Whether you’re doing so in Akron or another prominent Buckeye State city, buying a house in Ohio is exciting. If you’re ready to buy a house in Akron Ohio, but aren’t exactly sure what your next steps are, our buying a house in Akron guide is for you. We cover all the essential aspects, including where to start, what to expect in terms of costs, any homebuyer programs you should know about, and much more.
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How to Buy a House in Akron Ohio
Buying a house in Akron Ohio involves planning, searching, and closing. Begin by setting your budget and improving your credit score to qualify for more favorable mortgage options. Get pre-approved for a loan, then work with a local real estate agent familiar with Akron neighborhoods—research areas based on schools, amenities, and commute times.
Once you find a home, make an offer, schedule a home inspection, and secure homeowners insurance. Finally, close the deal. Akron buyers may benefit from local assistance programs and city-led revitalization projects. We discuss the exact steps of buying a house that are unique to Akron and what to expect during the entire process.
Additional House Hunting in Akron Tips
- If you’re moving from out of state, learn the proper steps on how to become an Ohio resident.
- If you’re in a lease agreement, learn how to get out of an Ohio lease legally.
- Be patient but remain prepared. You don’t want to jump on a home too quickly, but you want to ensure your dream property doesn’t slip through your fingers.
The Steps to Buying a House in Akron
Are you ready to buy a house in Akron? Let’s explore your next steps below. You will want a good idea of Akron’s real estate market and housing prices when setting your budget.
Akron OH Real Estate Market Overview
The median sale price in Akron is $135,000, which is significantly lower than the US median of $416,900. Due to its affordability, the housing market is very competitive, with Akron OH homes selling within a median of 27 days; 34.7% sell above their listing price. Home prices here have increased by 8% in the past year.
The most expensive areas of Akron are Northwest Akron ($269,400 median sale price) and Fairlawn Heights, whereas the most affordable places to buy a home in Akron are Summit Lake and South Akron.
How Much Can You Afford? How Much Does It Cost to Buy a House in Akron Ohio?
It’s a significant commitment to buy a house in Akron, which is why it’s crucial to set a realistic budget that accounts for all expenses associated with purchasing property.
Setting Your Budget – What to Consider + Miscellaneous Costs
In addition to the cost of buying a house in Akron, owning a home comes with various expenses:
- Property taxes: The average property tax bill in Ohio is $3,114, with an average effective tax rate of 1.35%. The assessed value of your home determines Summit County’s tax rate; to determine the assessed value, take your home’s market value and multiply it by 35
- Proper formula: assessed ratio x 35% = assessed value
It’s important to note Summit County’s climbing property tax rates before purchasing a home.
- Homeowners’ insurance: When you buy a house in Akron Ohio, you will have to pay homeowners’ insurance. Premiums vary based on the property’s value and the coverage selected, but due to the ample natural disasters in Ohio in recent years, homeowners’ insurance costs are on the incline. With that being said, homeowners’ insurance in Ohio is still cheaper than in 33 of the 50 US states.
- Utilities & maintenance: Although utilities can be a costly bill in some cities, Akron’s utility prices are 18% lower than the national average.
- HOA fees: If you plan to move into one of Akron’s gated communities or neighborhoods with an HOA, you will have to account for their monthly dues.
- Closing costs: Closing costs are a considerable expense when you buy a house in Akron Ohio, and typically are 2–5% of the purchase price. If you buy a house for the median home price ($135,000), that’s $2,700.
- Akron cost of living: Akron’s cost of living will also affect how much you can spend on your home. Its Cost of Living Index (COLI) is 90, making it 10% more affordable than the average US city. If your current city has a higher cost of living, you’re likely in the clear, but if it’s significantly lower, your monthly budget will be smaller.
The best way to estimate your affordable amount is by using an affordability calculator. Financial experts often recommend that housing costs not exceed 28–30% of your gross monthly income. Additionally, lenders typically prefer a debt-to-income (DTI) ratio below 28%, but some banks allow up to 36%.
Don’t Forget About Your Down Payment
When learning how to buy a house in Akron, you can’t forget about the cost of your down payment!
Down payment costs are hard to estimate before you decide which type of loan you’re using. These are the most popular loan options:
- Conventional loans: Typically require a down payment of 3% to 5%.
- FHA loans: Require a minimum down payment of 3.5%.
- VA loans: May allow for a 0% down payment for eligible borrowers.
- Jumbo loans: May require a minimum down payment of 10% or more.
- USDA loans: May also offer 0% down payment options.
While there are ways to put down a smaller down payment, if you don’t put down 20%, you will have to pay Private Mortgage Insurance (PMI). According to CNBC, the average American pays 18% for a down payment.
Mortgage Shopping + How to Get Pre-Approved
Getting pre-approved for a mortgage is a crucial early step, as it shows sellers that you’re a serious and qualified buyer. It also helps you understand your budget and streamline your Akron home buying process.
Types of Mortgage Loans
The type of loan you get depends on which ones fit your unique needs.
- Fixed-rate mortgages offer stable interest rates throughout the life of the loan (the interest rate cannot change), making them ideal if you plan to stay in your home for the long term.
- Adjustable-rate mortgages (ARMs) have lower initial rates that can increase over time, making them best suited for borrowers with short-term plans.
- The government does not back conventional loans, and they typically require credit scores (around 620) and minimum down payments (3%).
- FHA loans are backed by the Federal Housing Administration, making them great for first-time buyers with lower credit and fewer assets (a smaller down payment).
- VA and USDA loans are designed for veterans and rural homebuyers, often with no down payment required.
Consider First Time Home Buyer Programs
Excellent! You’re halfway through the process of buying a house in Akron! While you may be a seasoned homebuyer, some are going through this process for the first time. If you’re buying a house in Akron for the first time, here are first time homebuyer programs you should keep in mind.
- OHFA’s First-Time Homebuyer Program – Offers competitive rates and down payment assistance.
- Grants for Grads and YourChoice! Down Payment Assistance – Designed to reduce upfront costs for recent graduates.
- Summit County First Home First Loan Down Payment Assistance – Down payment assistance for low to moderate-income families in Akron. Fill out the First Home, First Loan application to see if you qualify.
It’s Time to Get Pre-Approved – What Is Needed to Buy a House in Akron?
Getting pre-approved for a mortgage can feel daunting, but our guide keeps it straightforward!
- Shop for a lender: Before you buy a house in Akron Ohio, you should compare banks, credit unions, and mortgage brokers for rates and customer service. Once you find a company you like, you will have to submit the following documents:
- Proof of income (W-2s, pay stubs)
- Tax returns
- Verification of assets (bank statements)
- Credit score check
- Employment history
Pre-approval letters indicate the amount a lender is willing to lend you, giving you an edge in competitive markets like Akron.
- Understand the 28/36 rule: Lenders use the 28/36 rule to evaluate what they’re willing to lend you. Experts suggest using 28% of your gross monthly income towards housing costs (mortgage, taxes, insurance); your monthly housing costs should not exceed 28% of your GMI. 36% or less should cover total debt obligations (including car loans, student loans, and credit cards). For example, if your gross monthly income is $5,000, you should aim to spend no more than $1,400 on housing (28%). Your total debt should not exceed $1,800 (36% of your total income).
You can shop for multiple mortgages at once, without having multiple hard pulls on your credit, as long as it’s done in a 45-day period. You should get quotes from multiple lenders and compare their rates, fees, and terms.
Find an Akron Real Estate Agent
Working with an expert real estate agent who’s familiar with the Akron area can prove useful and more stress-free. They have local knowledge and know the best places to buy a house in Akron. They will help ensure the home you buy in Akron checks all your boxes.
When you buy a house in Akron Ohio, you need a buyer’s agent. A buyer’s agent works for you, not the seller. Their job is to protect your interests, provide market insight, and help you get the best deal possible.
Your chosen real estate agent should have excellent reviews, provide prompt communication, hold a valid license number, possess relevant certifications, and have past client testimonials. Always check with the Ohio Division of Real Estate to ensure your chosen agent is in good standing.
Notable real estate agencies in the area are Cutler Real Estate and H & R Burroughs Realty.
Let The House Hunting Begin!
You’ve done the hard work, now you get to enjoy the fruits of your labor, and start touring your favorite house. Hopefully, you will find your dream home!
We suggest making a list of your must-have features (a pool, specific square footage, preferred areas, lot size, etc). Think about which schools (public, private, or universities) you’d like to be near, and if you prefer proximity to nature-focused amenities or activities that have to do with urban living. Do you want to be close to parks? Will you be commuting? If so, having easy access to major roadways is key.
Where to Buy a House in Akron
- Chapel Hill – Shopping hub with suburban feel; homes for sale are priced around $165,000.
- Downtown Akron – Urban living with cultural attractions like the Akron Art Museum and fine dining establishments like Ken Stewart’s Grille.
- East Akron – Historic area conveniently located near downtown, with industrial roots in the rubber industry.
- Ellet – Quiet, residential, family-friendly community with a school district that offers enriching programs like the Naval Junior Reserve Officers Training Corps. Private schools nearby are Our Lady of the Elms.
You can paint your walls, add landscaping, and refresh your furniture, but you can’t change the location of your home; consider its proximity to the following when purchasing a house:
- Schools
- Nearby parks, shopping, and amenities
- Average commute time
- Nearby zoning and planned construction
- Churches/places of worship
- Traffic
- Noise
- Crime rate
- Lot sizes
- Age of homes/architecture
It’s best to make a note of what is most important to you before you buy a house in Akron Ohio.
Submit an Offer
Once you’ve found your dream OH Akron home, you’ll want to make an offer. Your real estate agent will help you draft a competitive offer based on the home’s condition and the current market. This offer will include the purchase price, contingencies (such as financing or home inspection), and the earnest money deposit, which is a good-faith sum held in escrow to demonstrate your seriousness.
The seller may accept your offer outright, counteroffer, or reject it. Negotiations may go back and forth until both parties agree. If your offer is accepted, you officially enter escrow. During this period, key steps include:
- Appraisal: Your lender will order a professional appraisal to confirm the home’s value.
- Home inspection: A licensed inspector will check the property’s condition. If issues arise, your agent may negotiate repairs or credits with the seller or have you back out of the sale completely.
- Finalize loan: Next, you will work with your lender to lock in your mortgage terms, complete underwriting, and satisfy any remaining documentation requirements.
You’re one step away from buying a house in Akron—all that’s left to do is close!
Close on Your Home
Hooray, one last step before you’re an Akron homeowner. To ensure your closing process is as seamless as possible, you will do the following steps:
- Wire your down payment and closing costs to the escrow account.
- Walk through your potential future home with your agent to ensure agreed-upon repairs are complete and the property is in expected condition.
- Sign closing documents such as the deed, mortgage note, loan documents, and the final escrow statement.
Once the sellers receive your wire transfer, and all the required documents are signed and recorded, the sale is finalized!
Move With Summit Moving After You Buy a House in Akron Ohio
Congratulations on purchasing a home! While it takes a lot of time and patience to buy a house in Akron Ohio, it’s certainly worth it. The city is affordable, there are tons of things to do in Akron, and the climate is enjoyable!
Now that you’ve purchased your dream property, you will need Summit Moving and our skilled Akron movers to relocate you. Contact us today at (330) 633-3633 for a free estimate on your upcoming move.
