Rent vs. Home Price by State (2024 Census Data)
Median rent, home value and gross rent yield for all 50 states and Washington, DC, from the latest US Census Bureau figures.
- All 50 states and DC, ranked by gross rent yield
- Source: US Census Bureau, 2024 American Community Survey
- Free to cite, with the method and limits below
How much do renters pay compared with what homes are worth? This page answers that for all 50 states and Washington, DC, using the latest US Census Bureau figures. It's for real estate investors comparing markets, and for reporters and researchers who need a sourced number.
We use two simple ratios:
- Gross rent yield: a year of median rent divided by the median home value. Higher means rents are high compared with home prices.
- Price-to-rent ratio: the median home value divided by a year of median rent. Lower means the same thing.
Both are rough, state-level comparisons. They leave out every cost of owning a rental (see "Limits" below).
What stands out
- For the US as a whole, the median gross rent was $1,487 a month and the median home value was $360,600. That is a gross rent yield of 4.9% and a price-to-rent ratio of 20.2.
- Mississippi had the highest gross rent yield, 6.4%. Hawaii had the lowest, 2.7%.
- Price-to-rent ratios ranged from 15.7 in Mississippi to 37.6 in Hawaii.
Top 10 states by gross rent yield
- Mississippi: 6.4% ($990 a month rent, $186,500 median home value)
- West Virginia: 6.2% ($883 a month rent, $170,800 median home value)
- Louisiana: 5.7% ($1,064 a month rent, $223,200 median home value)
- Illinois: 5.7% ($1,322 a month rent, $280,700 median home value)
- Texas: 5.7% ($1,475 a month rent, $313,200 median home value)
- Oklahoma: 5.6% ($1,044 a month rent, $222,100 median home value)
- Alabama: 5.5% ($1,077 a month rent, $233,300 median home value)
- Michigan: 5.5% ($1,168 a month rent, $254,200 median home value)
- Florida: 5.5% ($1,812 a month rent, $396,900 median home value)
- Arkansas: 5.5% ($982 a month rent, $215,600 median home value)
Arkansas and Ohio both round to 5.5%. Arkansas is slightly higher before rounding, so it takes the 10th spot.
All states and DC
Ranked by gross rent yield, highest first. Source: US Census Bureau, American Community Survey 2024 1-year estimates.
| Rank | State | Median rent (month) | Median home value | Annual rent | Gross yield | Price-to-rent | Beltway lends |
|---|---|---|---|---|---|---|---|
| 1 | Mississippi | $990 | $186,500 | $11,880 | 6.4% | 15.7 | Yes |
| 2 | West Virginia | $883 | $170,800 | $10,596 | 6.2% | 16.1 | Yes |
| 3 | Louisiana | $1,064 | $223,200 | $12,768 | 5.7% | 17.5 | Yes |
| 4 | Illinois | $1,322 | $280,700 | $15,864 | 5.7% | 17.7 | Yes |
| 5 | Texas | $1,475 | $313,200 | $17,700 | 5.7% | 17.7 | Yes |
| 6 | Oklahoma | $1,044 | $222,100 | $12,528 | 5.6% | 17.7 | Yes |
| 7 | Alabama | $1,077 | $233,300 | $12,924 | 5.5% | 18.1 | Yes |
| 8 | Michigan | $1,168 | $254,200 | $14,016 | 5.5% | 18.1 | Yes |
| 9 | Florida | $1,812 | $396,900 | $21,744 | 5.5% | 18.3 | Yes |
| 10 | Arkansas | $982 | $215,600 | $11,784 | 5.5% | 18.3 | Yes |
| 11 | Ohio | $1,090 | $239,800 | $13,080 | 5.5% | 18.3 | Yes |
| 12 | Indiana | $1,104 | $243,500 | $13,248 | 5.4% | 18.4 | Yes |
| 13 | Kansas | $1,079 | $238,700 | $12,948 | 5.4% | 18.4 | Yes |
| 14 | Pennsylvania | $1,252 | $277,600 | $15,024 | 5.4% | 18.5 | Yes |
| 15 | Kentucky | $998 | $226,000 | $11,976 | 5.3% | 18.9 | Yes |
| 16 | Georgia | $1,506 | $343,300 | $18,072 | 5.3% | 19.0 | Yes |
| 17 | Iowa | $981 | $227,300 | $11,772 | 5.2% | 19.3 | Yes |
| 18 | South Carolina | $1,272 | $299,500 | $15,264 | 5.1% | 19.6 | Yes |
| 19 | Missouri | $1,067 | $254,400 | $12,804 | 5.0% | 19.9 | Yes |
| 20 | Nebraska | $1,102 | $263,100 | $13,224 | 5.0% | 19.9 | Yes |
| 21 | Delaware | $1,530 | $371,600 | $18,360 | 4.9% | 20.2 | Yes |
| 22 | Virginia | $1,646 | $403,500 | $19,752 | 4.9% | 20.4 | Yes |
| 23 | North Carolina | $1,338 | $333,000 | $16,056 | 4.8% | 20.7 | Yes |
| 24 | New Mexico | $1,117 | $279,900 | $13,404 | 4.8% | 20.9 | Yes |
| 25 | Maryland | $1,721 | $436,300 | $20,652 | 4.7% | 21.1 | Yes |
| 26 | Arizona | $1,672 | $426,000 | $20,064 | 4.7% | 21.2 | Yes |
| 27 | Connecticut | $1,550 | $396,900 | $18,600 | 4.7% | 21.3 | Yes |
| 28 | Wisconsin | $1,142 | $294,700 | $13,704 | 4.7% | 21.5 | Yes |
| 29 | Tennessee | $1,284 | $332,600 | $15,408 | 4.6% | 21.6 | Yes |
| 30 | Alaska | $1,444 | $376,500 | $17,328 | 4.6% | 21.7 | No |
| 31 | Nevada | $1,709 | $455,500 | $20,508 | 4.5% | 22.2 | No |
| 32 | Minnesota | $1,291 | $344,600 | $15,492 | 4.5% | 22.2 | Yes |
| 33 | Vermont | $1,319 | $352,800 | $15,828 | 4.5% | 22.3 | No |
| 34 | North Dakota | $980 | $266,100 | $11,760 | 4.4% | 22.6 | No |
| 35 | New York | $1,634 | $449,800 | $19,608 | 4.4% | 22.9 | Yes |
| 36 | New Jersey | $1,800 | $496,000 | $21,600 | 4.4% | 23.0 | Yes |
| 37 | Maine | $1,210 | $341,900 | $14,520 | 4.2% | 23.5 | Yes |
| 38 | South Dakota | $999 | $289,600 | $11,988 | 4.1% | 24.2 | No |
| 39 | New Hampshire | $1,558 | $458,800 | $18,696 | 4.1% | 24.5 | Yes |
| 40 | Oregon | $1,597 | $497,500 | $19,164 | 3.9% | 26.0 | Yes |
| 41 | Colorado | $1,822 | $574,600 | $21,864 | 3.8% | 26.3 | Yes |
| 42 | Rhode Island | $1,418 | $455,700 | $17,016 | 3.7% | 26.8 | Yes |
| 43 | Idaho | $1,384 | $446,400 | $16,608 | 3.7% | 26.9 | Yes |
| 44 | Massachusetts | $1,848 | $607,400 | $22,176 | 3.7% | 27.4 | Yes |
| 45 | Washington | $1,824 | $602,200 | $21,888 | 3.6% | 27.5 | Yes |
| 46 | Wyoming | $998 | $339,500 | $11,976 | 3.5% | 28.3 | Yes |
| 47 | Utah | $1,593 | $545,200 | $19,116 | 3.5% | 28.5 | Yes |
| 48 | California | $2,104 | $759,500 | $25,248 | 3.3% | 30.1 | Yes |
| 49 | Montana | $1,177 | $425,400 | $14,124 | 3.3% | 30.1 | Yes |
| 50 | District of Columbia | $1,931 | $733,400 | $23,172 | 3.2% | 31.7 | Yes |
| 51 | Hawaii | $1,942 | $875,900 | $23,304 | 2.7% | 37.6 | No |
Beltway Lending lends in every state except Alaska, Hawaii, Nevada, North Dakota, South Dakota and Vermont. Those six are in the table so the data is complete.
How we calculated this
- Source: US Census Bureau, American Community Survey (ACS), 2024 1-year estimates, the latest 1-year state figures as of October 2026.
- Median gross rent: table B25064 (variable B25064_001E), for renter-occupied homes paying cash rent. Gross rent is the contract rent plus utilities and fuels if the renter pays them.
- Median home value: table B25077 (variable B25077_001E), for owner-occupied homes, based on what owners estimate their home would sell for.
- Where to see it: Census tables B25064 by state and B25077 by state. Pulled on 2026-10-07 and checked against the Census 2024 ACS 1-year summary files.
- Math: annual rent is the median gross rent times 12. Gross rent yield is annual rent divided by the median home value. Price-to-rent ratio is the median home value divided by annual rent. Both are shown with one decimal; ranks use the unrounded yield.
- Coverage: the 50 states and DC. Puerto Rico is in the Census tables but not on this page.
Limits
- Gross rent yield ignores property taxes, insurance, vacancy, repairs, management and financing costs. Net returns are lower.
- It is not a measure of whether any property qualifies for a loan.
- The rent and value figures describe different homes: rent is for renter-occupied homes, value is for owner-occupied homes. The ratio compares two state medians. It is not the yield on a typical rental.
- Home values are owners' own estimates, not sale prices.
- State figures hide big differences between cities and neighborhoods.
- ACS figures are survey estimates with margins of error, which Census publishes in the same tables. States with close numbers may not be truly different.
- These are 2024 figures. Rents and prices have changed since.
How to cite this data
Beltway Lending analysis of US Census Bureau American Community Survey 2024 1-year estimates (tables B25064 and B25077). beltwaylending.com/rent-vs-home-price-by-state/
Common questions
Which state has the highest gross rent yield?
Mississippi, at 6.4%, based on the Census Bureau's 2024 American Community Survey. Its median gross rent was $990 a month and its median home value was $186,500. West Virginia was second at 6.2%.
Which state has the lowest gross rent yield?
Hawaii, at 2.7%. Its median home value was $875,900 and its median gross rent was $1,942 a month. The District of Columbia was next lowest at 3.2%.
What is the gross rent yield for the US as a whole?
4.9% in 2024. The US median gross rent was $1,487 a month ($17,844 a year) and the median home value was $360,600. That is a price-to-rent ratio of 20.2. Of the 50 states, 20 had a higher yield than the US figure.
Does a high gross rent yield mean a rental will be profitable or qualify for a loan?
No. Gross rent yield leaves out property taxes, insurance, vacancy, repairs and other costs, so net returns are lower. It is a state-level comparison, not a measure of any one property, and not a measure of whether any property qualifies for a loan.
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