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Report names Akron a 'most affordable city'

Zillow Published: April 25, 2014 9:53 AM

By Nora Tooher

Akron is one of the most affordable large cities in the country, at least according to Forbes magazine.

The magazine calculated housing affordability and the cost of food, gas, transportation, medical costs and other expenses in the nation’s 100 largest cities. Akron came out No. 6 for most affordable big city in the country. Several other Ohio cities also made the top 20: Cincinnati was ranked third; Dayton, fourth; Toledo, 11th and Columbus, 20th.

Buffalo, N.Y., claimed the top spot as most affordable city, followed by Memphis, Tenn. Other affordable cities were: Knoxville, Tenn., fifth; Grand Rapids, Mich., seventh; Louisville, Ky., eighth; Oklahoma City, ninth and Warren, Mich., 10th. Detroit tied with Toledo for 11th, followed by Birmingham, Ala., 12th; St. Louis, 13th; Virginia Beach, Va., 14th; Jacksonville, Fla., 15th; Pittsburgh, 16th; Tulsa, Okla., 17th; Tampa, Fla., 18th and Syracuse, N.Y., 19th.

Home values in the Akron metro area appreciated 1.3 percent on a year-to-year basis to $115,100 through January, according to Zillow, and are expected to rise another 1.3 percent over the next 12 months.

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The median list price per square foot in the Akron metro is $80, which is higher than the Ohio price of $79. The median price of homes currently listed in the Akron metro is $117,500 while the median price of homes that sold is $125,200. The median rent price in Akron Metro is $735, which is lower than the Ohio median of $799.

The Zillow Home Value Index – Zillow’s median valuation for an area, including single-family homes, condominiums and cooperatives –inched up .07 percent in Tallmadge on a year-over-year basis through January to $138,300. But Zillow predicts home values within Tallmadge will rise 1.5 percent within the next 12 months.

Nationwide, home values are expected to increase 3.4 percent over the next 12 months.

Large metro areas expected to show the most appreciation over the next year include Riverside, Calif., 13.3 percent; Orlando, Fla., 10.3 percent and Sacramento, Calif., 9 percent.

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