Akron, Ohio
Market
Market Profile:
Akron, Ohio is more than the birthplace of LeBron James, it’s a sweet spot for income-producing real estate. Akron means “summit” and it was founded at the summit of the Erie Canal in 1825—its prime location allowed it to capitalize on the new connection to the East Coast. Goods from all over the heartland of the USA traveled through the canal to reach the large international markets on the East Coast.
The city can be credited with inventing the K-12 school system, and Akron can be credited as the birthplace of many large industries. This legacy lives on in the diverse economic makeup of Akron, similar to Cleveland, 40 miles to the north, healthcare, logistics, manufacturing and increasingly, services and technology.
Akron is part of the 17th largest combined statistical area in the USA, Cleveland–Akron–Canton, the area of Northeast Ohio, home to over 3.5 million people. This is a robust job and housing market.
Quick Facts:
- Diversified local economic sectors: manufacturing, technology, healthcare, biomedical, and higher education
- Residents of Akron are within a short 40-mile drive of downtown Cleveland, the job market encompasses both cities
- Well-known corporations headquartered in Akron: Gojo, Goodyear, FirstEnergy, Babcock & Wilcox, and Sterling Jewelers
- Akron is ripe to capitalize on the trend to improve supply-chain resilience by bringing manufacturing back on-shore
- This MSA is ranked #2 in terms of Rent-to-Price Ratio
Population: 190,469
Metro Size: 702,219
Combined Metro: 3.63 Million
GDP Per Capita: $47,383
Area: 62.27 mi2
Elevation: 1004 ft
Region: Midwest
Time Zone: Eastern
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