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Rent-to-Price Ratio and Gross Rental Yield by State
The measurement behind “can you still hit the 1% rule?” — HUD’s FY2027 two-bedroom Fair Market Rent divided by the June 2026 Zillow Home Value Index, for all 50 states. On statewide medians the answer is currently no states.
0.429%
median state, rent ÷ price per month
0.586%
highest: Illinois
0.278%
lowest: Utah
Download the data
50 rows · HUD FY2027 Fair Market Rent · Zillow ZHVI June 2026 · verified 2026-10-07.
License: CC BY 4.0 .
How to cite
Attribute the compilation to StateCalc and link this canonical page so readers can inspect the source periods, the methodology and the stated limits.
StateCalc. "StateCalc Rent-to-Price Ratio and Gross Rental Yield by State." https://statecalc.com/data/rent-to-price-ratio-by-state/ (data verified 2026-10-07). CC BY 4.0.
Methodology and limits
Each row divides one state's HUD FY2027 two-bedroom Fair Market Rent (in force from October 1, 2026; the average of HUD's FY2027 county and town FMRs weighted by renter households, Census ACS 2020-2024) by that state's Zillow Home Value Index value for June 2026 (all-homes mid-tier, smoothed and seasonally adjusted). Monthly rent-to-price is rent / value * 100; annual gross yield is rent * 12 / value * 100; gross rent multiplier is value / (rent * 12). No smoothing, imputation or adjustment is applied on top of the two published series. These are median-vs-median statewide ratios and are not claims about individual properties; because Fair Market Rent is a 40th-percentile housing-assistance standard rather than achievable asking rent, the ratios published here run below what a renovated single-family rental can command.
- Median vs. median: each ratio divides one statewide aggregate by another. It is not a measurement of any individual property, and it does not mean no property in a state reaches 1%.
- HUD Fair Market Rent is a 40th-percentile housing-assistance standard, not achievable asking rent. For a renovated single-family home it generally sits below market, which biases every ratio here downward.
- The two series differ in vintage and construction (a smoothed home-value index vs. an administratively set rent standard), so the ratio is directional rather than a precise investable yield.
- Gross figures only. Nothing here is net of property tax, insurance, vacancy, maintenance, capital expenditure, management or financing.
- No statutory, tax or legal figure is asserted, and nothing here has been reviewed by a named professional.
Primary sources: HUD Fair Market Rents for the rent series and Zillow Research for the home value index. The same arithmetic drives the 1% rule calculator, so the dataset and the calculator cannot disagree.
All 50 states, ranked
| State | Median home value | 2BR FMR | Rent ÷ price | Gross yield | GRM |
|---|---|---|---|---|---|
| Illinois (IL) | $299,000 | $1,752/mo | 0.586% | 7.03% | 14.22 |
| West Virginia (WV) | $183,000 | $1,040/mo | 0.568% | 6.82% | 14.66 |
| Mississippi (MS) | $198,000 | $1,095/mo | 0.553% | 6.64% | 15.07 |
| Louisiana (LA) | $218,000 | $1,177/mo | 0.540% | 6.48% | 15.43 |
| Florida (FL) | $378,000 | $2,005/mo | 0.530% | 6.37% | 15.71 |
| Pennsylvania (PA) | $294,000 | $1,556/mo | 0.529% | 6.35% | 15.75 |
| Ohio (OH) | $252,000 | $1,294/mo | 0.513% | 6.16% | 16.23 |
| Michigan (MI) | $270,000 | $1,381/mo | 0.511% | 6.14% | 16.29 |
| Oklahoma (OK) | $225,000 | $1,141/mo | 0.507% | 6.09% | 16.43 |
| Indiana (IN) | $262,000 | $1,320/mo | 0.504% | 6.05% | 16.54 |
| Kentucky (KY) | $235,000 | $1,177/mo | 0.501% | 6.01% | 16.64 |
| Texas (TX) | $303,000 | $1,517/mo | 0.501% | 6.01% | 16.64 |
| New York (NY) | $526,000 | $2,565/mo | 0.488% | 5.85% | 17.09 |
| Alabama (AL) | $242,000 | $1,175/mo | 0.486% | 5.83% | 17.16 |
| Maryland (MD) | $436,000 | $2,104/mo | 0.483% | 5.79% | 17.27 |
| Kansas (KS) | $253,000 | $1,213/mo | 0.479% | 5.75% | 17.38 |
| Arkansas (AR) | $229,000 | $1,073/mo | 0.469% | 5.62% | 17.79 |
| Iowa (IA) | $241,000 | $1,125/mo | 0.467% | 5.60% | 17.85 |
| Missouri (MO) | $272,000 | $1,266/mo | 0.465% | 5.59% | 17.90 |
| Georgia (GA) | $335,000 | $1,528/mo | 0.456% | 5.47% | 18.27 |
| South Carolina (SC) | $309,000 | $1,396/mo | 0.452% | 5.42% | 18.45 |
| Vermont (VT) | $402,000 | $1,816/mo | 0.452% | 5.42% | 18.45 |
| Nebraska (NE) | $284,000 | $1,274/mo | 0.449% | 5.38% | 18.58 |
| Connecticut (CT) | $455,000 | $2,039/mo | 0.448% | 5.38% | 18.60 |
| Minnesota (MN) | $357,000 | $1,532/mo | 0.429% | 5.15% | 19.42 |
| North Carolina (NC) | $340,000 | $1,460/mo | 0.429% | 5.15% | 19.41 |
| Virginia (VA) | $420,000 | $1,791/mo | 0.426% | 5.12% | 19.54 |
| Delaware (DE) | $412,000 | $1,753/mo | 0.425% | 5.11% | 19.59 |
| Tennessee (TN) | $339,000 | $1,406/mo | 0.415% | 4.98% | 20.09 |
| Maine (ME) | $424,000 | $1,755/mo | 0.414% | 4.97% | 20.13 |
| New Mexico (NM) | $321,000 | $1,292/mo | 0.402% | 4.83% | 20.70 |
| New Jersey (NJ) | $585,000 | $2,321/mo | 0.397% | 4.76% | 21.00 |
| Massachusetts (MA) | $673,000 | $2,598/mo | 0.386% | 4.63% | 21.59 |
| New Hampshire (NH) | $523,000 | $2,016/mo | 0.385% | 4.63% | 21.62 |
| Alaska (AK) | $401,000 | $1,539/mo | 0.384% | 4.61% | 21.71 |
| Arizona (AZ) | $423,000 | $1,619/mo | 0.383% | 4.59% | 21.77 |
| North Dakota (ND) | $294,000 | $1,107/mo | 0.377% | 4.52% | 22.13 |
| Nevada (NV) | $448,000 | $1,686/mo | 0.376% | 4.52% | 22.14 |
| Wisconsin (WI) | $342,000 | $1,275/mo | 0.373% | 4.47% | 22.35 |
| Rhode Island (RI) | $517,000 | $1,917/mo | 0.371% | 4.45% | 22.47 |
| South Dakota (SD) | $326,000 | $1,191/mo | 0.365% | 4.38% | 22.81 |
| Colorado (CO) | $543,000 | $1,944/mo | 0.358% | 4.30% | 23.28 |
| California (CA) | $776,000 | $2,715/mo | 0.350% | 4.20% | 23.82 |
| Washington (WA) | $603,000 | $2,106/mo | 0.349% | 4.19% | 23.86 |
| Oregon (OR) | $504,000 | $1,710/mo | 0.339% | 4.07% | 24.56 |
| Montana (MT) | $476,000 | $1,562/mo | 0.328% | 3.94% | 25.39 |
| Hawaii (HI) | $837,000 | $2,487/mo | 0.297% | 3.57% | 28.05 |
| Wyoming (WY) | $373,000 | $1,107/mo | 0.297% | 3.56% | 28.08 |
| Idaho (ID) | $482,000 | $1,372/mo | 0.285% | 3.42% | 29.28 |
| Utah (UT) | $542,000 | $1,506/mo | 0.278% | 3.33% | 29.99 |
Both source series were last pulled into this site’s state dataset on 2026-10-07. 12 of 50 states currently clear 0.50% monthly rent-to-price; 0 clear 1.00%. Each state name links to that state’s rental property ROI calculator, which adds the property tax and insurance figures this gross ratio deliberately omits.