# How many years of rent does a home cost? The price-to-rent ratio in 49 big US metros: our calculation from Zillow, 2026-10-30
## The answer first (our calculation [1] from Zillow's home value and rent indexes, September 2026)
Price-to-rent ratio = typical home value / (typical monthly rent x 12): how many years of rent the typical home costs.
- United States: $366,157 / ($1,932 x 12) = 15.8 years (gross rental yield 6.33%). In September 2021: 16.0.
- Highest: San Jose 33.3 years ($1,523,615 vs $3,812 a month). Lowest: Pittsburgh 13.0 ($228,201 vs $1,467).
- Median of the 49 metros: 17.7 years. The ratio is higher than in 2021 in 20 of the 49 and lower or equal in 29.
- San Francisco's ratio fell from 33.2 to 27.1 in five years: home values +2.7%, rents +25.8%.
- New Orleans is the one big metro where the typical home value fell over five years (-7.1%) while rent rose (+15.8%): ratio 16.9 to 13.6.
- Chicago: rents +33.2% and home values +27.9% in five years, ratio 13.7.
Worked check, San Jose: 1,523,615 / (3,812 x 12 = 45,744) = 33.3. Second way, the yield: 45,744 / 1,523,615 = 3.00%, and 100 / 3.00 = 33.3.
## The table (our calculation [1]; values rounded to dollars; sorted from highest ratio)
| Metro | Typical home value | Typical rent a month | Years of rent | Gross yield | Ratio Sep 2021 | Home value 5-yr | Rent 5-yr |
| San Jose, CA | $1,523,615 | $3,812 | 33.3 | 3.0% | 36.0 | +16.4% | +25.9% |
| Salt Lake City, UT | $558,850 | $1,644 | 28.3 | 3.53% | 28.4 | +12.3% | +12.4% |
| San Francisco, CA | $1,120,379 | $3,445 | 27.1 | 3.69% | 33.2 | +2.7% | +25.8% |
| Los Angeles, CA | $950,020 | $2,929 | 27.0 | 3.7% | 26.9 | +19.2% | +18.7% |
| Seattle, WA | $720,147 | $2,250 | 26.7 | 3.75% | 28.2 | +9.8% | +16.2% |
| San Diego, CA | $926,961 | $2,967 | 26.0 | 3.84% | 26.3 | +21.6% | +22.8% |
| Portland, OR | $539,403 | $1,803 | 24.9 | 4.01% | 26.6 | +5.7% | +12.7% |
| Denver, CO | $555,487 | $1,900 | 24.4 | 4.1% | 25.3 | +4.1% | +8.1% |
| Austin, TX | $414,273 | $1,603 | 21.5 | 4.64% | 24.2 | -14.2% | -3.4% |
| Phoenix, AZ | $441,097 | $1,720 | 21.4 | 4.68% | 21.3 | +5.7% | +5.3% |
| Raleigh, NC | $428,267 | $1,669 | 21.4 | 4.68% | 20.6 | +16.1% | +12.1% |
| Sacramento, CA | $572,813 | $2,269 | 21.0 | 4.75% | 23.1 | +3.7% | +13.7% |
| Nashville, TN | $448,896 | $1,803 | 20.8 | 4.82% | 19.7 | +18.9% | +12.7% |
| Milwaukee, WI | $384,496 | $1,549 | 20.7 | 4.84% | 20.3 | +31.4% | +29.0% |
| Las Vegas, NV | $422,654 | $1,732 | 20.3 | 4.92% | 18.9 | +14.6% | +6.3% |
| Boston, MA | $725,639 | $2,987 | 20.2 | 4.94% | 20.5 | +23.8% | +25.1% |
| Providence, RI | $522,248 | $2,166 | 20.1 | 4.98% | 20.5 | +32.6% | +35.6% |
| Washington, DC | $569,857 | $2,407 | 19.7 | 5.07% | 20.7 | +12.9% | +18.4% |
| Richmond, VA | $392,106 | $1,706 | 19.2 | 5.22% | 19.0 | +27.1% | +25.7% |
| Riverside, CA | $580,321 | $2,533 | 19.1 | 5.24% | 19.4 | +16.7% | +18.8% |
| Minneapolis, MN | $387,807 | $1,736 | 18.6 | 5.37% | 19.7 | +10.8% | +17.3% |
| Charlotte, NC | $381,392 | $1,735 | 18.3 | 5.46% | 17.7 | +20.4% | +16.2% |
| Dallas, TX | $358,242 | $1,659 | 18.0 | 5.56% | 17.8 | +10.8% | +9.6% |
| Columbus, OH | $326,910 | $1,525 | 17.9 | 5.6% | 17.7 | +25.0% | +23.9% |
| Kansas City, MO | $324,887 | $1,534 | 17.7 | 5.66% | 18.2 | +26.1% | +30.1% |
| Jacksonville, FL | $350,574 | $1,680 | 17.4 | 5.75% | 16.9 | +16.9% | +13.6% |
| Louisville, KY | $278,562 | $1,339 | 17.3 | 5.77% | 18.0 | +22.3% | +26.6% |
| New York, NY | $730,949 | $3,546 | 17.2 | 5.82% | 18.1 | +27.7% | +34.5% |
| Baltimore, MD | $396,959 | $1,937 | 17.1 | 5.86% | 17.6 | +15.3% | +18.5% |
| Atlanta, GA | $375,898 | $1,843 | 17.0 | 5.88% | 16.3 | +17.6% | +12.5% |
| Philadelphia, PA | $386,048 | $1,903 | 16.9 | 5.92% | 16.2 | +28.0% | +22.9% |
| Cincinnati, OH | $305,940 | $1,522 | 16.7 | 5.97% | 17.0 | +26.3% | +28.2% |
| Orlando, FL | $383,302 | $1,929 | 16.6 | 6.04% | 16.0 | +20.1% | +15.8% |
| Hartford, CT | $398,703 | $1,998 | 16.6 | 6.01% | 15.3 | +44.5% | +32.8% |
| Buffalo, NY | $287,359 | $1,451 | 16.5 | 6.06% | 16.0 | +31.9% | +28.2% |
| Virginia Beach, VA | $371,181 | $1,886 | 16.4 | 6.1% | 16.9 | +25.7% | +29.2% |
| San Antonio, TX | $273,806 | $1,415 | 16.1 | 6.2% | 16.0 | +4.2% | +3.4% |
| St. Louis, MO | $273,164 | $1,427 | 16.0 | 6.27% | 16.5 | +24.9% | +29.5% |
| Indianapolis, IN | $291,634 | $1,528 | 15.9 | 6.29% | 16.5 | +22.6% | +27.2% |
| Houston, TX | $302,832 | $1,638 | 15.4 | 6.49% | 15.3 | +11.4% | +10.4% |
| Miami, FL | $476,815 | $2,654 | 15.0 | 6.68% | 14.5 | +29.0% | +24.6% |
| Tampa, FL | $356,843 | $1,991 | 14.9 | 6.7% | 15.0 | +15.8% | +16.7% |
| Detroit, MI | $264,316 | $1,514 | 14.6 | 6.87% | 14.7 | +21.9% | +23.0% |
| Oklahoma City, OK | $243,069 | $1,384 | 14.6 | 6.83% | 14.2 | +23.6% | +19.5% |
| Cleveland, OH | $250,001 | $1,440 | 14.5 | 6.91% | 14.5 | +32.5% | +32.3% |
| Memphis, TN | $242,102 | $1,393 | 14.5 | 6.91% | 14.5 | +15.5% | +16.0% |
| Chicago, IL | $355,650 | $2,163 | 13.7 | 7.3% | 14.3 | +27.9% | +33.2% |
| New Orleans, LA | $257,067 | $1,577 | 13.6 | 7.36% | 16.9 | -7.1% | +15.8% |
| Pittsburgh, PA | $228,201 | $1,467 | 13.0 | 7.71% | 14.3 | +12.2% | +23.5% |
## What the ratio is, and is not
- A high ratio means buying costs many years of rent; a low one means homes are cheap relative to rents. It is a first screen, not a decision.
- It leaves out mortgage rates, property tax, insurance, maintenance, transaction costs and how long you stay; those can flip the answer either way.
- Zillow's home value index (ZHVI, all homes, middle third of the market, smoothed, seasonally adjusted) and rent index (ZORI, smoothed)
describe a typical home and a typical asking rent in the metro, not the same homes; the two cover different housing stock.
- Gross yield = annual rent / home value, before any costs; not a return.
## How we did it
Zillow research data, downloaded 2026-10-30 (https://www.zillow.com/research/data/): Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv
and Metro_zori_uc_sfrcondomfr_sm_month.csv, September 2026 and September 2021, the 49 of the 50 largest metros with both values, joined on Zillow's region id.
## Voice notes for the writer
- Lead with the answer: the typical US home costs about 16 years of rent; San Jose 33, Pittsburgh 13; San Francisco's gap narrowed most since 2021.
- No rule of thumb ("above 20, rent") unless cited; no mortgage or rate figures (not in this material); no causes.