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Price-to-Rent Report
The price-to-rent ratio compares home prices to annualized rents but varies by market and does not indicate affordability. This report analyzes changes in the ratio over time relative to local historic averages, helping identify whether renting or owning is more favorable in the largest U.S. housing markets.
The data below was last updated on April 30, 2025.
8
Philadelphia, PA
9.350%
14
Salt Lake City, UT
8.206%
16
Los Angeles, CA
7.938%
24
Jacksonville, FL
6.785%
30
Oklahoma City, OK
6.023%
32
San Antonio, TX
5.821%
37
Albuquerque, NM
5.596%
38
Grand Rapids, MI
5.582%
41
Indianapolis, IN
5.369%
43
San Francisco, CA
5.019%
52
Kansas City, MO
4.379%
55
Minneapolis, MN
4.051%
68
Colorado Springs, CO
2.493%
73
Bakersfield, CA
2.009%
77
Baton Rouge, LA
1.720%
87
Virginia Beach, VA
-0.531%
88
Springfield, MA
-0.658%
91
North Port, FL
-1.417%
92
Little Rock, AR
-1.493%
93
Urban Honolulu, HI
-1.508%
94
Sacramento, CA
-1.559%
97
Cape Coral, FL
-2.579%
98
New Orleans, LA
-16.996%
Akron, OH
Albany, NY
Albuquerque, NM
Allentown, PA
Atlanta, GA
Augusta, GA
Austin, TX
Bakersfield, CA
Baltimore, MD
Baton Rouge, LA
Birmingham, AL
Boise City, ID
Boston, MA
Bridgeport, CT
Buffalo, NY
Cape Coral, FL
Charleston, SC
Charlotte, NC
Chicago, IL
Cincinnati, OH
Cleveland, OH
Colorado Springs, CO
Columbia, SC
Columbus, OH
Dallas, TX
Deltona, FL
Denver, CO
Des Moines, IA
Detroit, MI
Durham, NC
El Paso, TX
Fresno, CA
Grand Rapids, MI
Greensboro, NC
Greenville, SC
Harrisburg, PA
Hartford, CT
Houston, TX
Indianapolis, IN
Jackson, MS
Jacksonville, FL
Kansas City, MO
Knoxville, TN
Lakeland, FL
Las Vegas, NV
Little Rock, AR
Los Angeles, CA
Louisville, KY
Madison, WI
McAllen, TX
Memphis, TN
Miami, FL
Milwaukee, WI
Minneapolis, MN
Nashville, TN
New Haven, CT
New Orleans, LA
New York, NY
North Port, FL
Ogden, UT
Oklahoma City, OK
Omaha, NE
Orlando, FL
Oxnard, CA
Palm Bay, FL
Philadelphia, PA
Phoenix, AZ
Pittsburgh, PA
Portland, OR
Providence, RI
Provo, UT
Raleigh, NC
Richmond, VA
Riverside, CA
Rochester, NY
Sacramento, CA
Salt Lake City, UT
San Antonio, TX
San Diego, CA
San Francisco, CA
San Jose, CA
Scranton, PA
Seattle, WA
Spokane, WA
Springfield, MA
St. Louis, MO
Stockton, CA
Syracuse, NY
Tampa, FL
Toledo, OH
Tucson, AZ
Tulsa, OK
Urban Honolulu, HI
Virginia Beach, VA
Washington, DC
Wichita, KS
Winston, NC
Worcester, MA
About the Price-to-Rent Report
The price-to-rent ratio is determined by comparing local home prices to annualized rents. However, this ratio does not directly reflect housing affordability and is not easily comparable across different markets due to significant variations in cost of living, construction costs, and income levels. Generally, a higher price-to-rent ratio suggests that renting is more cost-effective than buying, while a lower ratio indicates that homeownership may be the more economical choice.
This monthly report expands on the traditional price-to-rent measure by analyzing changes in the ratio over time and comparing them to historical averages in the largest U.S. housing markets.
In this analysis, the key factor is how the price-to-rent ratio shifts relative to a local market’s historical norm. When the ratio exceeds the historical average, renting tends to be the more favorable option. Conversely, when the ratio falls below the historical average, homeownership becomes more attractive. The magnitude of deviation from the local average is also important—the further above the historical norm, the stronger the case for renting; the further below, the stronger the case for buying.
The goal of this monthly report is to support informed decision-making as individuals and families evaluate their housing options. Additional insights can be found in the Top 100 U.S. Housing Markets report and the Waller, Weeks, and Johnson Rental Index.
