The Akron Cleveland Association of REALTORS® (ACAR) recently commissioned a study to analyze housing affordability in the city of Akron.
The study, conducted by the Anderson Economic Group, LLC (Chicago) provides an overview of housing affordability trends; quantifies housing affordability for renter and owner-occupied homes; and looks at how affordability has changed in Akron.
Specifically, the analysis determined the following key points:
- While housing affordability has improved in the U.S., low income and renters continue to see high housing cost burdens.
- Akron households experience higher housing cost burden rates than the national average.
- Citywide, affordability in Akron has improved for owner-occupied households, but it varies at the neighborhood level.
- Affordability has also improved for renters, but again, drilling down to neighborhoods, we see less affordability.
While Akron is often referenced as one of the most affordable cities to live in, the study demonstrates the need for a closer look at the challenges experienced by renters and low-income households. The study suggests that down payments and closing costs may be a contributing factor to why less than 12% of households earning $30,000 or less are homeowners, despite accounting for 40% of the city’s population.
With rent affordability decreasing, the time to consider additional resources, such as down payment assistance, low interest loans or grants for home repairs, etc., for potential homebuyers is at hand. ACAR encourages city leaders and interested parties to review the study in its entirety, along with various maps showing the housing cost burden by census tract. REALTORS® are prepared to assist the City and County in this and other real estate related areas.
One Page Summary
Interactive Map - Owner Affordability Index Scores
Interactive Map - Renter Affordability Index Scores
Interactive Map - Owner Affordability Burden Class
Interactive Map - Renter Affordability Burden Class