Price-to-rent ratio in 52 cities
The price-to-rent ratio is a reference point that can help gauge affordability in any city — especially for people on the move.
By Becca Stanek for SoFiAug. 1 2025, Published 3:58 p.m. ET
SoFi shares the home price-to-rent ratio in some of the biggest U.S. cities.
Key Points
- The price-to-rent ratio is a measure of whether it’s more affordable to rent or buy a home in a particular city.
- It is calculated by dividing the median home price by the annual rent.
- A price-to-rent ratio below 18 suggests that buying is more affordable, while a ratio above 18 indicates renting may be more cost-effective.
- The price-to-rent ratio varies across cities, with some cities having ratios well above 18, in many cases above 25. Others come in at 18 and below.
- Factors such as housing market conditions and local economic and environmental factors may influence the price-to-rent ratio in different cities.
What Is the Price-to-Rent Ratio?
The price-to-rent ratio compares the median home price and the median annual rent in a given area. (You’ll remember that the median is the midpoint, where half the numbers are lower and half are higher.) To make sense of a city’s price-to-rent ratio, here’s a general idea of what the number suggests:
- A ratio of 1 to 15 typically indicates that it’s more favorable to buy than rent in a given community.
- A ratio of 16 to 20 indicates that it’s typically better to rent than buy.
- A ratio of 21 or more indicates that it’s much better to rent than buy.
As you can see, the ratios could be useful when considering whether to rent or buy. Investors also often look at the ratios before purchasing a rental property.
The numbers may also be used as indicators of impending housing bubbles. A substantial increase in the ratio could mean that renting is becoming a much more attractive option in that specific housing market.
The ratios may warp after wildfires or other natural disasters, which can cause housing shortages and migration of residents, as well as rent spikes. Research released in 2024 by the University of Georgia and the Brookings Institution demonstrated that a succession of environmental events can drive up local rents as much as 12% over a five-year subsequent period.
If you’re exploring different areas, it can be a good idea to estimate mortgage payments based on median home prices in the place where you hope to live. That way, you can determine if they’re a cost you can reasonably afford to add to your budget on a monthly basis.
Price-to-Rent Ratio by City
Here are 52 popular metropolitan areas and their price-to-rent ratios. As of the third quarter of 2024, the median home sale price in the U.S. was $420,400, the Federal Reserve Bank of St. Louis reported.
Median sale price listed comes from Redfin as of the fourth quarter of 2024. Median rents listed come from the Zumper National Rent Report from January 2025, based on a one-bedroom apartment. Remember, as home prices and rents shift—over time or suddenly—so do the ratios.
1. San Francisco
It’s no secret that San Francisco housing prices are way up there. The median sale price was $1,350,000, and the median rent for a one-bedroom apartment was $3,160 per month (or $37,920 a year). That gives the hilly city a price-to-rent ratio of nearly 36.
2. San Jose, CA
Golden State housing continues its pricey reputation in San Jose. The median sale price here was $1,455,000, and the city had a median one-bedroom rent of $32,640 annually ($2,720 a month), leading to a price-to-rent ratio of 45.
3. Seattle
The Emerald City had a median sale price of $835,000. Meanwhile, the median annual rent for a one-bedroom was $23,400, for a price-to-rent ratio of around 36.
4. Los Angeles
A median sale price of $1,010,000 and a median one-bedroom rent of $28,800 a year ($2,400 a month) shines a Hollywood light on renting, with a rent-to-price ratio of 35.
5. Long Beach, CA
With a median home price of $855,000 and one-bedroom rent averaging $1,850 a month, Long Beach earned a ratio of 39.
6. Honolulu
The ratio in the capital of Hawaii is a steamy 22, with a $570,000 median sale price and a median rent of $26,400 per year.
7. Oakland, CA
Oakland, across the bay from San Francisco, had a median sale price of $802,500 and median rent of $24,000 a year ($2,000 a month). This earned the location a price-to-rent ratio of 33.
8. Austin, Texas
A hotbed for artists, musicians, and techies, Austin had a price-to-rent ratio of nearly 31. This was thanks to a median sale price of $550,000 and median annual rent of $18,000.
9. San Diego
Hop back to Southern California beaches and “America’s Finest City,” where a median sale price of $931,000 and median rent of $28,800 a year led to a ratio of almost 32.
10. New York, N.Y.
The median sale price here was $807,720 and median rent was $51,600 a year ($4,300 a month), which equates to a price-to-rent ratio of roughly 16.
Of course, the city is composed of five boroughs: the Bronx, Brooklyn, Manhattan, Queens, and Staten Island, and it’s probable that most of the sales under $800,000 were not in Manhattan (where the median sale price was $1.2 million) or Brooklyn (where the median was $999,000). Just looking at Manhattan using the same annual average rent figure, the ratio looks more like 23.
11. Boston
With a median sale price of $845,000 and median rent of $34,080 a year, Beantown had a price-to-rent ratio of nearly 25.
12. Portland, OR
The midpoint of buying here of late was $490,000, compared with median rent of $17,400 per year, for a price-to-rent ratio of just over 28.
13. Tucson, AZ
In Tucson, the median sale price of $340,000 and median annual rent of $10,920 came out to a ratio of 31.
14. Denver, CO
The Mile High City logged a renter-leaning ratio of 28, thanks to a median sale price of $586,000 and median annual rent cost of $20,760.
15. Colorado Springs, CO
With a median sale price of $465,000 and annual rent of $14,880, this city at the eastern foot of the Rocky Mountains had a recent price-to-rent ratio of 31.
16. Albuquerque, NM
In the Southwest, Albuquerque heated up to a ratio of almost 31, based on a median home sale price of $350,000 and annual rent of $11,400.
17. Washington, DC
The nation’s capital is another pushpin on the map with a high cost of living. The median sale price of $699,000 compares with median rent of $27,600 annually ($2,300 a month), translating to a ratio of 25.
18. Mesa, AZ
With a median sale price of $463,000 and median annual rent of $14,640, Mesa has a price-to-rent ratio of nearly 32.
19. Las Vegas, NV
Sin City has reached a ratio of almost 31, based on a $444,000 median sale price vs. $14,400 in annual rent.
20. Phoenix, AZ
Phoenix’s price-to-rent ratio has revved up to 29, with a median home sale price of $450,000 and $15,360 in rent.
21. Raleigh, NC
North Carolina’s capital, the City of Oaks, logs a ratio of 30. This is based on a $460,000 median home sale price and median annual rent of $15,000.
22. Tulsa, OK
Tulsa had a price-to-rent ratio of 19, with median annual rent of $12,000 and home sale prices at a median of $228,000.
23. Dallas, TX
This sprawling city had a recent median sale price of $410,000 and median annual rent of $17,760, leading to a price-to-rent ratio of 23.
24. Sacramento, CA
This Northern California city had a recent median sale price of $485,000 and median annual rent of $18,120, for a price-to-rent ratio of nearly 27.
25. Fresno, CA
Fresno makes the list with a price-to-rent ratio of 22, based on median home sale prices of $374,750 and median annual rent of $16,680.
26. Oklahoma City, OK
The capital of Oklahoma had one of the lower price-to-rent ratios until recent home price spikes. It logs a ratio of nearly 24 lately, based on a median sale price of $260,000 and median annual rent of $10,920.
27. Arlington, TX
Back to the Lone Star State, this city between Fort Worth and Dallas has a price-to-rent ratio of 24. This is thanks to a median sales price of $320,000 and median annual rent of $13,200.
28. San Antonio, TX
This Texas city southwest of Austin had a median sale price of $251,750 and median annual rent of $12,840, resulting in a price-to-rent ratio of close to 20.
29. El Paso, TX
El Paso traded a low price-to-rent ratio for a higher one when home prices rose. It’s at a 24, based on recent figures of a median sale price of $254,970 and median rent at $10,560 a year.
30. Omaha, NE
With a median sale price of $277,000 and median annual rent of $13,920, Omaha has a lower home price-to-rent ratio than in recent years at 23.
31. Nashville, TN
The first Tennessee city on this list is the Music City, with a rising price-to-rent ratio of 23. Nashville has a median sale price of $455,000 and a median annual rent of $19,680 ($1,640 per month).
32. Virginia Beach, VA
The ratio here has nearly reached 20, based on a median home sale price of $376,000 and median rent of $19,200 per year.
33. Tampa, FL
This major Sunshine State city has a price-to-rent ratio of 23, based on a median home sale price of $450,000 and median annual rent of $19,320.
34. Jacksonville, FL
This east coast Florida city had a recent ratio of 22, based on a median sale price of $312,000 and median rent of $15,040 per year.
35. Charlotte, NC
Charlotte’s price-to-rent ratio of 23 arises from a median home sale price of $400,000 and median annual rent of $17,160.
36. Fort Worth, TX
Panther City’s price-to-rent ratio has crept up to 22, based on a median home sale price of $345,000 and median rent of $15,720 per year.
37. Houston, TX
Houston, we have a number: It’s a price-rent-ratio of 22. That’s based on a median sale price of $339,370 and median annual rent of $15,600.
38. Louisville, KY
Kentucky’s largest city has a median home sale price of $255,000 and median annual rent of $12,240. That leaves Louisville with a price-to-rent ratio of almost 21.
39. Columbus, OH
The only Ohio city on this list has a price-to-rent ratio of 19, due to a median sale price of $275,700 and median annual rent of $14,520.
40. Atlanta, GA
Heading South, Atlanta has a median sale price of $400,000 and median annual rent of $19,080, for a price-to-rent ratio of 21.
41. Miami, FL
Those looking to put down roots in this vibrant city will find a price-to-rent ratio of 20, based on a median home sale price of $635,000 and median rent of $32,280 annually.
42. Minneapolis, MN
The Mini-Apple is sweeter on renting, with a ratio of 21. This is based on a median sale price of $344,000 and median annual rent of $16,200.
43. New Orleans, LA
Next up is another charming southern city. New Orleans has a price-to-rent ratio of nearly 18, given a median sale price of $335,000 and median rent of $19,200 per year.
44. Kansas City, MO
In this Show-Me State city, a median home value of $275,000 and median annual rent of $13,560 equate to a price-to-rent ratio of 20.
45. Chicago, IL
The Windy City’s almost 15 price-to-rent ratio is based on a $350,000 median home sale price and $23,760 median annual rent.
46. Memphis, TN
Memphis logs a price-to-rent ratio of 13, with a median home sale price of $170,000 and median annual rent of $12,960.
47. Indianapolis, IN
The ratio in this capital city drifted down to 17, thanks to a median home sale price of $243,450 and median annual rent of $14,160.
48. Philadelphia, PA
This major East Coast city had a recent median sale price of $260,000 and median annual rent of $18,600, for a price-to-rent ratio of 14.
49. Baltimore, MD
Charm City had a recent median home sale price of $224,000 and median annual rent of $15,840, resulting in a price-to-rent ratio of 14.
50. Newark, NJ
Newark, anyone? The median sale price here is $510,000, with median rent at $1,750 a month (or $21,000 a year), leading to a ratio of 24.
51. Milwaukee, WI
Milwaukee is hanging on as a city more favorable to homebuyers than renters, thanks to a price-to-rent ratio of 18. This Midwest city had a recent median sale price of $220,000 and median annual rent of $12,360.
52. Detroit, MI
Detroit has seen a consistent rise in home sale prices, though the latest median sale price was a relatively low $97,200, compared with median annual rent of $12,600. This resulted in a price-to-rent ratio that is approaching 8.
How to Calculate Price-to-Rent Ratio
If you don’t see your city on the list, rest assured that it’s possible to calculate price-to-rent ratio yourself. To do so, you’ll simply take the median home sale price in your area and divide it by median annual rent.
Here’s an example: Let’s say the median rent in a city is $3,000 a month, and the median sale price is $1 million. You’d divide $1 million by $36,000 ($3,000 per month multiplied by 12, the number of months in the year). The result is a price-to-rent ratio of nearly 28.
The Takeaway
The price-to-rent ratio lends insight into whether a city is more favorable to buyers or renters. Usually in a range of 1 to 21-plus, the ratio is useful to house hunters, renters, and investors who want to get the lay of the land.
No matter what your dream city’s price-to-rent ratio, looking at the listings for homes for rent and for sale will tell you a lot about the market. Who knows, you might even happen on just what you wanted at an accessible price.
This story was produced by SoFi and reviewed and distributed by Stacker.
