Of the 40 states and the District of Columbia where we are licensed, rent is highest compared with home values in Mississippi. There a year of the median rent equals about 6.74 dollars for every 100 dollars of the median home value. In Hawaii it is about 2.82 dollars, less than half as much, and for the whole country it is about 5.10.
I put this table together for landlords comparing places to buy a rental, including those looking at a DSCR loan, a business-purpose mortgage based on the property’s own rent instead of your personal income.
The table: 40 states and the District of Columbia
Amounts are in dollars. “Per 100 of value” means for every 100 dollars of the median home value. States run from the highest rent share to the smallest, with the national figure last. A linked name goes to our page on DSCR loans in that state.
| State | Median home value | Median rent, a month | Rent per 100 of value | Owner tax per 100 of value |
|---|---|---|---|---|
| Mississippi | 169,800 | 954 | 6.74 | 0.72 |
| Oklahoma | 199,800 | 1,014 | 6.09 | 0.80 |
| Arkansas | 188,000 | 947 | 6.04 | 0.55 |
| Texas | 283,800 | 1,403 | 5.93 | 1.49 |
| Louisiana | 216,500 | 1,064 | 5.90 | 0.55 |
| Kansas | 217,200 | 1,060 | 5.86 | 1.29 |
| Michigan | 231,600 | 1,129 | 5.85 | 1.25 |
| Indiana | 218,200 | 1,062 | 5.84 | 0.74 |
| Illinois | 263,300 | 1,274 | 5.81 | 2.01 |
| Ohio | 214,800 | 1,034 | 5.78 | 1.31 |
| Alabama | 209,900 | 1,007 | 5.76 | 0.38 |
| Pennsylvania | 254,500 | 1,209 | 5.70 | 1.30 |
| Kentucky | 205,600 | 967 | 5.64 | 0.75 |
| Iowa | 208,000 | 972 | 5.61 | 1.39 |
| Florida | 359,000 | 1,669 | 5.58 | 0.76 |
| Georgia | 303,300 | 1,393 | 5.51 | 0.77 |
| South Carolina | 259,000 | 1,180 | 5.47 | 0.48 |
| New Mexico | 248,100 | 1,067 | 5.16 | 0.70 |
| North Carolina | 288,900 | 1,228 | 5.10 | 0.66 |
| Tennessee | 286,700 | 1,189 | 4.98 | 0.50 |
| Virginia | 383,700 | 1,579 | 4.94 | 0.73 |
| Wisconsin | 266,500 | 1,087 | 4.89 | 1.42 |
| Maryland | 419,900 | 1,705 | 4.87 | 0.97 |
| Connecticut | 366,900 | 1,488 | 4.87 | 1.81 |
| Alaska | 352,900 | 1,419 | 4.83 | 1.11 |
| Delaware | 352,000 | 1,401 | 4.78 | 0.50 |
| Arizona | 394,500 | 1,543 | 4.69 | 0.48 |
| Minnesota | 329,300 | 1,280 | 4.66 | 1.02 |
| New Jersey | 454,400 | 1,720 | 4.54 | 2.11 |
| New Hampshire | 402,500 | 1,491 | 4.45 | 1.66 |
| Nevada | 435,400 | 1,597 | 4.40 | 0.47 |
| Colorado | 539,400 | 1,761 | 3.92 | 0.48 |
| Oregon | 477,600 | 1,525 | 3.83 | 0.81 |
| Massachusetts | 562,100 | 1,762 | 3.76 | 1.07 |
| Washington | 564,600 | 1,760 | 3.74 | 0.81 |
| Utah | 489,400 | 1,496 | 3.67 | 0.52 |
| Idaho | 418,600 | 1,238 | 3.55 | 0.49 |
| Montana | 375,800 | 1,081 | 3.45 | 0.72 |
| California | 734,700 | 2,036 | 3.33 | 0.70 |
| District of Columbia | 737,100 | 1,954 | 3.18 | 0.58 |
| Hawaii | 839,100 | 1,971 | 2.82 | 0.27 |
| United States, national figure | 332,700 | 1,413 | 5.10 | 0.94 |
Source: U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, tables B25064, B25077 and B25103, read from data.census.gov on November 4, 2026. Shares worked out by Fidelity Residential.
How the figures were worked out
- Rent per 100 of value: the median monthly gross rent times 12, divided by the median value of owner-occupied homes, times 100.
- Owner tax per 100 of value: the median real estate taxes paid by owners, divided by the median value, times 100.
- The national figure: the same tables for the United States as a whole.
What it can and cannot tell you
This is a rough state-level comparison, not a return on any property:
- Different homes. Across the country, 82 in every 100 owner households live in a detached single-family house, against 25 in every 100 renter households, so the median rent and the median value describe different kinds of property.
- Gross rent. It includes the utilities and fuel that some tenants pay on top of the rent.
- Costs left out. Taxes, insurance, repairs, vacancy and financing are not counted in the rent share.
- A state is a wide area. A state median mixes cities, suburbs and rural counties. Our New Jersey county table shows how far one state can vary.
- Survey estimates. The medians are averaged over five years, not this year’s prices, and each has a margin of error. States a few hundredths apart, such as Kansas, Michigan and Indiana, are within that margin of each other.
What the table shows
- The South and Midwest lead. The ten highest rent shares are all in the South or the Midwest, from Mississippi, Oklahoma and Arkansas to Michigan, Indiana and Ohio.
- Western states trail. Eight of the ten smallest are in the West, with California at about 3.33 and Hawaii at about 2.82.
- Above and below the nation. Nineteen of the 41 are above the national figure of about 5.10, North Carolina only just, and 22 are below.
- Tax bills change the picture. Illinois, at about 5.81, and Alabama, at about 5.76, are almost level on rent, but the Illinois tax share, about 2.01, is more than five times Alabama’s, about 0.38. New Jersey has the largest tax share in the table, about 2.11.
What it means for an investor
A DSCR loan compares the property’s monthly rent with its full monthly payment: principal, interest, property taxes, insurance and any association dues. Where prices and tax bills are lower compared with rents, the same rent has less to cover.
State medians are a starting point, not a substitute for the lease, the appraiser’s market rent, the tax bill and the insurance quote on the property you have in mind. Run that property’s own figures in our DSCR calculator, and use the rental property calculator for its cap rate and cash-on-cash return. Our page on DSCR loans explains how the loan works.
Frequently asked questions
Why does the table show 40 states and the District of Columbia?
Fidelity Residential is licensed in 40 states and the District of Columbia, and the table covers those. The national figure covers the whole country.
Is rent per 100 of value the same as a return on a rental?
No. It compares a year of gross rent with a home value before taxes, insurance, repairs, vacancy and financing. The rental property calculator works out one property’s net operating income and cap rate from its own figures.
Can I use a state median for a DSCR loan?
No. The rent used is generally the lower of the lease and the appraiser’s market rent, and the payment uses the property’s own tax bill and insurance.
Sources
- U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, table B25064, Median Gross Rent, states (opens in a new tab), accessed November 4, 2026.
- U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, table B25077, Median Value, owner-occupied homes, states (opens in a new tab), accessed November 4, 2026.
- U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, table B25103, Median Real Estate Taxes Paid, states (opens in a new tab), accessed November 4, 2026.
- U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024, table B25032, Tenure by Units in Structure, United States (opens in a new tab), accessed November 4, 2026.
Facts from these sources are stated in our own words. Last reviewed .
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