Every state, ranked
All 50 states and DC on three questions: where a rental earns the most on its price, where a median income buys the typical home, and how soon buying beats renting. Every figure comes from the same engines as the calculators, run on Census and Zillow data, with the assumptions listed under methodology.
- Highest rental cap rates
- West Virginia, Mississippi, and Georgia
- 6.2% at the top; 1 of 51 cash-flow with 25% down
- Most affordable to buy
- West Virginia, Iowa, and Kansas
- The typical home costs 2.9× the median income in West Virginia
- Buying beats renting soonest
- West Virginia, Mississippi, and Arizona
- Buying pulls ahead by year 4
Rental returns
A typical single-family rental in each state, priced at 85% of the typical home value and rented at 1.35× the median gross rent, bought with 25% down at 6.875%. Ranked by cap rate, the yield before financing. Cash flow is after the mortgage, vacancy, and upkeep.
| Rank | State | Cap rate | Cash flow / mo | DSCR | Gross yield | Example price |
|---|---|---|---|---|---|---|
| 1 | West Virginia | 6.2% | $36 | 1.32 | 9.6% | $150,000 |
| 2 | Mississippi | 5.6% | -$39 | 1.22 | 9.6% | $165,000 |
| 3 | Georgia | 5.4% | -$111 | 1.18 | 8.7% | $280,000 |
| 4 | Alabama | 5.3% | -$96 | 1.17 | 8.5% | $205,000 |
| 5 | Arkansas | 5.2% | -$105 | 1.15 | 8.4% | $190,000 |
| 6 | Texas | 5.2% | -$142 | 1.16 | 9.6% | $250,000 |
| 7 | Arizona | 5.2% | -$207 | 1.13 | 7.6% | $355,000 |
| 8 | Indiana | 5.1% | -$143 | 1.13 | 8.2% | $220,000 |
| 9 | Florida | 5.1% | -$216 | 1.14 | 9.2% | $320,000 |
| 10 | Oklahoma | 5.1% | -$133 | 1.13 | 8.8% | $190,000 |
| 11 | Kentucky | 5.0% | -$143 | 1.12 | 8.3% | $195,000 |
| 12 | South Carolina | 5.0% | -$191 | 1.11 | 8.0% | $260,000 |
| 13 | Nevada | 5.0% | -$277 | 1.10 | 7.4% | $375,000 |
| 14 | Virginia | 4.9% | -$283 | 1.09 | 7.6% | $350,000 |
| 15 | Delaware | 4.9% | -$287 | 1.08 | 7.2% | $345,000 |
| 16 | Pennsylvania | 4.9% | -$209 | 1.10 | 8.3% | $245,000 |
| 17 | Ohio | 4.9% | -$183 | 1.09 | 8.4% | $210,000 |
| 18 | Louisiana | 4.9% | -$157 | 1.11 | 9.5% | $180,000 |
| 19 | Tennessee | 4.8% | -$255 | 1.07 | 7.4% | $280,000 |
| 20 | Michigan | 4.8% | -$211 | 1.08 | 8.4% | $225,000 |
| 21 | Maryland | 4.8% | -$339 | 1.07 | 7.8% | $360,000 |
| 22 | North Carolina | 4.8% | -$267 | 1.07 | 7.7% | $280,000 |
| 23 | Missouri | 4.7% | -$236 | 1.05 | 7.7% | $225,000 |
| 24 | Kansas | 4.4% | -$258 | 1.03 | 8.3% | $210,000 |
| 25 | Iowa | 4.3% | -$262 | 1.01 | 8.0% | $200,000 |
| 26 | District of Columbia | 4.2% | -$671 | 0.95 | 6.5% | $480,000 |
| 27 | Colorado | 4.2% | -$632 | 0.95 | 6.5% | $450,000 |
| 28 | Illinois | 4.2% | -$354 | 1.01 | 8.5% | $250,000 |
| 29 | Minnesota | 4.1% | -$438 | 0.96 | 7.1% | $295,000 |
| 30 | New Mexico | 4.1% | -$412 | 0.94 | 6.7% | $270,000 |
| 31 | Alaska | 4.0% | -$551 | 0.93 | 6.9% | $340,000 |
| 32 | Nebraska | 3.9% | -$393 | 0.95 | 7.7% | $235,000 |
| 33 | Oregon | 3.8% | -$744 | 0.88 | 6.1% | $420,000 |
| 34 | Utah | 3.7% | -$821 | 0.85 | 5.7% | $455,000 |
| 35 | Idaho | 3.7% | -$759 | 0.84 | 5.6% | $405,000 |
| 36 | Washington | 3.6% | -$957 | 0.85 | 5.9% | $500,000 |
| 37 | North Dakota | 3.6% | -$473 | 0.87 | 6.5% | $245,000 |
| 38 | Wisconsin | 3.5% | -$576 | 0.86 | 6.5% | $285,000 |
| 39 | California | 3.2% | -$1,444 | 0.77 | 5.3% | $650,000 |
| 40 | Vermont | 3.2% | -$745 | 0.83 | 6.4% | $335,000 |
| 41 | South Dakota | 3.2% | -$610 | 0.81 | 6.0% | $270,000 |
| 42 | Maine | 3.1% | -$807 | 0.78 | 5.6% | $350,000 |
| 43 | Connecticut | 3.1% | -$889 | 0.82 | 6.6% | $380,000 |
| 44 | Wyoming | 3.1% | -$744 | 0.75 | 5.1% | $315,000 |
| 45 | Hawaii | 3.0% | -$1,709 | 0.69 | 4.4% | $710,000 |
| 46 | Massachusetts | 2.9% | -$1,372 | 0.75 | 5.4% | $555,000 |
| 47 | New Hampshire | 2.8% | -$1,122 | 0.76 | 5.8% | $435,000 |
| 48 | New York | 2.8% | -$1,150 | 0.76 | 5.9% | $445,000 |
| 49 | Montana | 2.8% | -$1,035 | 0.70 | 4.9% | $395,000 |
| 50 | Rhode Island | 2.7% | -$1,168 | 0.72 | 5.3% | $435,000 |
| 51 | New Jersey | 2.4% | -$1,428 | 0.73 | 5.9% | $490,000 |
Affordability
The typical home against the median household income. Ranked by price-to-income, lowest first. The payment share is the full monthly payment on the typical home, with 10% down at 6.25% plus the state's property tax and insurance, as a share of median gross income; lenders' guideline is 28%.
| Rank | State | Price-to-income | Payment share | Monthly payment | Typical home | Median income |
|---|---|---|---|---|---|---|
| 1 | West Virginia | 2.9× | 24% | $1,220 | $177,000 | $60,798 |
| 2 | Iowa | 3.1× | 28% | $1,751 | $237,000 | $75,501 |
| 3 | Kansas | 3.3× | 29% | $1,855 | $246,000 | $75,514 |
| 4 | Mississippi | 3.3× | 29% | $1,443 | $195,000 | $59,127 |
| 5 | Oklahoma | 3.3× | 29% | $1,622 | $221,000 | $66,148 |
| 6 | Ohio | 3.4× | 30% | $1,799 | $246,000 | $72,212 |
| 7 | Louisiana | 3.5× | 33% | $1,684 | $214,000 | $60,986 |
| 8 | Illinois | 3.6× | 34% | $2,342 | $296,000 | $83,211 |
| 9 | Indiana | 3.6× | 30% | $1,775 | $257,000 | $71,959 |
| 10 | Kentucky | 3.6× | 30% | $1,630 | $231,000 | $64,526 |
| 11 | Alabama | 3.6× | 30% | $1,662 | $239,000 | $66,659 |
| 12 | Arkansas | 3.6× | 30% | $1,562 | $224,000 | $62,106 |
| 13 | Nebraska | 3.6× | 33% | $2,130 | $278,000 | $76,376 |
| 14 | Michigan | 3.6× | 32% | $1,954 | $264,000 | $72,389 |
| 15 | Pennsylvania | 3.7× | 32% | $2,070 | $287,000 | $77,545 |
| 16 | Missouri | 3.7× | 31% | $1,867 | $265,000 | $71,589 |
| 17 | Texas | 3.7× | 34% | $2,284 | $296,000 | $79,721 |
| 18 | North Dakota | 3.7× | 32% | $2,064 | $291,000 | $77,871 |
| 19 | Minnesota | 4.0× | 34% | $2,485 | $349,000 | $87,117 |
| 20 | Georgia | 4.1× | 35% | $2,314 | $329,000 | $79,991 |
| 21 | Maryland | 4.1× | 35% | $2,968 | $425,000 | $102,905 |
| 22 | South Dakota | 4.1× | 36% | $2,282 | $318,000 | $76,881 |
| 23 | Alaska | 4.2× | 36% | $2,837 | $398,000 | $95,665 |
| 24 | South Carolina | 4.2× | 35% | $2,094 | $304,000 | $72,350 |
| 25 | Wisconsin | 4.3× | 38% | $2,431 | $337,000 | $77,488 |
| 26 | Virginia | 4.5× | 36% | $2,777 | $412,000 | $92,090 |
| 27 | North Carolina | 4.5× | 37% | $2,287 | $332,000 | $73,958 |
| 28 | Tennessee | 4.6× | 37% | $2,210 | $331,000 | $71,997 |
| 29 | Delaware | 4.6× | 36% | $2,646 | $405,000 | $87,534 |
| 30 | Connecticut | 4.7× | 42% | $3,399 | $447,000 | $96,049 |
| 31 | New Mexico | 4.7× | 38% | $2,154 | $316,000 | $67,816 |
| 32 | Vermont | 4.7× | 42% | $2,869 | $392,000 | $82,730 |
| 33 | Florida | 4.8× | 44% | $2,828 | $375,000 | $77,735 |
| 34 | Wyoming | 4.9× | 39% | $2,473 | $369,000 | $75,532 |
| 35 | Arizona | 5.1× | 40% | $2,712 | $417,000 | $81,486 |
| 36 | New Hampshire | 5.1× | 45% | $3,747 | $511,000 | $99,782 |
| 37 | District of Columbia | 5.2× | 41% | $3,748 | $567,000 | $109,707 |
| 38 | Maine | 5.4× | 45% | $2,837 | $412,000 | $76,442 |
| 39 | Nevada | 5.4× | 43% | $2,876 | $441,000 | $81,134 |
| 40 | Colorado | 5.4× | 43% | $3,519 | $529,000 | $97,113 |
| 41 | New Jersey | 5.5× | 51% | $4,466 | $575,000 | $104,294 |
| 42 | Utah | 5.5× | 43% | $3,475 | $533,000 | $96,658 |
| 43 | Oregon | 5.8× | 47% | $3,350 | $493,000 | $85,220 |
| 44 | Idaho | 5.9× | 46% | $3,080 | $477,000 | $81,166 |
| 45 | Washington | 5.9× | 48% | $3,979 | $588,000 | $99,389 |
| 46 | Rhode Island | 6.1× | 52% | $3,631 | $509,000 | $83,504 |
| 47 | New York | 6.1× | 55% | $3,899 | $525,000 | $85,820 |
| 48 | Montana | 6.2× | 50% | $3,144 | $467,000 | $75,340 |
| 49 | Massachusetts | 6.2× | 52% | $4,571 | $655,000 | $104,828 |
| 50 | California | 7.6× | 61% | $5,055 | $762,000 | $100,149 |
| 51 | Hawaii | 8.3× | 63% | $5,253 | $833,000 | $100,745 |
Rent vs. buy
Net worth from buying the typical home against renting a comparable house (1.4× the median gross rent) and investing the difference at 6%, with 3.5% appreciation and rent growth. Ranked by the year buying pulls ahead for good. In 13 of 51, it never does within 30 years.
| Rank | State | Buying wins from | After 10 years | Price-to-rent | Typical home |
|---|---|---|---|---|---|
| 1 | West Virginia | Year 4 | Buy +$59,143 | 11.9 | $177,000 |
| 2 | Mississippi | Year 4 | Buy +$52,443 | 11.8 | $195,000 |
| 3 | Arizona | Year 5 | Buy +$71,754 | 14.7 | $417,000 |
| 4 | Georgia | Year 5 | Buy +$70,543 | 13.1 | $329,000 |
| 5 | Florida | Year 5 | Buy +$69,291 | 12.4 | $375,000 |
| 6 | Texas | Year 5 | Buy +$59,863 | 11.8 | $296,000 |
| 7 | Alabama | Year 5 | Buy +$50,065 | 13.3 | $239,000 |
| 8 | Indiana | Year 5 | Buy +$43,795 | 13.7 | $257,000 |
| 9 | Oklahoma | Year 5 | Buy +$41,624 | 12.6 | $221,000 |
| 10 | Arkansas | Year 5 | Buy +$40,624 | 13.6 | $224,000 |
| 11 | Louisiana | Year 5 | Buy +$37,917 | 11.9 | $214,000 |
| 12 | Nevada | Year 6 | Buy +$59,399 | 15.3 | $441,000 |
| 13 | Virginia | Year 6 | Buy +$49,232 | 14.9 | $412,000 |
| 14 | Delaware | Year 6 | Buy +$43,958 | 15.7 | $405,000 |
| 15 | South Carolina | Year 6 | Buy +$43,139 | 14.3 | $304,000 |
| 16 | Pennsylvania | Year 6 | Buy +$36,288 | 13.6 | $287,000 |
| 17 | Kentucky | Year 6 | Buy +$34,407 | 13.7 | $231,000 |
| 18 | Ohio | Year 6 | Buy +$31,467 | 13.4 | $246,000 |
| 19 | Maryland | Year 7 | Buy +$37,615 | 14.8 | $425,000 |
| 20 | Tennessee | Year 7 | Buy +$34,906 | 15.3 | $331,000 |
| 21 | North Carolina | Year 7 | Buy +$34,480 | 14.7 | $332,000 |
| 22 | Michigan | Year 7 | Buy +$28,105 | 13.6 | $264,000 |
| 23 | Missouri | Year 7 | Buy +$21,010 | 14.7 | $265,000 |
| 24 | Kansas | Year 8 | Buy +$16,660 | 13.6 | $246,000 |
| 25 | Iowa | Year 9 | Buy +$9,398 | 14.2 | $237,000 |
| 26 | Illinois | Year 9 | Buy +$8,157 | 13.3 | $296,000 |
| 27 | Colorado | Year 11 | Rent +$720 | 17.3 | $529,000 |
| 28 | New Mexico | Year 11 | Rent +$1,023 | 16.7 | $316,000 |
| 29 | District of Columbia | Year 11 | Rent +$3,501 | 17.4 | $567,000 |
| 30 | Minnesota | Year 12 | Rent +$8,716 | 16.2 | $349,000 |
| 31 | Nebraska | Year 13 | Rent +$12,753 | 15.1 | $278,000 |
| 32 | Alaska | Year 13 | Rent +$15,220 | 16.5 | $398,000 |
| 33 | Oregon | Year 18 | Rent +$40,931 | 18.5 | $493,000 |
| 34 | Utah | Year 19 | Rent +$50,461 | 20.0 | $533,000 |
| 35 | North Dakota | Year 21 | Rent +$29,477 | 17.6 | $291,000 |
| 36 | Idaho | Year 21 | Rent +$48,513 | 20.3 | $477,000 |
| 37 | Washington | Year 22 | Rent +$64,801 | 19.3 | $588,000 |
| 38 | Wisconsin | Year 25 | Rent +$40,357 | 17.4 | $337,000 |
| 39 | South Dakota | 30+ years | Rent +$54,642 | 19.0 | $318,000 |
| 40 | Vermont | 30+ years | Rent +$56,385 | 17.6 | $392,000 |
| 41 | Maine | 30+ years | Rent +$71,231 | 20.1 | $412,000 |
| 42 | Wyoming | 30+ years | Rent +$72,933 | 22.0 | $369,000 |
| 43 | Connecticut | 30+ years | Rent +$75,433 | 17.0 | $447,000 |
| 44 | New Hampshire | 30+ years | Rent +$117,319 | 19.5 | $511,000 |
| 45 | New York | 30+ years | Rent +$117,377 | 19.0 | $525,000 |
| 46 | Montana | 30+ years | Rent +$118,090 | 23.5 | $467,000 |
| 47 | California | 30+ years | Rent +$131,585 | 21.5 | $762,000 |
| 48 | Rhode Island | 30+ years | Rent +$132,697 | 21.5 | $509,000 |
| 49 | Massachusetts | 30+ years | Rent +$146,690 | 21.2 | $655,000 |
| 50 | New Jersey | 30+ years | Rent +$163,198 | 19.0 | $575,000 |
| 51 | Hawaii | 30+ years | Rent +$183,981 | 25.5 | $833,000 |
Methodology and sources
Each ranking runs the same code as the calculators, on each state's starting values. Change any assumption in that state's edition of the calculator to see how a specific property compares. Statewide figures hide large local differences: a county's tax rate or a neighborhood's rents can move a deal more than the state does.
- Typical home value: Zillow Home Value Index (all homes, mid tier, seasonally adjusted), September 2026.
- Median household income: U.S. Census Bureau, American Community Survey 1-year estimates, table B19013, 2024.
- Median gross rent: U.S. Census Bureau, American Community Survey 1-year estimates, table B25064, 2024.
- Effective property tax rate: Median real estate taxes paid (B25103) ÷ median home value (B25077), Census ACS 1-year, the Tax Foundation's method, 2024.
- Homeowners insurance: Keystone estimate of a typical annual premium. Replace it with a quote for the address, 2026.
Estimates for education only, not financial, tax, or lending advice. See the calculators for the formulas behind every column.