Typical US home costs 15.8 years of rent; San Jose 33.3

As of September 2026, buying the typical US home costs about 16 years’ worth of rent at the national average, according to our own analysis from Zillow’s rent and home value indexes across 49 major metros [1]. This ratio, known as the price-to-rent ratio, gives a quick sense of how home prices stack up to local rents—and varies dramatically from city to city [1].

The price-to-rent ratio: What it shows, and what it leaves out

Our own calculation (October 2026) finds the typical US home is priced at 15.8 years of typical rent, using Zillow's home value and rent indexes for 49 metros [1]. This ratio—home value divided by annual rent—offers a clean, side-by-side readout for how stretched home prices are relative to local rents.

What it captures: You can quickly see which markets are outliers. In San Jose, for example, a typical home costs 33.3 years of rent; in Pittsburgh, just 13.0 [1]. This makes the ratio a useful first cut for comparing markets across regions and years.

What it leaves out: The ratio is a gross measure. It ignores the real monthly costs of owning, which are not limited to the purchase price. Mortgage interest, property taxes, insurance, and maintenance can add materially to the cost of buying[1]. But the ratio itself does not adjust for them, nor for whether the rent and home price are for similar properties—the two indexes often pool homes and apartments differently [1,2]. If you want a fairer buy-vs-rent comparison, you’ll need to layer on these costs or start from a “total monthly payment” calculator.

No source here gives a single national adjustment for these omitted owner costs; they vary by home and region, and they can move the answer either way [1].

Where the ratio is highest and lowest: San Jose, Pittsburgh, and the US range

Our calculation found the US ratio is 15.8 years, but the range across cities is vast [1]. Here’s how the extremes look:

• San Jose, CA: At 33.3 years, it would take over three decades of paying the typical rent to equal the price of the typical home—the highest of the 49 metros we measured [1].
• Pittsburgh, PA: The lowest among major metros, with a ratio of 13.0 years [1].
• Median metro: Across the 49 metros we measured, the median ratio is 17.7 years—half the metros are above that and half below [1].

All figures come from our own calculation, using Zillow’s indexes as of September 2026 [1].

Cities where the ratio shifted most: San Francisco and New Orleans

The ratio is not fixed: it moves as home prices and rents change at different speeds. Some cities have seen big shifts in the past five years:

• San Francisco, CA: The price-to-rent ratio fell from 33.2 in 2021 to 27.1 in 2026, as rents rose 25.8% but home values barely moved (up 2.7%) [1]. This means homes became relatively cheaper *compared to* rent, even though both are still very expensive.
• New Orleans, LA: The only large metro where typical home values *fell* over five years (down 7.1%), while rents *rose* (up 15.8%) [1]. The price-to-rent ratio dropped from 16.9 to 13.6, making buying look less expensive relative to renting than five years ago.

These changes matter if you’re watching for cities where the buy-vs-rent equation is shifting.

The full list: Price-to-rent ratios for 49 metros

Below, a selection from the ranked table of 49 major metros—figures are from our calculation using Zillow’s data as of September 2026 [1]. The "Years of Rent" column shows how many years at the local typical rent it would take to buy the typical home.

For the full metro-by-metro table, see the detailed results here [1].

A worked example

Take San Jose, CA—the highest price-to-rent ratio in our 2026 calculation [1]. The typical home here is valued at $1,523,615, while the typical rent runs $3,812 a month [1]. Annualizing rent ($3,812 × 12) gives $45,744. Dividing the home value by this annual rent yields 33.3: it would take over 33 years of rent payments to match the price of buying the typical home, *not* counting financing, taxes, or repairs [1].

Contrast that with Pittsburgh, PA, where the same method applies: $228,201 home value, $1,467 monthly rent, $17,604 annual rent [1]. The ratio here is 13.0. In practical terms, for every year of rent in San Jose, you’d be buying about 3% of a typical home; in Pittsburgh, it’s closer to 8% [1]. This comparison frames how much more quickly rent "adds up" to a home purchase in some markets than others, even before you factor in the costs that come after the sale.

Questions readers ask

How does the price-to-rent ratio help me decide whether to rent or buy?

It gives a quick snapshot of how stretched home prices are compared to rents in a given city. However, it does not account for your personal financial situation, mortgage rates, or how long you plan to stay, which can make a big difference.

Did other costs or factors go into these ratios?

No; the ratios here are gross numbers based only on Zillow's typical home value and asking rent indexes for each metro, and do not include mortgage rates, property taxes, insurance, maintenance, or transaction costs [1].

Where can I find more detail on how rents have changed recently?

See our analysis of recent rent trends city by city in ["Where US rents rose and where they stalled in the past year, city by city"](/blog/where-us-rents-rose-and-where-they-stalled-in-past-year-city-by-city).

How the numbers work

These figures were computed for this article, not estimated by its writer. Inputs come from the numbered sources or are assumptions, labelled as such; change an assumption and the results change with it.

*Corrected 2026-10-31: Headline said "on average"; 15.8 years is the national typical value, from our calculation on Zillow data. Headline was: "Typical US home costs 16 years of rent on average".*

Sources

1. Our own calculation (2026-10-30): Price-to-rent ratios for 49 US metros from Zillow ZHVI and ZORI, September 2026: our calculation
2. Housing Data | Zillow Research