1031 Exchange in Akron MSA
The Akron MSA offers affordable 1031 exchange opportunities with competitive cap rates, strong healthcare and education sectors, and a diversified economy transitioning from manufacturing to high-tech industries.
Population
702,209
Key Industries
Healthcare, Education, Polymer/Advanced Materials
Table of Contents
Information is for educational purposes only. Consult qualified professionals for specific advice.
Local Tax Considerations
Property taxes, transfer taxes, and local incentives
Property Tax Rates
Average Rate
1.6% - 2.3%
Assessment Method
Assessed Value (Ohio Property Tax Code)
MSA rate (1.63%) vs State average (1.02%)
+60% above national average
Transfer Taxes & Fees
Transfer Tax Rate
No state transfer tax
Local recording fees and conveyance fees apply
Local Tax Incentives
Opportunity Zone Investment
Tax deferral and potential exclusion for investments in designated opportunity zones
Eligibility: Properties located in designated Ohio Opportunity Zones within Akron
Polymer Valley Incentives
Various incentives for businesses in the polymer and advanced materials sector
Eligibility: Qualifying polymer and manufacturing developments
Opportunity Zones
Number of Zones
8
Key Locations
- Downtown Akron
- East Akron
- South Akron
Opportunity Zones offer significant tax benefits for long-term investments, including deferral and potential elimination of capital gains taxes.
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Market Profile Dashboard
Economic indicators and market trends
Population
702,209
Growth: -0.2% annually
Median Income
$45,534
Unemployment
6.0%
Job Growth
+1.1% annually
Economic Drivers
Market Trends
Median Home Price
$150,750
Average Rent
$750/mo
Cap Rates
4.9% - 5.4%
Demographics
Median Age
35.7 years
Bachelor's Degree+
24.8%
Owner Occupied
57.1%
Property Type Analysis
Investment opportunities by asset class
Multifamily
Largest asset class with strong demand from university students, healthcare workers, and young professionals.
Market Metrics
- Cap Rates: 4.9%
- Vacancy Trends: Stable vacancy around 5-7% with seasonal fluctuations near university areas
- Demand Forecast: Steady demand supported by healthcare sector growth and university enrollment
Risk Factors
- Population decline in some areas
- Student housing market volatility
- Economic dependence on major employers
Opportunities
- Value-add opportunities in older properties
- Strong healthcare sector supporting rental demand
- Opportunity zone benefits in select areas
Single-Family Rental
Popular with healthcare professionals, university staff, and families seeking affordable housing options.
Market Metrics
- Cap Rates: 5.4%
- Vacancy Trends: Low vacancy rates around 4-6% with good tenant retention
- Demand Forecast: Stable demand from healthcare and education sectors with potential for modest growth
Risk Factors
- Aging housing stock requiring maintenance
- Economic sensitivity to major employer changes
- Weather-related maintenance costs
Opportunities
- Affordable entry points for investors
- Strong rental yields compared to coastal markets
- Renovation opportunities in established neighborhoods
Neighborhood Spotlights
Up-and-coming areas and investment hotspots
Downtown Akron
Urban core undergoing revitalization with mixed-use development and opportunity zone benefits
Investment Thesis
Opportunity zone benefits, proximity to University of Akron, and ongoing downtown revitalization efforts create potential for appreciation and tax advantages.
Median Price
$125,000
Price Growth
+8.5% YoY
Rental Yield
6.8%
Days on Market
18 days
Key Highlights
Development Pipeline
Multiple mixed-use projects and historic renovations planned in downtown core
West Akron/Fairlawn
Established suburban area with good schools and proximity to major employers
Investment Thesis
Stable rental demand from healthcare workers and university staff, consistent appreciation, and strong school districts attract quality tenants.
Median Price
$165,000
Price Growth
+6.2% YoY
Rental Yield
5.8%
Days on Market
22 days
Key Highlights
Development Pipeline
Limited new construction, focus on existing home improvements and infill development
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Compare Markets
See how this MSA stacks up against others
Compare Markets
| Metric | Akron (Current) | Cleveland-Elyria | Canton Massillon | Youngstown Warren Boardman |
|---|---|---|---|---|
| Population | 4.0M | 4.0M | 4.0M | 4.0M |
| Median Property Price | $750K | $750K | $750K | $750K |
| Average Cap Rate | 5.2% | 5.2% | 5.2% | 5.2% |
| Job Growth Rate | 2.1% | 2.1% | 2.1% | 2.1% |
| Rental Yield | 4.8% | 4.8% | 4.8% | 4.8% |
| Days on Market | 25 | 25 | 25 | 25 |
Frequently Asked Questions
Common questions about Akron 1031 exchanges
Akron offers competitive cap rates (4.9-5.4%), affordable entry points with median home prices around $151,000, and stable rental demand from healthcare and education sectors. The market also benefits from opportunity zone designations in select areas.
Major healthcare employers like Akron Children's Hospital and Summa Health System provide stable employment for thousands of workers, creating consistent rental demand. Healthcare professionals often prefer rental housing due to shift work and career mobility.
Yes, Akron has several designated Opportunity Zones, particularly in downtown and east Akron areas. These zones offer potential tax benefits including deferral and possible exclusion of capital gains for qualifying investments.
Akron's economy is anchored by healthcare (Akron Children's, Summa Health), education (University of Akron), polymer research (Polymer Valley), and advanced manufacturing. This diversification provides stability compared to single-industry markets.