Market Profile

• Population: 702,209
• Median Household Income: $45,534
• Unemployment Rate: 6.0%
• Job Growth: +1.1% annually
• Population Growth: -0.2% annually

Economic Drivers

• Healthcare
• Education
• Polymer/Advanced Materials
• Manufacturing
• Technology
• Financial Services

Market Trends

• Median Home Price: $150,750 (+7.7% YoY, up)
• Average Rent: $750/mo (+2.5% YoY, stable)
• Cap Rates: 4.9% - 5.4% (Unchanged, stable)

Tax Considerations

• Property Tax Rate: 1.6% - 2.3%
• Transfer Tax Rate: No state transfer tax
• Assessment Method: Assessed Value (Ohio Property Tax Code)
• Opportunity Zones: 8 designated zones

Neighborhoods

Downtown Akron

Urban core undergoing revitalization with mixed-use development and opportunity zone benefits

• Median Price: $125,000
• Price Growth: +8.5% YoY
• Rental Yield: 6.8%
• Days on Market: 18 days

Investment Thesis: Opportunity zone benefits, proximity to University of Akron, and ongoing downtown revitalization efforts create potential for appreciation and tax advantages.

West Akron/Fairlawn

Established suburban area with good schools and proximity to major employers

• Median Price: $165,000
• Price Growth: +6.2% YoY
• Rental Yield: 5.8%
• Days on Market: 22 days

Investment Thesis: Stable rental demand from healthcare workers and university staff, consistent appreciation, and strong school districts attract quality tenants.

Frequently Asked Questions

What makes Akron attractive for 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.

How does the healthcare sector impact the rental market?

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.

Are there opportunity zone benefits in Akron?

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.

What are the main economic drivers supporting the market?

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.

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This information is for educational purposes only and is not legal or tax advice. Consult with qualified professionals regarding your specific situation.

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