property
Is Renting Actually Cheaper Than Buying Right Now in Akron?
Monthly ownership costs now exceed rents by roughly $140 on typical two-bedroom homes across several Akron neighborhoods.
How we reported this
Renting a two-bedroom home in Akron costs about $140 less each month than buying an equivalent property at current mortgage rates and local tax levels.
Higher interest rates and rising property insurance have widened that gap since spring. Buyers now face monthly payments that include 6.75 percent financing plus Summit County taxes that average 2.1 percent of assessed value.
In Highland Square, a 950-square-foot rental on Kenilworth Avenue lists for $1,125 while a similar house sells for $189,000 and carries $1,265 in principal, interest, taxes and insurance. The same pattern appears near the University of Akron, where units on East Exchange Street rent for $1,050 against ownership costs of $1,190 on homes priced around $175,000.
Summit County Fiscal Office data released last week placed the median home sale price at $192,500 for May 2026, up $14,000 from the same month in 2025. Average advertised rents tracked by the Akron Metropolitan Housing Authority stood at $1,110 for two-bedroom units during the same period.
Neighborhood Cost Breakdown
Firestone Park shows the narrowest difference. Rents average $1,090 while ownership on a $165,000 house runs $1,180. Goodyear Heights remains closer to parity, with rents at $1,050 and ownership at $1,160 on homes near the former Goodyear complex. Downtown listings on South Main Street push the ownership premium higher because insurance rates there rose 18 percent over the past year.
These figures exclude maintenance and potential repairs that owners absorb but renters avoid. Local closing costs add another $4,800 on average for a financed purchase, according to the Akron Area Board of Realtors multiple listing service.
What Akron Residents Should Check Next
Anyone weighing the choice should pull current tax estimates from the Summit County Fiscal Office website and request insurance quotes specific to each address. Comparing at least three listings through the Akron Area Board of Realtors database gives the clearest picture of whether renting or buying fits a household budget over the next two years.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.