Measured against area pay, Silver Lake costs more to live in than 66% of U.S. towns
It ranks #787 of 993 in Ohio for affordability. Up 5% in a year, 50% above the Ohio typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Akron, OH metro area ($72K). How TownRatings grades cost of living
Only 2 sales in May 2026: in a market this size, monthly medians swing a lot, so the typical value is the steadier guide.
The grade compares costs with what households across the Akron metro earn ($72K, Census 2020–24). Even so, the typical home costs 4.4 years of metro income, and 23% of renters pay 30% or more of income for housing.
In dollars
- $368Ktypical home, 50% above the Ohio typical homeZillow, September 2026
- $1,500a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
- 93prices across the Akron metro, where the U.S. is 100 (housing 77)BEA Regional Price Parities, 2024
In paychecks the grade
- 4.4 yrsof area income buys the typical home; the typical U.S. town: 3.3$72K, Akron-area income
- 13%of owners do; the typical U.S. town: 20%Census 2020–24
What Silver Lake’s housing numbers say
Nearly every household owns
94% of Silver Lake households own their home, against 67% across Ohio. There are only 60 renter households, so rentals are scarce. Property taxes ↓
A high property tax rate
Owners pay about 1.73% of a home’s value a year in property tax, against 1.31% across Ohio. The median bill is $5,524 (Ohio: $2,822). On the typical home, that’s about $530 a month. Property taxes ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through September 2026; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Silver Lake’s grade
Measured against what households in the area earn, Silver Lake is more affordable than 34% of U.S. towns, #787 of 993 in Ohio. Property tax pulls the grade down most; the share of households paying 30%+ for housing holds it up.
Prices here have kept pace with Ohio: up 27.8% in five years, against 29.8% statewide (Zillow).
Up 5% in a year
Faster than Ohio (3.2%).
Show as a table
| January | Silver Lake | Ohio |
|---|---|---|
| 2017 | $212,000 | $131,000 |
| 2018 | $225,000 | $139,000 |
| 2019 | $237,000 | $148,000 |
| 2020 | $246,000 | $156,000 |
| 2021 | $265,000 | $175,000 |
| 2022 | $296,000 | $193,000 |
| 2023 | $313,000 | $208,000 |
| 2024 | $325,000 | $221,000 |
| 2025 | $340,000 | $234,000 |
| 2026 | $361,000 | $242,000 |
| September 2026 | $368,000 | $246,000 |
A typical Silver Lake home worth $208K in October 2016 is worth about $368K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
A typical home costs 4.4 years of area income
The calculator starts from the area income the grade uses. Switch to Silver Lake’s own median, or type yours.
That’s $117K short of a typical Silver Lake home.
A two-bedroom rents for about $1,500 a month here, $960 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Silver Lake’s typical property tax (1.73% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,500
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Akron, OH MSA): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
Property tax runs above the Ohio norm
The median bill is $5,524 (Ohio: $2,822), 1.73% of a home’s value a year, against 1.31% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
The rest of a budget near Silver Lake
Only figures published free for the whole country, each labeled with the area it covers: the Akron, OH metro area, or Ohio. Groceries follow the goods price level; nobody publishes them town by town.
| Cost | Here | Compared with | Area | Source |
|---|---|---|---|---|
| Prices overall U.S. = 100 | 93 | OH 93 | metro | BEA, 2024 |
| Goods (groceries, clothing, cars…) U.S. = 100 | 94 | OH 94 | metro | BEA, 2024 |
| Utilities U.S. = 100 | 96 | OH 96 | metro | BEA, 2024 |
| Other services U.S. = 100 | 99 | OH 99 | metro | BEA, 2024 |
Price levels: U.S. Bureau of Economic Analysis, Regional Price Parities 2024 (metro area and state). Electricity: U.S. Energy Information Administration, Electric Power Monthly, table 5.6.A.
Silver Lake vs. its neighbors
Of the 3 towns here with a Zillow value, Silver Lake has the 3rd-lowest.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, September 2026 | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Silver Lake | C | $368K | $319K | 1.73% | $1,500 |
| Cuyahoga Falls | B− | $218K | $183K | 1.60% | $1,350 |
| Stow | C | $289K | $248K | 1.55% | $1,500 |
Questions about the cost of living in Silver Lake
Is Silver Lake expensive to live in?
Measured against what households in the area earn, Silver Lake costs more than 66% of U.S. towns: a C for cost of living, #787 of 993 in Ohio. The typical home costs 4.4 years of the median household income of the Akron, OH metro area ($72K).
How much does a house cost in Silver Lake?
About $368K, Zillow’s typical value for September 2026, up 5.0% in a year. The Ohio typical home is $246K.
What salary do you need to live in Silver Lake?
To buy the typical home with 20% down at 6.3%, about $105,000 a year, keeping the payment (about $2,460 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $60,000.
How much is rent in Silver Lake?
HUD puts a two-bedroom at about $1,500 a month with utilities, the going rate for someone moving in.
What are property taxes in Silver Lake?
The median bill is $5,524 a year, 1.73% of the median home value (Ohio: $2,822, 1.31%), from the Census 2020–24.
Are home prices in Silver Lake going up?
Yes: up 5.0% in the past year and 27.8% in five years, against 29.8% across Ohio (Zillow).
Neighbors talk housing
What Silver Lake buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.