The price-to-rent ratio is the quickest way to see whether a city favors renting or buying: the median home value divided by a year of median rent. The lower it is, the cheaper buying is compared with renting.
Using Census data for all 186 US cities of 150,000+ people, the typical ratio is 21.3.
Where buying is cheapest compared with renting
| City | Median rent | Median home value | Price-to-rent |
|---|---|---|---|
| Detroit, MI | $1,091 | $95,900 | 7.3 |
| Cleveland, OH | $961 | $109,600 | 9.5 |
| Toledo, OH | $908 | $122,600 | 11.3 |
| Akron, OH | $968 | $142,200 | 12.2 |
| Rochester, NY | $1,090 | $164,300 | 12.6 |
| Augusta, GA | $1,328 | $203,100 | 12.7 |
| Fayetteville, NC | $1,372 | $211,300 | 12.8 |
| Kansas City, KS | $1,232 | $192,800 | 13.0 |
| Birmingham, AL | $1,206 | $189,800 | 13.1 |
| Buffalo, NY | $1,142 | $187,000 | 13.6 |
| Memphis, TN | $1,263 | $209,800 | 13.8 |
| Mesquite, TX | $1,604 | $267,000 | 13.9 |
| Pittsburgh, PA | $1,304 | $220,400 | 14.1 |
| Philadelphia, PA | $1,500 | $253,600 | 14.1 |
| Lehigh Acres, FL | $1,937 | $332,800 | 14.3 |
Where renting is the relative bargain
| City | Median rent | Median home value | Price-to-rent |
|---|---|---|---|
| Bellevue, WA | $2,496 | $1,508,500 | 50.4 |
| Sunnyvale, CA | $2,889 | $1,719,600 | 49.6 |
| San Francisco, CA | $2,448 | $1,314,700 | 44.8 |
| Glendale, CA | $2,221 | $1,182,800 | 44.4 |
| Fremont, CA | $2,914 | $1,478,200 | 42.3 |
| Irvine, CA | $3,091 | $1,510,300 | 40.7 |
| Los Angeles, CA | $1,958 | $947,900 | 40.3 |
| San Jose, CA | $2,674 | $1,271,200 | 39.6 |
| Seattle, WA | $2,007 | $950,800 | 39.5 |
| Honolulu, HI | $1,815 | $850,100 | 39.0 |
| Huntington Beach, CA | $2,507 | $1,163,800 | 38.7 |
| Oakland, CA | $2,008 | $884,000 | 36.7 |
| Long Beach, CA | $1,962 | $849,500 | 36.1 |
| Salt Lake City, UT | $1,440 | $620,100 | 35.9 |
| New York, NY | $1,811 | $778,600 | 35.8 |
For the full sortable table, methodology, and a CSV download, see the report: Price-to-Rent Ratios in 186 US Cities, Fall 2026.
How to read the ratio
A rough guide many analysts use:
- Under about 15: ownership costs can approach rent quickly, so buying deserves a serious look if you'll stay.
- 15 to 20: it depends on your timeline and the local trend.
- Over 20: renting is usually cheaper month to month; buying is a longer-term bet on appreciation.
These are rules of thumb, not verdicts. Mortgage rates, property taxes, and how long you'll stay matter more. The 5% rule is a more complete test.
Why these ratios differ from our 30-city table
Our rent or buy by city page shows ratios for 30 large cities from live listings: asking rents and list prices. This post uses the Census Bureau's figures: what all renters pay including utilities, and what owners say their home is worth, for 2024. Asking prices run higher than both, so the two sets of ratios aren't interchangeable. Compare cities within one table, not across them.
Sources
- U.S. Census Bureau, American Community Survey 1-year estimates, for every US city of 150,000+ people. Medians are used only where the margin of error is within 10% of the estimate. 2024 survey: median gross rent and median value of owner-occupied homes.
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