Price-to-rent ratio by city

What this ratio tells you—and what it leaves out

A ratio of 20× means the home value equals 20 times the starting annual rent. A lower ratio describes a lower value relative to rent; a higher ratio describes a higher value relative to rent. Neither is a break-even year or a financial verdict.

The ratio excludes mortgage interest, property taxes, insurance, maintenance, HOA fees, purchase and selling costs, investment returns and your length of stay. It also holds the starting rent and home value still. Different assumptions can change a five-year comparison even when the starting ratio is identical.

For a worked example, read the five-year rent vs buy guide or inspect the nine hypothetical appreciation and selling-cost scenarios. These are disclosed scenarios, not market forecasts.

Source definitions and observation dates

Home values use Zillow's Home Value Index (ZHVI), an estimate of typical home values. Monthly rents use the Zillow Observed Rent Index (ZORI), a smoothed measure of typical observed market-rate rents. ZORI uses repeat-rent methods and weighting; it is not the average rent of the homes represented in ZHVI.

These recovered indices are not median sale prices, current listings, mortgage offers or matched quotes for one property. The observation date beside each value identifies the period represented. A missing date is labeled unavailable. The table covers only the paired city observations available here, not every US city.

Primary sources: Zillow Research data and index definitions and ZORI repeat-rent methodology.