utility expenses contribute to a higher quality of life for Akron residents. With lower spending on utilities, families can allocate more funds towards education, recreational activities, and savings.
In summary, utility costs in Akron, Ohio, shape the overall cost of living by affecting housing costs, budgeting, and residents’ economic conditions. These factors collectively influence the financial stability and quality of life for its residents.
What Factors Contribute to the Cost of Living in Akron, Ohio?
The factors contributing to the cost of living in Akron, Ohio include housing, utilities, transportation, groceries, and healthcare.
- Housing
- Utilities
- Transportation
- Groceries
- Healthcare
Understanding these factors provides insight into how living expenses can vary for residents. Each factor significantly impacts the overall cost of living and can be perceived differently based on individual circumstances and perspectives.
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Housing: The cost of housing in Akron significantly influences the overall cost of living. Housing includes both rent and home prices. As of 2023, the median home price in Akron is approximately $150,000, which is lower than the national average. According to Zillow, rental prices for a two-bedroom apartment in the city range from $800 to $1,200 per month. This affordability attracts new residents while providing a range of options for different income levels.
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Utilities: Utility costs represent ongoing living expenses necessary for comfort and functionality in homes. This includes electricity, water, gas, and telecommunications. According to Numbeo, the average monthly utility cost for a standard apartment in Akron is around $180. These costs can vary based on energy consumption and the size of the residence. Residents may also choose to implement energy-efficient practices to reduce these expenses.
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Transportation: Transportation costs encompass public transit fees or personal vehicle-related expenses including fuel, insurance, and maintenance. Akron has a public transportation system, Metro RTA, that offers affordable fare options. The average cost of gasoline in 2023 is roughly $3.50 per gallon. Overall transportation expenses depend on commuting distance, frequency of travel, and personal preferences regarding vehicle ownership or public transit usage.
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Groceries: Grocery prices are essential for budgeting and comprise food costs for individuals and families. A report by the USDA indicates that monthly grocery bills for a family of four in Akron approximate $800. This cost might vary based on dietary preferences and shopping habits. Local markets and discounts, along with bulk buying, can help reduce grocery expenses while providing diverse food options.
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Healthcare: Healthcare costs can substantially impact the cost of living. This includes medical insurance premiums, co-pays, and out-of-pocket expenses. According to the Kaiser Family Foundation, healthcare coverage in Akron has shown a relatively moderate cost compared to other U.S. cities. The availability of local medical facilities can enhance access but overall expenses can vary based on individual health needs and insurance plans.
Understanding these factors can help residents and newcomers to Akron, Ohio, manage their finances and make informed decisions regarding their living arrangements.
Is the Cost of Living in Akron Worth Relocating?
The cost of living in Akron, Ohio, is generally lower than the national average, making it a worthwhile option for relocation. Residents benefit from affordable housing, lower healthcare costs, and reasonable transportation expenses. Overall, the cost of living in Akron offers potential savings for those considering a move.
When comparing the cost of living in Akron to other cities, several aspects stand out. According to the Council for Community and Economic Research, the overall cost of living in Akron is approximately 15% lower than the average for U.S. cities. Housing is particularly notable, as the median home price in Akron is about $130,000, whereas the national median is around $350,000. Additionally, utilities and groceries are also cheaper, contributing to a more affordable lifestyle.
Akron has several positive aspects that make it appealing. For instance, the average rent for a one-bedroom apartment is about $800, compared to $1,200 nationwide. Job opportunities in health care and education are also growing. According to the U.S. Bureau of Labor Statistics, Akron’s unemployment rate was about 4.2% as of mid-2023, reflecting a stable job market. The city boasts a variety of parks and recreation options, enhancing overall quality of life.
However, potential drawbacks exist as well. The salary levels in Akron may be lower than in more expensive cities. For example, average annual salaries in Akron hover around $55,000, while some cities with higher costs of living may offer up to $20,000 more for similar positions. Additionally, public transportation options are limited, which may necessitate car ownership for many residents.
Consider your personal priorities when deciding to relocate to Akron. Those seeking affordable housing and a lower overall cost of living may find Akron appealing. However, individuals prioritizing higher salaries or robust public transportation might explore other cities. Evaluate job prospects and consider quality of life factors, such as community resources and recreational opportunities, before making a move.
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