Data study · September 2026 market data
DSCR by State: Price-to-Rent Ratios
We ran the numbers for all 50 states: the median home value, the typical rent in its largest metro, and the resulting price-to-rent ratio — a rate-independent screen for comparing rental markets. 18 states land under a 15x ratio, generally considered favorable for rental cash flow.
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Key findings
- In September 2026 data, Mississippi has the lowest state price-to-rent ratio (median home value divided by 12 months of typical metro rent) of the 50 states, at 11.0x.
- In September 2026 data, Montana has the highest state price-to-rent ratio of the 50 states, at 28.0x.
- 18 of the 50 states have a price-to-rent ratio under 15x in September 2026 data.
- 13 of the 50 states have a price-to-rent ratio above 20x in September 2026 data.
- The median state price-to-rent ratio across all 50 states is 16.7x in September 2026 data.
- The gap between the lowest and highest state price-to-rent ratios is 17.0 points (Mississippi at 11.0x, Montana at 28.0x) in September 2026 data.
Lowest price-to-rent (cash-flow leaning)
- 1. Mississippi — 11.0x ($194,531 value vs $1,470/mo rent)
- 2. Louisiana — 11.3x ($213,867 value vs $1,577/mo rent)
- 3. Illinois — 11.4x ($295,943 value vs $2,163/mo rent)
- 4. Florida — 11.8x ($375,361 value vs $2,654/mo rent)
- 5. West Virginia — 12.2x ($176,576 value vs $1,210/mo rent)
Highest price-to-rent (appreciation-leaning)
| # | State | Median value | Metro rent | Price-to-rent |
|---|---|---|---|---|
| 1 | Mississippi(Jackson, MS) | $194,531 | $1,470 | 11.0x |
| 2 | Louisiana(New Orleans, LA) | $213,867 | $1,577 | 11.3x |
| 3 | Illinois(Chicago, IL) | $295,943 | $2,163 | 11.4x |
| 4 | Florida(Miami, FL) | $375,361 | $2,654 | 11.8x |
| 5 | West Virginia(Charleston, WV) | $176,576 | $1,210 | 12.2x |
| 6 | New York(New York, NY) | $524,942 | $3,546 | 12.3x |
| 7 | Pennsylvania(Philadelphia, PA) | $287,078 | $1,903 | 12.6x |
| 8 | Vermont(Burlington, VT) | $391,900 | $2,592 | 12.6x |
| 9 | Oklahoma(Oklahoma City, OK) | $220,801 | $1,384 | 13.3x |
| 10 | Ohio(Cincinnati, OH) | $245,982 | $1,522 | 13.5x |
| 11 | Indiana(Indianapolis, IN) | $257,165 | $1,528 | 14.0x |
| 12 | Alabama(Birmingham, AL) | $238,614 | $1,404 | 14.2x |
| 13 | Virginia(Washington, DC) | $412,252 | $2,407 | 14.3x |
| 14 | Kentucky(Louisville, KY) | $230,909 | $1,339 | 14.4x |
| 15 | Michigan(Detroit, MI) | $263,760 | $1,514 | 14.5x |
| 16 | Georgia(Atlanta, GA) | $329,115 | $1,843 | 14.9x |
| 17 | Texas(Dallas, TX) | $296,424 | $1,659 | 14.9x |
| 18 | Maine(Portland, ME) | $412,002 | $2,296 | 15.0x |
| 19 | Arkansas(Little Rock, AR) | $224,158 | $1,234 | 15.1x |
| 20 | Tennessee(Nashville, TN) | $330,844 | $1,803 | 15.3x |
| 21 | Iowa(Des Moines, IA) | $236,623 | $1,280 | 15.4x |
| 22 | Missouri(St. Louis, MO) | $265,387 | $1,427 | 15.5x |
| 23 | North Carolina(Charlotte, NC) | $332,159 | $1,735 | 16.0x |
| 24 | South Carolina(Greenville, SC) | $304,319 | $1,566 | 16.2x |
| 25 | Nebraska(Omaha, NE) | $278,299 | $1,398 | 16.6x |
| 26 | Minnesota(Minneapolis, MN) | $348,778 | $1,736 | 16.7x |
| 27 | Kansas(Wichita, KS) | $246,055 | $1,206 | 17.0x |
| 28 | Delaware(Salisbury, MD) | $405,061 | $1,947 | 17.3x |
| 29 | Alaska(Anchorage, AK) | $397,932 | $1,890 | 17.5x |
| 30 | New Mexico(Albuquerque, NM) | $315,812 | $1,490 | 17.7x |
| 31 | Wisconsin(Milwaukee, WI) | $337,196 | $1,549 | 18.1x |
| 32 | Maryland(Baltimore, MD) | $424,890 | $1,937 | 18.3x |
| 33 | Massachusetts(Boston, MA) | $655,219 | $2,987 | 18.3x |
| 34 | Connecticut(Hartford, CT) | $447,319 | $1,998 | 18.7x |
| 35 | New Jersey(Trenton, NJ) | $575,123 | $2,523 | 19.0x |
| 36 | Rhode Island(Providence, RI) | $508,507 | $2,166 | 19.6x |
| 37 | New Hampshire(Manchester, NH) | $510,937 | $2,165 | 19.7x |
| 38 | Wyoming(Cheyenne, WY) | $369,044 | $1,529 | 20.1x |
| 39 | Arizona(Phoenix, AZ) | $416,733 | $1,720 | 20.2x |
| 40 | Idaho(Boise City, ID) | $476,754 | $1,924 | 20.6x |
| 41 | South Dakota(Sioux Falls, SD) | $317,874 | $1,265 | 20.9x |
| 42 | Nevada(Las Vegas, NV) | $440,739 | $1,732 | 21.2x |
| 43 | California(Los Angeles, CA) | $761,538 | $2,929 | 21.7x |
| 44 | Washington(Seattle, WA) | $587,533 | $2,250 | 21.8x |
| 45 | North Dakota(Fargo, ND) | $290,657 | $1,103 | 22.0x |
| 46 | Oregon(Portland, OR) | $492,753 | $1,803 | 22.8x |
| 47 | Hawaii(Urban Honolulu, HI) | $832,932 | $3,015 | 23.0x |
| 48 | Colorado(Denver, CO) | $529,013 | $1,900 | 23.2x |
| 49 | Utah(Salt Lake City, UT) | $532,920 | $1,644 | 27.0x |
| 50 | Montana(Billings, MT) | $467,275 | $1,390 | 28.0x |
Price-to-rent ratio is median home value divided by 12 months of typical metro rent. Under 15x (green) is generally favorable for rental cash flow; 15x-20x (amber) is a balanced market; above 20x leans toward appreciation over cash flow. Click any state for its dedicated DSCR loan page.
Run the numbers on a specific property
State medians are a screen — deals are won property by property. Get DSCR numbers for your actual address, rent, and down payment with an AI-powered mortgage quote.
Methodology
- Home values: Zillow Home Value Index (ZHVI), state-level, mid-tier single-family and condo, smoothed and seasonally adjusted — September 2026.
- Rents:Zillow Observed Rent Index (ZORI) for each state's largest metro (shown in parentheses), smoothed and seasonally adjusted — September 2026.
- Price-to-rent ratio: median home value divided by 12 months of typical metro rent. It needs no interest rate, loan amount, or payment assumption, which is why it stays current between rate changes and works as an apples-to-apples comparison across states.
- What this is:a market screen for comparing states — not a quote, rate lock, loan commitment, or a substitute for a lender's DSCR calculation on a specific property. 4Homes arranges financing through licensed lending sources nationwide.
Source data: Zillow Research (zillow.com/research/data).
How to cite this study
4Homes, "DSCR by State: Price-to-Rent Ratios," September 2026, https://4homes.com/dscr-by-state
The data in this study may be reused with credit to 4Homes.
Frequently asked questions
What does the price-to-rent ratio in this table mean?
It's the state's median home value divided by 12 months of typical metro rent. A ratio under 15 is generally considered favorable for rental cash flow; 15-20 is a balanced market; above 20 leans toward appreciation over cash flow. It's a market screen, not a quote — actual deals depend on the specific property.
Why do lower-priced states rank higher on cash flow?
Rents don't fall as fast as home prices do. A $200,000 Midwest rental often collects a rent close to half that of an $800,000 coastal home, at a quarter of the price — so the ratio of price to rent is structurally more favorable in lower-priced markets.
Can a deal still work in a state with a high price-to-rent ratio?
Yes. These are median-home, largest-metro figures. Investors in expensive states make deals work with larger down payments, multi-unit properties, below-median purchases, or higher-rent submarkets within the same state. Many DSCR programs also allow lower coverage ratios with compensating factors.
Is price-to-rent the same as a DSCR loan's coverage ratio?
No. Price-to-rent compares the purchase price to annual rent and needs no financing assumptions. A DSCR loan's debt-service coverage ratio compares the property's monthly rent to its actual monthly mortgage payment, which depends on the loan amount, term, and rate. Price-to-rent is a useful first screen before running the DSCR math on a specific deal.