Retirement Planning, Elder Law, and Senior Finance

7/1/2021 | By Seniors Guide Staff

“The City of Akron is an inexpensive place to live and operate a business,” says the city government’s website. “Compared to the United States and other cities within the United States, cost of living is much lower.”

With a U.S. average cost of living of 100, Akron scores 69.5, while the state of Ohio scores 82.6. In Akron, you’ll pay less than the U.S. average for groceries, health care, utilities, and transportation, and significantly less for housing.

Kiplinger Financial rated Akron as 2 for its affordability (with 1 as the most affordable, 10 as the least affordable). The rating is based on the percentage of annual income required to buy a median-priced home in the metro area. According to Kiplinger, the median home price in Akron is $150,000.

As far as senior living, the national average cost is slightly higher in Akron according to Genworth’s 2020 Cost of Care Study. The average monthly cost of assisted living, for example, is $4,300, compared to Akron’s average of $4,875. And the national average monthly cost of nursing care for a semi-private room is $7,756, whereas in Akron it costs around $8,121. On the other hand, home care is slightly lower than the national average per month; the average cost of an in-home care aide is $4,576, versus in Akron where it’s $4,195.

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Seniors Guide Staff

Seniors Guide has been addressing traditional topics and upcoming trends in the senior living industry since 1999. We strive to educate seniors and their loved ones in an approachable manner, and aim to provide them with the right information to make the best decisions possible.

Seniors Guide Staff