Rent vs Buy in Akron, OH
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Akron, OH
Price-to-rent ratio is 10.5 (under 15 favors buying, over 21 favors renting). Renting costs $1,131/mo; owning runs about $1,067/mo — $64/mo less to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $757 |
| Property tax | $131 |
| Home insurance | $60 |
| Maintenance | $119 |
| Total to own | $1,067 |
| Average 2BR rent | $1,131 |
Based on a median home value of $142,923 with a $28,585 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.