Akron is the cheaper Cleveland-adjacent market — 30 minutes south of downtown Cleveland, anchored by the polymer-and-rubber industrial legacy, and one of the few US metros where the cash-flow math at the median still pencils cleanly. The 3.64% cap rate at a $230,000 median price keeps the 0.54% rent-to-price ratio at or above the 1% rule in many submarkets — Akron remains a genuine cash-flow market. Population growth at -0.2%/yr is essentially flat — Akron has been losing population for two decades.
Employment is anchored by Goodyear Tire & Rubber (HQ — one of the largest US tire manufacturers, with R&D and corporate functions concentrated in Akron), the broader polymer and specialty-chemicals industry (the city retains a meaningful research-and-manufacturing base in polymer science tied to the University of Akron's historic specialty), Summa Health and Akron General hospitals, the University of Akron (mid-size state university with a strong engineering program), FirstEnergy (utility HQ), and the broader Cleveland-metro spillover for retail, services, and professional employment. Submarkets stratify sharply: West Akron (Highland Square, Wallhaven) is the walkable urban-historic zone with gentrifying appreciation; the Merriman Valley and Northwest Akron draw professional family rentals; East Akron and parts of the south side offer deeper-value workforce inventory with the operational complexity that comes with older Class C housing stock; the Cuyahoga Falls / Stow / Hudson suburbs extend the metro economy with better school districts and higher prices.
Ohio property tax at 1.58% is moderate, with Summit County's assessment process producing predictable annual increases. Ohio state income tax is graduated with a top rate near 3.5%. Insurance has tightened across Ohio in recent years — verify per-property quotes before underwriting. The structural advantages: genuine cash-flow math at the median, low cost basis, durable hospital and university employment, and Cleveland-metro economic spillover for tenant demand. The structural risks: population trajectory remains weak, older housing stock requires honest capex assumptions (Akron has more pre-1940 housing than the national average — model 1.5-2% of value annually for capex reserve), and the per-submarket variance is real (some Akron zips are durable, others have significant operational complexity). For local operators or those with genuine local partners, Akron is one of the most cash-flow-friendly metros in the country.
Market data powered by Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI) · Updated Feb 2026
Akron's 0.5% rent-to-price ratio is well below the 1% rule. At median prices of $230,000, the $1,240/mo rent produces only $697/mo in NOI. Investors here need to target below-median properties or pursue value-add strategies to make the numbers work.
At current rates, a 20% down conventional loan ($46K at 7%) would result in approximately $-527/mo cash flow — negative at median prices. Larger down payments, seller financing, or buying 15–25% below median are strategies to turn the numbers positive.
Property taxes consume 24% of gross rent here — one of the highest ratios in our dataset. This significantly compresses margins and makes Akron a market where tax-conscious underwriting is essential. Every deal should be stress-tested with potential assessment increases.
All figures below are computed from Akron's real market medians. Use them as a baseline; override with property-specific numbers in the calculators.
At 1.58% effective rate on the $230,000 median price, the annual tax bill is $3,634 — that's above national average (+49% vs the national average of ~1.06%). Verify the actual assessed value before purchase; sale-triggered reassessments can push the bill higher than the seller's current statement.
If Akron continues appreciating at 1.9%/yr while rents grow at a conservative 3%/yr, cap rate holds roughly steady as price growth outpaces rent. Year-by-year projection at the median:
| Year | Est. Price | Est. Rent/Mo | Cap Rate |
|---|---|---|---|
| Today | $230K | $1,240 | 3.6% |
| Year 1 | $234K | $1,277 | 3.7% |
| Year 2 | $239K | $1,316 | 3.7% |
| Year 3 | $243K | $1,355 | 3.8% |
| Year 4 | $248K | $1,396 | 3.8% |
| Year 5 | $253K | $1,437 | 3.8% |
Same median-priced Akron property — different capital structures. All-cash maximizes cap rate. Leverage trades cash flow for higher cash-on-cash return when the spread between cap rate and borrowing cost is positive.
| Scenario | Cash Invested | Monthly Cash Flow | Annual CF | Cash-on-Cash |
|---|---|---|---|---|
| All cash | $230K | $697 | $8,364 | 3.6% |
| 20% down conventional @ 7% | $53K | $-527 | $-6,319 | -11.9% |
| 25% down DSCR @ 8.5% | $67K | $-629 | $-7,554 | -11.3% |
Properties don't always trade at the median. Lower-priced units typically offer higher cap rates but harder operations; higher-priced properties tend to compress cap rates while attracting better tenants. All-cash assumptions below:
| Tier | Price | Rent/Mo | NOI/Yr | Cap Rate | Monthly CF |
|---|---|---|---|---|---|
| Below median (~75% price) | $173K | $1,054 | $6,323 | 3.7% | $527 |
| At median | $230K | $1,240 | $6,904 | 3.0% | $575 |
| Above median (~125% price) | $288K | $1,426 | $7,484 | 2.6% | $624 |
Cap rate is just one piece. Real estate returns come from four sources: cash flow, appreciation, principal paydown, and tax benefits. Assuming 20% down conventional financing at 7% and a 5-year hold at Akron's historical appreciation rate of 1.9%:
On a $46K down payment, that's a 10.7% total ROI over 5 years (not annualized). Tax benefits from depreciation are additional and depend on your personal tax bracket.
Automated checks against the underlying data — surface only the risks that actually apply to Akron, not generic boilerplate:
Pre-filled with Akron medians. Adjust to match a specific property.
Factor in financing to see your actual return on invested capital in Akron.
Akron, OH has a population of 190,469 and has been growing at -0.2% annually — roughly in line with national trends, meaning demand is stable but not exceptional. The median home price of $230,000 paired with median rents of $1,240/mo produces an estimated cap rate of 3.64%.
Property taxes at 1.58% are notably high and represent a significant drag on cash flow — model this expense carefully, as it can make or break a deal. The vacancy rate of 7% runs above average, which increases cash flow volatility and warrants conservative underwriting.
At a price-to-income ratio of 5.8x, homes cost about 5.8 times the local median income of $39,800. This moderate ratio indicates a balanced rent-vs-buy market. Home values have appreciated at roughly 1.9% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.
Bottom line: At current median prices, Akron is challenging for pure cash flow investing. Consider BRRRR strategies with below-market purchases, or look at neighboring metros with stronger price-to-rent ratios.