Highest price-to-rent
37.6×
Hawaii — often favors renting on medians
State comparison tools
🇺🇸ACS rent 2024 · Buyer model 6.66%
Rent vs Buy by State (2026)
Compare ACS 2024 median gross rent, median home values, price-to-rent ratios, modeled ownership (PITI + maintenance), monthly gaps, and break-even ownership periods across all 50 states and Washington, DC—so you can see where renting or buying leans ahead on statewide medians.
By Sammy S. · Founder · AuthorUpdated for 2026
37.6×
Highest ratio (Hawaii)
15.7×
Lowest ratio (Mississippi)
6.66%
Buyer mortgage rate model
51
States + DC covered
Rent vs buy quick facts
Lowest price-to-rent
15.7×
Mississippi — ownership closer to rent
Largest monthly gap
$3,622
Hawaii buy − rent on model
Head-to-head
Compare rent vs buy between two states
Compare ACS median rent, median home values, price-to-rent ratios, modeled ownership costs, and break-even context.
Compare any two states
Price-to-rent ratios, median rent, modeled ownership, and break-even context.
All states + DC
Rent vs buy rankings by state
Price-to-rent rank #1 is the highest ratio (median home ÷ annual median gross rent). Monthly gap is modeled ownership minus ACS rent at the median home (6.66% mortgage, 1% maintenance). Break-even uses a 5% opportunity return on cash-to-close.
| State | Rent /mo | Median home | Price-to-rent | Own /mo | Monthly gap | Break-even | Signal |
|---|---|---|---|---|---|---|---|
 Hawaii | $1,942 | $875,900 | #1 37.6× | $5,564 | $3,622 | 30+ yrs (model) | Rent leans ahead |
| District of Columbia | $1,931 | $733,400 | #2 31.7× | $4,839 | $2,908 | 30+ yrs (model) | Rent leans ahead |
 California | $2,104 | $759,500 | #3 30.1× | $5,105 | $3,001 | 30+ yrs (model) | Rent leans ahead |
 Montana | $1,177 | $425,400 | #4 30.1× | $2,894 | $1,717 | 30+ yrs (model) | Rent leans ahead |
 Utah | $1,593 | $545,200 | #5 28.5× | $3,553 | $1,960 | 30+ yrs (model) | Rent leans ahead |
 Wyoming | $998 | $339,500 | #6 28.3× | $2,311 | $1,313 | 30+ yrs (model) | Rent leans ahead |
 Washington | $1,824 | $602,200 | #7 27.5× | $4,070 | $2,246 | 30+ yrs (model) | Rent leans ahead |
 Massachusetts | $1,848 | $607,400 | #8 27.4× | $4,291 | $2,443 | 30+ yrs (model) | Rent leans ahead |
 Idaho | $1,384 | $446,400 | #9 26.9× | $2,936 | $1,552 | 30+ yrs (model) | Rent leans ahead |
 Rhode Island | $1,418 | $455,700 | #10 26.8× | $3,321 | $1,903 | 30+ yrs (model) | Rent leans ahead |
 Colorado | $1,822 | $574,600 | #11 26.3× | $3,846 | $2,024 | 30+ yrs (model) | Rent leans ahead |
 Oregon | $1,597 | $497,500 | #12 26.0× | $3,382 | $1,785 | 30+ yrs (model) | Rent leans ahead |
 New Hampshire | $1,558 | $458,800 | #13 24.5× | $3,414 | $1,856 | 30+ yrs (model) | Rent leans ahead |
 South Dakota | $999 | $289,600 | #14 24.2× | $2,118 | $1,119 | 30+ yrs (model) | Rent leans ahead |
 Maine | $1,210 | $341,900 | #15 23.5× | $2,412 | $1,202 | 30+ yrs (model) | Rent leans ahead |
 New Jersey | $1,800 | $496,000 | #16 23.0× | $3,858 | $2,058 | 30+ yrs (model) | Rent leans ahead |
 New York | $1,634 | $449,800 | #17 22.9× | $3,310 | $1,676 | 30+ yrs (model) | Rent leans ahead |
 North Dakota | $980 | $266,100 | #18 22.6× | $1,904 | $924 | 30+ yrs (model) | Rent leans ahead |
 Vermont | $1,319 | $352,800 | #19 22.3× | $2,644 | $1,325 | 30+ yrs (model) | Rent leans ahead |
 Minnesota | $1,291 | $344,600 | #20 22.2× | $2,494 | $1,203 | 30+ yrs (model) | Rent leans ahead |
 Nevada | $1,709 | $455,500 | #21 22.2× | $2,990 | $1,281 | 21 yrs | Rent leans ahead |
 Alaska | $1,444 | $376,500 | #22 21.7× | $2,638 | $1,194 | 30+ yrs (model) | Rent leans ahead |
 Tennessee | $1,284 | $332,600 | #23 21.6× | $2,256 | $972 | 23 yrs | Rent leans ahead |
 Wisconsin | $1,142 | $294,700 | #24 21.5× | $2,165 | $1,023 | 30+ yrs (model) | Rent leans ahead |
 Connecticut | $1,550 | $396,900 | #25 21.3× | $3,032 | $1,482 | 30+ yrs (model) | Rent leans ahead |
 Arizona | $1,672 | $426,000 | #26 21.2× | $2,800 | $1,128 | 17 yrs | Rent leans ahead |
 Maryland | $1,721 | $436,300 | #27 21.1× | $3,057 | $1,336 | 27 yrs | Rent leans ahead |
 New Mexico | $1,117 | $279,900 | #28 20.9× | $1,929 | $812 | 21 yrs | Rent leans ahead |
 North Carolina | $1,338 | $333,000 | #29 20.7× | $2,308 | $970 | 22 yrs | Rent leans ahead |
 Virginia | $1,646 | $403,500 | #30 20.4× | $2,784 | $1,138 | 19 yrs | Rent leans ahead |
 Delaware | $1,530 | $371,600 | #31 20.2× | $2,479 | $949 | 14 yrs | Rent leans ahead |
 Missouri | $1,067 | $254,400 | #32 19.9× | $1,848 | $781 | 25 yrs | Rent leans ahead |
 Nebraska | $1,102 | $263,100 | #33 19.9× | $2,043 | $941 | 30+ yrs (model) | Close call |
 South Carolina | $1,272 | $299,500 | #34 19.6× | $2,043 | $771 | 14 yrs | Rent leans ahead |
 Iowa | $981 | $227,300 | #35 19.3× | $1,716 | $735 | 30 yrs | Rent leans ahead |
 Georgia | $1,506 | $343,300 | #36 19.0× | $2,415 | $909 | 15 yrs | Rent leans ahead |
 Kentucky | $998 | $226,000 | #37 18.9× | $1,603 | $605 | 15 yrs | Rent leans ahead |
 Pennsylvania | $1,252 | $277,600 | #38 18.5× | $2,043 | $791 | 18 yrs | Rent leans ahead |
 Indiana | $1,104 | $243,500 | #39 18.4× | $1,708 | $604 | 12 yrs | Rent leans ahead |
 Kansas | $1,079 | $238,700 | #40 18.4× | $1,799 | $720 | 21 yrs | Rent leans ahead |
 Arkansas | $982 | $215,600 | #41 18.3× | $1,534 | $552 | 13 yrs | Rent leans ahead |
 Florida | $1,812 | $396,900 | #42 18.3× | $2,852 | $1,040 | 14 yrs | Rent leans ahead |
 Ohio | $1,090 | $239,800 | #43 18.3× | $1,787 | $697 | 19 yrs | Rent leans ahead |
 Alabama | $1,077 | $233,300 | #44 18.1× | $1,611 | $534 | 9 yrs | Close call |
 Michigan | $1,168 | $254,200 | #45 18.1× | $1,859 | $691 | 15 yrs | Rent leans ahead |
 Illinois | $1,322 | $280,700 | #46 17.7× | $2,229 | $907 | 26 yrs | Rent leans ahead |
 Oklahoma | $1,044 | $222,100 | #47 17.7× | $1,662 | $618 | 16 yrs | Rent leans ahead |
 Texas | $1,475 | $313,200 | #48 17.7× | $2,436 | $961 | 21 yrs | Rent leans ahead |
 Louisiana | $1,064 | $223,200 | #49 17.5× | $1,653 | $589 | 14 yrs | Rent leans ahead |
 West Virginia | $883 | $170,800 | #50 16.1× | $1,186 | $303 | 5 yrs | Buy leans ahead |
 Mississippi | $990 | $186,500 | #51 15.7× | $1,363 | $373 | 6 yrs | Close call |
HawaiiRent $1,942/mo · Gap $3,622/mo · Rent leans ahead
District of Columbia
31.7×Rent $1,931/mo · Gap $2,908/mo · Rent leans ahead
CaliforniaRent $2,104/mo · Gap $3,001/mo · Rent leans ahead
MontanaRent $1,177/mo · Gap $1,717/mo · Rent leans ahead
UtahRent $1,593/mo · Gap $1,960/mo · Rent leans ahead
WyomingRent $998/mo · Gap $1,313/mo · Rent leans ahead
WashingtonRent $1,824/mo · Gap $2,246/mo · Rent leans ahead
MassachusettsRent $1,848/mo · Gap $2,443/mo · Rent leans ahead
IdahoRent $1,384/mo · Gap $1,552/mo · Rent leans ahead
Rhode IslandRent $1,418/mo · Gap $1,903/mo · Rent leans ahead
ColoradoRent $1,822/mo · Gap $2,024/mo · Rent leans ahead
OregonRent $1,597/mo · Gap $1,785/mo · Rent leans ahead
New HampshireRent $1,558/mo · Gap $1,856/mo · Rent leans ahead
South DakotaRent $999/mo · Gap $1,119/mo · Rent leans ahead
MaineRent $1,210/mo · Gap $1,202/mo · Rent leans ahead
New JerseyRent $1,800/mo · Gap $2,058/mo · Rent leans ahead
New YorkRent $1,634/mo · Gap $1,676/mo · Rent leans ahead
North DakotaRent $980/mo · Gap $924/mo · Rent leans ahead
VermontRent $1,319/mo · Gap $1,325/mo · Rent leans ahead
MinnesotaRent $1,291/mo · Gap $1,203/mo · Rent leans ahead
NevadaRent $1,709/mo · Gap $1,281/mo · Rent leans ahead
AlaskaRent $1,444/mo · Gap $1,194/mo · Rent leans ahead
TennesseeRent $1,284/mo · Gap $972/mo · Rent leans ahead
WisconsinRent $1,142/mo · Gap $1,023/mo · Rent leans ahead
ConnecticutRent $1,550/mo · Gap $1,482/mo · Rent leans ahead
ArizonaRent $1,672/mo · Gap $1,128/mo · Rent leans ahead
MarylandRent $1,721/mo · Gap $1,336/mo · Rent leans ahead
New MexicoRent $1,117/mo · Gap $812/mo · Rent leans ahead
North CarolinaRent $1,338/mo · Gap $970/mo · Rent leans ahead
VirginiaRent $1,646/mo · Gap $1,138/mo · Rent leans ahead
DelawareRent $1,530/mo · Gap $949/mo · Rent leans ahead
MissouriRent $1,067/mo · Gap $781/mo · Rent leans ahead
NebraskaRent $1,102/mo · Gap $941/mo · Close call
South CarolinaRent $1,272/mo · Gap $771/mo · Rent leans ahead
IowaRent $981/mo · Gap $735/mo · Rent leans ahead
GeorgiaRent $1,506/mo · Gap $909/mo · Rent leans ahead
KentuckyRent $998/mo · Gap $605/mo · Rent leans ahead
PennsylvaniaRent $1,252/mo · Gap $791/mo · Rent leans ahead
IndianaRent $1,104/mo · Gap $604/mo · Rent leans ahead
KansasRent $1,079/mo · Gap $720/mo · Rent leans ahead
ArkansasRent $982/mo · Gap $552/mo · Rent leans ahead
FloridaRent $1,812/mo · Gap $1,040/mo · Rent leans ahead
OhioRent $1,090/mo · Gap $697/mo · Rent leans ahead
AlabamaRent $1,077/mo · Gap $534/mo · Close call
MichiganRent $1,168/mo · Gap $691/mo · Rent leans ahead
IllinoisRent $1,322/mo · Gap $907/mo · Rent leans ahead
OklahomaRent $1,044/mo · Gap $618/mo · Rent leans ahead
TexasRent $1,475/mo · Gap $961/mo · Rent leans ahead
LouisianaRent $1,064/mo · Gap $589/mo · Rent leans ahead
West VirginiaRent $883/mo · Gap $303/mo · Buy leans ahead
MississippiRent $990/mo · Gap $373/mo · Close call
Methodology
How rent vs buy is calculated by state
Every state uses the same transparent assumptions so rankings isolate home prices, rents, property tax, and insurance—not different mortgage-rate guesses. On this model, 47 jurisdictions lean rent, 1 lean buy, and 3 are close calls; 24 show no buy break-even within 30 years.
Rent side
Census ACS 2024 median gross rent (B25064): contract rent plus estimated renter-paid utilities and fuels for renter-occupied units. Deposits, renter insurance, parking, and metro premiums above the statewide median are not included.
Buy side
Principal and interest on the ACS median home with 20% down at 6.66% (2026-07-30 Freddie Mac PMMS), plus property tax, HO-3 insurance, and a 1%/year maintenance reserve. HOA defaults to $0; utilities are not in PITI.
Break-even ownership period
First year (within 30) where modeled home equity exceeds the rent path's invested cash-to-close after a 5% opportunity return, with 3% home appreciation and 3% rent growth. If ownership costs more each month, renters also invest that monthly difference. Selling costs and itemized tax deductions are outside this illustration.
How to read price-to-rent, monthly gap, and break-even
Price-to-rent ratio
Divide median home value by annual median gross rent. Above ~20× often leans toward renting on cash-flow; below ~15× leans toward buying—metro markets and HOA dues can flip a statewide signal.
Monthly gap (own − rent)
Modeled ownership minus ACS median rent. A positive gap means the benchmark buyer pays more each month than the typical renter before counting equity buildup.
Break-even years
Equity vs invested cash-to-close under stated appreciation, rent growth, and opportunity return—not a simple closing-cost / monthly-gap shortcut. Null means buy does not win within 30 years in this model.
Decision framework
When renting usually wins vs when buying usually wins
Statewide medians are a screening tool—not an offer letter. Use the rankings to shortlist states, then pressure-test local list prices, insurance quotes, and how long you will stay.
Renting often leans ahead when…
- Price-to-rent is high (often 20×+) and the monthly ownership gap is large
- You may move within ~5 years (cash-to-close and selling costs take time to recover)
- Insurance or HOA costs run well above the statewide average
- Job or family plans are still changing and flexibility matters more than equity
Buying often leans ahead when…
- Price-to-rent is lower and the monthly gap is small or negative
- You expect to stay long enough for modeled break-even (and preferably beyond)
- You can put ~20% down without draining emergency reserves
- You value payment stability and forced savings via principal paydown
Stay length, taxes, and insurance still decide the outcome
How long you will stay
Short stays usually favor renting even in buy-leaning states because cash-to-close, early principal paydown, and selling costs take years to recover.
Property tax & reassessment
Effective statewide rates are in the buy model, but local millages and post-sale reassessment can push the bill above the Tax Foundation benchmark.
Insurance & catastrophe risk
NAIC/III HO-3 averages are a starting point. Wind, wildfire, flood, and earthquake coverage can dominate ownership costs in exposed counties.
Extremes on statewide medians
Highest price-to-rent
- Hawaii37.6×
- District of Columbia31.7×
- California30.1×
- Montana30.1×
- Utah28.5×
Largest monthly gap
- Hawaii$3,622/mo
- California$3,001/mo
- District of Columbia$2,908/mo
- Massachusetts$2,443/mo
- Washington$2,246/mo
Shortest modeled break-even
- West Virginia5 yrs
- Mississippi6 yrs
- Alabama9 yrs
- Indiana12 yrs
- Arkansas13 yrs
Rent vs buy glossary
Quick definitions for the metrics used on this hub and every state profile.
- Median gross rent
- ACS B25064 median contract rent plus estimated renter-paid utilities and fuels (2024 1-year estimates).
- Price-to-rent ratio
- Median home value ÷ annual median gross rent. Higher ratios often lean toward renting on cash-flow; lower ratios lean toward buying — local markets still vary.
- Modeled ownership (PITI + maintenance)
- Principal and interest at 6.66% with 20% down, plus property tax, HO-3 insurance, and a 1%/year maintenance reserve. HOA defaults to $0.
- Monthly rent gap
- Modeled monthly ownership minus ACS median gross rent. A positive gap means the benchmark buyer pays more each month than the typical renter before counting equity.
- Break-even years
- First year (1–30) where modeled home equity exceeds the rent path's invested cash-to-close after a 5% opportunity return, with 3% appreciation and 3% rent growth.
- Cash-to-close
- Down payment plus a 3.5% closing-cost illustration on the median home — before moving costs and reserves.
Related housing and tax tools
Rent vs buy calculator
Personalize rent, price, and break-even
Mortgage affordability calculator
Price from income and debts
Homeownership cost by state
ACS owner costs and buyer estimates
Property tax by state
Effective rates and annual bills
Cost of living by state
Indexes and equivalent salaries
Property tax calculator
Home value + rate estimate
Rent vs buy FAQs
Each state pairs ACS 2024 median gross rent with a current-buyer ownership estimate on the ACS median home value: 20% down, 6.66% 30-year fixed (Freddie Mac PMMS as of 2026-07-30), property tax, insurance, and a 1%/year maintenance reserve. Break-even uses stated appreciation, rent growth, and opportunity-cost assumptions.
California leads at about $2,104/mo ACS median gross rent (including utilities). West Virginia is lowest at about $883/mo.
Price-to-rent is median home value ÷ (median annual gross rent). Higher ratios often lean toward renting on this metric. Hawaii ranks near the top at about 37.6×. Mississippi is near the bottom at about 15.7×. A common rule of thumb: above ~20× favors renting; below ~15× favors buying — local markets still vary.
Yes in this model. PITI (principal, interest, taxes, insurance) comes from the homeownership buyer engine, then we add 1% of home value per year as a maintenance reserve. HOA dues default to $0.
It is the first year (within 30) where modeled home equity exceeds the rent path's invested cash-to-close after a 5% opportunity return, with 3% home appreciation and 3% rent growth. If ownership costs more each month, renters also invest that monthly difference.
West Virginia ranks #1 on shortest modeled break-even (5 yrs). Fast break-evens usually combine lower price-to-rent ratios with smaller ownership premiums over rent.
No. ACS owner costs describe what current owners report paying. The buy side here is a current-buyer illustration at today's mortgage rate on the median home value — better for rent-vs-buy decisions.
ACS median gross rent includes contract rent plus estimated average utilities and fuels paid by the renter. Buyer PITI does not include utilities; maintenance is modeled separately.
No. After-tax outcomes depend on filing status, other deductions, and the standard deduction. Treat these figures as pre-tax cash-flow illustrations.
HOA defaults to $0, and the 20% down assumption avoids PMI. Flood, earthquake, and high-deductible catastrophe coverage can raise ownership costs well above the statewide insurance average.
No. Job stability, how long you will stay, local list prices, HOA dues, closing costs, credit, and after-tax income matter. Use state profiles to narrow options, then run address-level numbers.
Property tax is built into the ownership estimate. Income and sales taxes affect take-home pay and everyday spending but are not folded into the monthly rent-vs-buy gap here — see total tax burden and salary comparison tools for that context.
Rent and home values use ACS 2024 1-year estimates. Mortgage-rate examples use the dated Freddie Mac PMMS release (2026-07-30). Last reviewed 2026-07-30.
See Homeownership cost by state for ACS owner-cost rankings and same-price buyer estimates, and Property tax by state for effective rates.
Yes. Use the pair picker on the hub or open a curated compare URL such as California vs Texas. Each duel shows rent, price-to-rent, ownership cost, monthly gap, and break-even side by side.
By Sammy S. · Founder · AuthorUpdated for 2026
Rankings use statewide ACS medians—not city listings. Pair with homeownership cost and property tax pages before making an offer.