Housing

Are Houses Cheap Right Now?

But did they get a deal?

hide captionBut did they get a deal?

.

Houses are much cheaper than they were six years ago. Of course, six years ago was the peak of the biggest housing bubble in the history of America.

So does "much cheaper than they were six years ago" mean cheap? Does it mean "cheaper, but still overpriced"? Or does it mean "about right?"

As we noted last year, there are a couple of helpful ways to ask this question. And the answers depend partly on where you live. Here's what those numbers mean, followed by a list of key numbers for dozens of cities around the country.

1. What's the cost of buying versus renting?

This is called the price-to-rent ratio. It's the the cost of the median home divided by a year's median rent.

The classic rule of thumb is that when the ratio is under 20, buying probably makes more sense than renting (assuming you have a down payment, plan to live in the house for five years or more, etc).

But over the long-term, the ratio has consistently been higher in some places and lower in others. So it's worth comparing where your city is now to where it was before the bubble. A ratio that's higher than historic norms suggests prices may have further to fall (or that an area has gone through some kind of fundamental, long-term change).

2. How much do houses cost relative to family income?

This is called the price-to-income ratio. It's the median home price divided by median household income.

During the boom, this ratio shot way up, as home prices rose faster than incomes. Now, in most places, this ratio is below its historical norm, suggesting houses are a good buy.

  • Price-to-Rent Ratios
  • Price-to-Income Ratios
Metropolitan area Peak of
the bubble
(Q1 2006)
Current
(Q2 2012)
Long-term
average
(1989-2003)
Metropolitan Area Average21.4114.3512.49
Atlanta, GA19.0412.9113.42
Austin, TX20.0020.6515.79
Boston, MA22.9814.615.37
Baltimore, MD21.0517.7611.30
Charlotte, NC22.6720.1716.17
Chicago, IL23.3913.1216.19
Cincinnati, OH18.0014.7214.58
Cleveland, OH16.1912.3813.24
Columbus, OH20.8816.4615.68
Dallas - Fort Worth, TX16.8916.2115.58
Denver, CO25.3419.7416.30
Detroit, MI18.3710.1213.42
East Bay, CA53.4929.6229.08
Fort Lauderdale, FL28.7015.0313.36
Hartford, CT20.4817.5713.51
Honolulu, HI36.6931.3823.02
Houston, TX15.9416.8313.34
Indianapolis, IN16.7315.5713.78
Inland Empire, CA29.0713.416.60
Jacksonville, CA21.4313.612.12
Kansas City, MO17.8414.9413.62
Las Vegas, NV30.6213.1614.96
Long Island, NY24.9118.1512.08
Los Angeles, CA2916.1912.57
Memphis, TN19.3715.0615.75
Miami, FL30.1614.4712.19
Milwaukee, WI23.7819.1915.03
Minneapolis, MN21.7613.8513.48
Nashville, TN23.7221.7516.99
New Orleans, LA22.1615.813.16
New York, NY18.6512.849.42
Norfolk, VA24.6419.7316.5
Newark, NJ32.8222.8619.01
Oklahoma City, OK13.5313.0211.33
Santa Ana, CA43.9726.2420.54
Orlando, FL24.5111.8212.49
West Palm Beach, FL27.8113.2413.06
Philadelphia, PA17.7712.9610.38
Phoenix, AZ26.3513.7112.07
Pittsburgh, PA11.9411.449.85
Portland, OR32.0922.4617.36
Raleigh, NC22.7521.2917.55
Richmond, VA22.7419.5214.3
Sacramento, CA30.2814.5215.59
Salt Lake City, UT20.6617.8114.193
San Antonio, TX15.1215.6812.62
San Diego, CA36.6621.1818.18
San Francisco, CA48.8328.5927.611
San Jose, CA52.7131.7926.5
Seattle, WA30.1221.0116.76
Bridgeport, CT30.5423.5916.86
St. Louis, MO17.7615.2613.01
Tampa, FL25.2213.113.31
Washington, DC27.1916.6712.80
Metropolitan area Peak of
the bubble
(Q1 2006)
Current
(Q2 2012)
Long-term
average
(1989-2003)
U.S.2.771.671.92
Abilene, TX Metropolitan Statistical Area1.691.541.69
Akron, OH Metropolitan Statistical Area1.471.051.45
Albany, GA Metropolitan Statistical Area1.451.161.39
Albany-Schenectady-Troy, NY Metropolitan Statistical Area2.051.711.64
Albuquerque, NM Metropolitan Statistical Area2.131.852.09
Alexandria, LA Metropolitan Statistical Area1.231.151.24
Allentown-Bethlehem-Easton, PA-NJ Metropolitan Statistical Area2.121.521.7
Altoona, PA Metropolitan Statistical Area1.371.31.28
Amarillo, TX Metropolitan Statistical Area1.241.131.22
Ames, IA Metropolitan Statistical Area1.751.471.68
Anchorage, AK Metropolitan Statistical Area2.181.981.72
Anderson, IN Metropolitan Statistical Area1.321.061.3
Anderson, SC Metropolitan Statistical Area1.691.521.58
Ann Arbor, MI Metropolitan Statistical Area2.41.681.93
Anniston-Oxford, AL Metropolitan Statistical Area1.51.261.46
Appleton, WI Metropolitan Statistical Area1.371.181.29
Asheville, NC Metropolitan Statistical Area2.612.331.97
Athens-Clarke County, GA Metropolitan Statistical Area2.241.741.98
Atlanta-Sandy Springs-Marietta, GA Metropolitan Statistical Area1.591.021.48
Atlantic City-Hammonton, NJ Metropolitan Statistical Area2.841.671.51
Auburn-Opelika, AL Metropolitan Statistical Area2.522.142.19
Augusta-Richmond County, GA-SC Metropolitan Statistical Area1.631.381.55
Austin-Round Rock-San Marcos, TX Metropolitan Statistical Area1.891.961.79
Bakersfield-Delano, CA Metropolitan Statistical Area3.281.141.71
Baltimore-Towson, MD Metropolitan Statistical Area2.421.621.64
Bangor, ME Metropolitan Statistical Area1.911.541.6
Barnstable Town, MA Metropolitan Statistical Area4.643.182.77
Baton Rouge, LA Metropolitan Statistical Area1.681.541.55
Battle Creek, MI Metropolitan Statistical Area1.370.911.22
Bay City, MI Metropolitan Statistical Area1.581.051.26
Beaumont-Port Arthur, TX Metropolitan Statistical Area1.21.061.27
Bellingham, WA Metropolitan Statistical Area4.082.762.59
Bend, OR Metropolitan Statistical Area3.532.092.11
Bethesda-Rockville-Frederick, MD Metropolitan Division3.312.182.12
Billings, MT Metropolitan Statistical Area1.791.741.6
Binghamton, NY Metropolitan Statistical Area1.611.361.38
Birmingham-Hoover, AL Metropolitan Statistical Area1.771.591.77
Bismarck, ND Metropolitan Statistical Area1.61.541.52
Blacksburg-Christiansburg-Radford, VA Metropolitan Statistical Area2.311.892
Bloomington, IN Metropolitan Statistical Area1.961.811.82
Bloomington-Normal, IL Metropolitan Statistical Area1.691.421.71
Boise City-Nampa, ID Metropolitan Statistical Area2.171.591.72
Boston-Quincy, MA Metropolitan Division3.382.492.48
Boulder, CO Metropolitan Statistical Area3.333.22.89
Bowling Green, KY Metropolitan Statistical Area1.771.741.74
Bremerton-Silverdale, WA Metropolitan Statistical Area2.981.982.12
Bridgeport-Stamford-Norwalk, CT Metropolitan Statistical Area3.012.312.37
Brownsville-Harlingen, TX Metropolitan Statistical Area1.140.971.19
Brunswick, GA Metropolitan Statistical Area2.171.631.7
Buffalo-Niagara Falls, NY Metropolitan Statistical Area1.311.161.4
Burlington, NC Metropolitan Statistical Area1.791.551.82
Burlington-South Burlington, VT Metropolitan Statistical Area3.042.592.29
Cambridge-Newton-Framingham, MA Metropolitan Division3.262.482.54
Camden, NJ Metropolitan Division2.291.461.65
Canton-Massillon, OH Metropolitan Statistical Area1.651.191.54
Cape Coral-Fort Myers, FL Metropolitan Statistical Area3.061.261.74
Cape Girardeau-Jackson, MO-IL Metropolitan Statistical Area1.531.331.5
Carson City, NV Metropolitan Statistical Area3.141.532.03
Casper, WY Metropolitan Statistical Area1.281.231.07
Cedar Rapids, IA Metropolitan Statistical Area1.611.351.58
Champaign-Urbana, IL Metropolitan Statistical Area1.741.481.5
Charleston, WV Metropolitan Statistical Area1.581.431.64
Charleston-North Charleston-Summerville, SC Metropolitan Statistical Area2.521.891.83
Charlotte-Gastonia-Rock Hill, NC-SC Metropolitan Statistical Area1.671.441.77
Charlottesville, VA Metropolitan Statistical Area2.762.162.02
Chattanooga, TN-GA Metropolitan Statistical Area1.661.471.49
Cheyenne, WY Metropolitan Statistical Area1.651.481.51
Chicago-Joliet-Naperville, IL-IN-WI Metropolitan Division2.341.421.81
Chico, CA Metropolitan Statistical Area4.162.012.49
Cincinnati-Middletown, OH-KY-IN Metropolitan Statistical Area1.651.271.64
Clarksville, TN-KY Metropolitan Statistical Area1.31.241.46
Cleveland, TN Metropolitan Statistical Area1.81.631.61
Cleveland-Elyria-Mentor, OH Metropolitan Statistical Area1.621.131.55
Coeur d'Alene, ID Metropolitan Statistical Area2.912.092.04
College Station-Bryan, TX Metropolitan Statistical Area1.891.821.92
Colorado Springs, CO Metropolitan Statistical Area2.331.841.97
Columbia, MO Metropolitan Statistical Area1.831.581.74
Columbia, SC Metropolitan Statistical Area1.71.551.62
Columbus, GA-AL Metropolitan Statistical Area1.461.211.46
Columbus, IN Metropolitan Statistical Area1.421.311.45
Columbus, OH Metropolitan Statistical Area1.761.361.7
Corpus Christi, TX Metropolitan Statistical Area1.41.161.37
Corvallis, OR Metropolitan Statistical Area2.822.622.25
Crestview-Fort Walton Beach-Destin, FL Metropolitan Statistical Area2.971.641.84
Cumberland, MD-WV Metropolitan Statistical Area1.611.351.45
Dallas-Plano-Irving, TX Metropolitan Division1.381.411.48
Dalton, GA Metropolitan Statistical Area1.741.331.51
Danville, IL Metropolitan Statistical Area1.050.80.97
Danville, VA Metropolitan Statistical Area1.641.311.61
Davenport-Moline-Rock Island, IA-IL Metropolitan Statistical Area1.241.041.18
Dayton, OH Metropolitan Statistical Area1.531.151.48
Decatur, AL Metropolitan Statistical Area1.491.471.54
Decatur, IL Metropolitan Statistical Area1.080.941.14
Deltona-Daytona Beach-Ormond Beach, FL Metropolitan Statistical Area2.811.251.65
Denver-Aurora-Broomfield, CO Metropolitan Statistical Area2.131.851.86
Des Moines-West Des Moines, IA Metropolitan Statistical Area1.481.241.46
Detroit-Livonia-Dearborn, MI Metropolitan Division1.680.681.36
Dothan, AL Metropolitan Statistical Area1.491.281.47
Dover, DE Metropolitan Statistical Area2.171.591.69
Dubuque, IA Metropolitan Statistical Area1.511.311.4
Duluth, MN-WI Metropolitan Statistical Area1.681.361.21
Durham-Chapel Hill, NC Metropolitan Statistical Area1.791.671.77
Eau Claire, WI Metropolitan Statistical Area1.631.371.37
Edison-New Brunswick, NJ Metropolitan Division3.222.062.02
El Centro, CA Metropolitan Statistical Area2.731.131.5
El Paso, TX Metropolitan Statistical Area1.461.291.5
Elizabethtown, KY Metropolitan Statistical Area1.521.411.44
Elkhart-Goshen, IN Metropolitan Statistical Area1.31.271.38
Elmira, NY Metropolitan Statistical Area1.21.171.16
Erie, PA Metropolitan Statistical Area1.621.421.54
Eugene-Springfield, OR Metropolitan Statistical Area2.772.212.03
Evansville, IN-KY Metropolitan Statistical Area1.231.11.24
Fairbanks, AK Metropolitan Statistical Area2.031.851.74
Fargo, ND-MN Metropolitan Statistical Area1.631.291.53
Farmington, NM Metropolitan Statistical Area2.171.751.72
Fayetteville, NC Metropolitan Statistical Area1.291.131.52
Fayetteville-Springdale-Rogers, AR-MO Metropolitan Statistical Area1.821.311.65
Flagstaff, AZ Metropolitan Statistical Area3.581.812.12
Flint, MI Metropolitan Statistical Area1.690.941.32
Florence, SC Metropolitan Statistical Area1.731.591.75
Florence-Muscle Shoals, AL Metropolitan Statistical Area1.681.521.7
Fond du Lac, WI Metropolitan Statistical Area1.581.31.34
Fort Collins-Loveland, CO Metropolitan Statistical Area2.482.292.2
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL Metropolitan Division3.821.942.09
Fort Smith, AR-OK Metropolitan Statistical Area1.251.161.34
Fort Wayne, IN Metropolitan Statistical Area1.241.051.26
Fort Worth-Arlington, TX Metropolitan Division1.351.251.48
Fresno, CA Metropolitan Statistical Area3.241.331.72
Gadsden, AL Metropolitan Statistical Area1.531.31.39
Gainesville, FL Metropolitan Statistical Area2.561.591.89
Gainesville, GA Metropolitan Statistical Area1.941.141.79
Gary, IN Metropolitan Division1.51.251.45
Glens Falls, NY Metropolitan Statistical Area2.351.861.81
Goldsboro, NC Metropolitan Statistical Area1.731.481.68
Grand Forks, ND-MN Metropolitan Statistical Area1.661.351.48
Grand Junction, CO Metropolitan Statistical Area2.441.871.8
Grand Rapids-Wyoming, MI Metropolitan Statistical Area1.621.191.48
Great Falls, MT Metropolitan Statistical Area1.611.481.51
Greeley, CO Metropolitan Statistical Area2.381.862.01
Green Bay, WI Metropolitan Statistical Area1.71.391.55
Greensboro-High Point, NC Metropolitan Statistical Area1.831.641.83
Greenville, NC Metropolitan Statistical Area1.711.471.71
Greenville-Mauldin-Easley, SC Metropolitan Statistical Area1.791.681.79
Gulfport-Biloxi, MS Metropolitan Statistical Area1.661.351.47
Hagerstown-Martinsburg, MD-WV Metropolitan Statistical Area2.761.61.89
Hanford-Corcoran, CA Metropolitan Statistical Area2.821.271.71
Harrisburg-Carlisle, PA Metropolitan Statistical Area1.711.531.53
Harrisonburg, VA Metropolitan Statistical Area2.592.162.03
Hartford-West Hartford-East Hartford, CT Metropolitan Statistical Area2.271.681.95
Hattiesburg, MS Metropolitan Statistical Area1.511.41.47
Hickory-Lenoir-Morganton, NC Metropolitan Statistical Area1.71.581.59
Hinesville-Fort Stewart, GA Metropolitan Statistical Area1.981.691.62
Holland-Grand Haven, MI Metropolitan Statistical Area1.851.371.6
Honolulu, HI Metropolitan Statistical Area5.24.13.79
Hot Springs, AR Metropolitan Statistical Area1.861.631.68
Houma-Bayou Cane-Thibodaux, LA Metropolitan Statistical Area1.41.271.37
Houston-Sugar Land-Baytown, TX Metropolitan Statistical Area1.211.261.26
Huntington-Ashland, WV-KY-OH Metropolitan Statistical Area1.581.431.48
Huntsville, AL Metropolitan Statistical Area1.621.551.67
Idaho Falls, ID Metropolitan Statistical Area1.431.261.43
Indianapolis-Carmel, IN Metropolitan Statistical Area1.351.211.43
Iowa City, IA Metropolitan Statistical Area1.911.611.81
Ithaca, NY Metropolitan Statistical Area2.282.021.76
Jackson, MI Metropolitan Statistical Area1.721.021.35
Jackson, MS Metropolitan Statistical Area1.41.281.49
Jackson, TN Metropolitan Statistical Area1.421.171.52
Jacksonville, FL Metropolitan Statistical Area1.991.181.38
Jacksonville, NC Metropolitan Statistical Area1.41.041.3
Janesville, WI Metropolitan Statistical Area1.661.351.37
Jefferson City, MO Metropolitan Statistical Area1.391.251.35
Johnson City, TN Metropolitan Statistical Area1.891.731.79
Johnstown, PA Metropolitan Statistical Area1.241.071.22
Jonesboro, AR Metropolitan Statistical Area1.361.151.48
Joplin, MO Metropolitan Statistical Area1.31.131.29
Kalamazoo-Portage, MI Metropolitan Statistical Area1.811.381.57
Kankakee-Bradley, IL Metropolitan Statistical Area1.391.041.24
Kansas City, MO-KS Metropolitan Statistical Area1.661.321.53
Kennewick-Pasco-Richland, WA Metropolitan Statistical Area1.741.511.68
Killeen-Temple-Fort Hood, TX Metropolitan Statistical Area1.191.091.36
Kingsport-Bristol-Bristol, TN-VA Metropolitan Statistical Area1.861.681.67
Kingston, NY Metropolitan Statistical Area3.141.931.83
Knoxville, TN Metropolitan Statistical Area1.951.771.71
Kokomo, IN Metropolitan Statistical Area1.351.041.28
La Crosse, WI-MN Metropolitan Statistical Area1.641.391.39
Lafayette, IN Metropolitan Statistical Area1.631.41.71
Lafayette, LA Metropolitan Statistical Area1.591.291.52
Lake Charles, LA Metropolitan Statistical Area1.261.291.4
Lake County-Kenosha County, IL-WI Metropolitan Division2.021.491.73
Lake Havasu City-Kingman, AZ Metropolitan Statistical Area3.832.012.34
Lakeland-Winter Haven, FL Metropolitan Statistical Area2.130.921.46
Lancaster, PA Metropolitan Statistical Area2.021.741.69
Lansing-East Lansing, MI Metropolitan Statistical Area1.831.041.51
Laredo, TX Metropolitan Statistical Area1.381.171.57
Las Cruces, NM Metropolitan Statistical Area1.991.551.82
Las Vegas-Paradise, NV Metropolitan Statistical Area3.061.241.87
Lawrence, KS Metropolitan Statistical Area2.11.711.88
Lawton, OK Metropolitan Statistical Area1.271.151.35
Lebanon, PA Metropolitan Statistical Area1.731.51.61
Lewiston, ID-WA Metropolitan Statistical Area2.11.911.76
Lewiston-Auburn, ME Metropolitan Statistical Area2.171.581.76
Lexington-Fayette, KY Metropolitan Statistical Area1.81.641.6
Lima, OH Metropolitan Statistical Area1.41.221.28
Lincoln, NE Metropolitan Statistical Area1.511.311.47
Little Rock-North Little Rock-Conway, AR Metropolitan Statistical Area1.341.221.35
Logan, UT-ID Metropolitan Statistical Area2.071.851.95
Longview, TX Metropolitan Statistical Area1.251.111.26
Longview, WA Metropolitan Statistical Area2.71.92.07
Los Angeles-Long Beach-Glendale, CA Metropolitan Division4.742.492.6
Louisville-Jefferson County, KY-IN Metropolitan Statistical Area1.671.511.56
Lubbock, TX Metropolitan Statistical Area1.241.081.24
Lynchburg, VA Metropolitan Statistical Area1.991.921.79
Macon, GA Metropolitan Statistical Area1.431.081.46
Madera-Chowchilla, CA Metropolitan Statistical Area41.762.27
Madison, WI Metropolitan Statistical Area2.041.751.73
Manchester-Nashua, NH Metropolitan Statistical Area2.871.812.04
Manhattan, KS Metropolitan Statistical Area1.491.121.3
Mankato-North Mankato, MN Metropolitan Statistical Area1.851.571.51
Mansfield, OH Metropolitan Statistical Area1.511.131.4
McAllen-Edinburg-Mission, TX Metropolitan Statistical Area1.2211.29
Medford, OR Metropolitan Statistical Area3.662.132.18
Memphis, TN-MS-AR Metropolitan Statistical Area1.310.891.45
Merced, CA Metropolitan Statistical Area4.041.061.86
Miami-Miami Beach-Kendall, FL Metropolitan Division3.851.861.94
Michigan City-La Porte, IN Metropolitan Statistical Area1.631.371.45
Midland, TX Metropolitan Statistical Area0.911.071.03
Milwaukee-Waukesha-West Allis, WI Metropolitan Statistical Area2.161.61.67
Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Statistical Area2.131.321.57
Missoula, MT Metropolitan Statistical Area2.912.732.16
Mobile, AL Metropolitan Statistical Area1.711.31.61
Modesto, CA Metropolitan Statistical Area4.011.312.09
Monroe, LA Metropolitan Statistical Area1.421.291.38
Monroe, MI Metropolitan Statistical Area1.991.371.7
Montgomery, AL Metropolitan Statistical Area1.471.281.55
Morgantown, WV Metropolitan Statistical Area2.031.81.82
Morristown, TN Metropolitan Statistical Area1.881.621.66
Mount Vernon-Anacortes, WA Metropolitan Statistical Area32.332.3
Muncie, IN Metropolitan Statistical Area1.340.981.27
Muskegon-Norton Shores, MI Metropolitan Statistical Area1.541.051.36
Myrtle Beach-North Myrtle Beach-Conway, SC Metropolitan Statistical Area3.122.082.21
Napa, CA Metropolitan Statistical Area5.22.352.98
Naples-Marco Island, FL Metropolitan Statistical Area4.932.332.69
Nashville-Davidson--Murfreesboro--Franklin, TN Metropolitan Statistical Area1.641.461.51
Nassau-Suffolk, NY Metropolitan Division3.031.891.78
New Haven-Milford, CT Metropolitan Statistical Area2.511.611.87
New Orleans-Metairie-Kenner, LA Metropolitan Statistical Area1.381.431.5
New York-White Plains-Wayne, NY-NJ Metropolitan Division4.092.672.57
Newark-Union, NJ-PA Metropolitan Division3.442.162.29
Niles-Benton Harbor, MI Metropolitan Statistical Area1.731.351.44
North Port-Bradenton-Sarasota, FL Metropolitan Statistical Area3.661.822.06
Norwich-New London, CT Metropolitan Statistical Area2.721.792.01
Oakland-Fremont-Hayward, CA Metropolitan Division6.113.193.82
Ocala, FL Metropolitan Statistical Area2.141.011.45
Ocean City, NJ Metropolitan Statistical Area3.632.261.74
Odessa, TX Metropolitan Statistical Area0.930.840.97
Ogden-Clearfield, UT Metropolitan Statistical Area1.851.641.78
Oklahoma City, OK Metropolitan Statistical Area1.191.131.27
Olympia, WA Metropolitan Statistical Area2.851.822.11
Omaha-Council Bluffs, NE-IA Metropolitan Statistical Area1.421.251.44
Orlando-Kissimmee-Sanford, FL Metropolitan Statistical Area2.721.291.69
Oshkosh-Neenah, WI Metropolitan Statistical Area1.491.341.38
Owensboro, KY Metropolitan Statistical Area1.391.211.43
Oxnard-Thousand Oaks-Ventura, CA Metropolitan Statistical Area5.212.93.06
Palm Bay-Melbourne-Titusville, FL Metropolitan Statistical Area2.81.251.56
Palm Coast, FL Metropolitan Statistical Area4.411.812.63
Panama City-Lynn Haven-Panama City Beach, FL Metropolitan Statistical Area2.961.41.79
Parkersburg-Marietta-Vienna, WV-OH Metropolitan Statistical Area1.561.381.44
Pascagoula, MS Metropolitan Statistical Area1.591.331.4
Peabody, MA Metropolitan Division3.42.352.59
Pensacola-Ferry Pass-Brent, FL Metropolitan Statistical Area2.231.291.61
Peoria, IL Metropolitan Statistical Area1.251.081.25
Philadelphia, PA Metropolitan Division1.821.381.37
Phoenix-Mesa-Glendale, AZ Metropolitan Statistical Area2.961.421.74
Pine Bluff, AR Metropolitan Statistical Area1.170.951.16
Pittsburgh, PA Metropolitan Statistical Area1.351.181.34
Pittsfield, MA Metropolitan Statistical Area2.792.072.15
Pocatello, ID Metropolitan Statistical Area1.681.521.54
Port St. Lucie, FL Metropolitan Statistical Area2.861.271.57
Portland-South Portland-Biddeford, ME Metropolitan Statistical Area2.521.991.88
Portland-Vancouver-Hillsboro, OR-WA Metropolitan Statistical Area2.892.081.97
Poughkeepsie-Newburgh-Middletown, NY Metropolitan Statistical Area3.091.81.99
Prescott, AZ Metropolitan Statistical Area4.532.412.66
Providence-New Bedford-Fall River, RI-MA Metropolitan Statistical Area3.131.892.08
Provo-Orem, UT Metropolitan Statistical Area2.291.992.08
Pueblo, CO Metropolitan Statistical Area1.751.391.56
Punta Gorda, FL Metropolitan Statistical Area3.291.361.81
Racine, WI Metropolitan Statistical Area1.831.321.45
Raleigh-Cary, NC Metropolitan Statistical Area1.811.771.8
Rapid City, SD Metropolitan Statistical Area1.521.421.3
Reading, PA Metropolitan Statistical Area1.541.221.33
Redding, CA Metropolitan Statistical Area3.761.812.13
Reno-Sparks, NV Metropolitan Statistical Area3.031.421.9
Richmond, VA Metropolitan Statistical Area2.111.681.71
Riverside-San Bernardino-Ontario, CA Metropolitan Statistical Area4.211.82.21
Roanoke, VA Metropolitan Statistical Area1.961.661.72
Rochester, MN Metropolitan Statistical Area1.551.251.42
Rochester, NY Metropolitan Statistical Area1.241.071.3
Rockford, IL Metropolitan Statistical Area1.180.911.07
Rockingham County-Strafford County, NH Metropolitan Division2.671.791.92
Rocky Mount, NC Metropolitan Statistical Area1.511.241.55
Rome, GA Metropolitan Statistical Area1.551.131.43
Sacramento--Arden-Arcade--Roseville, CA Metropolitan Statistical Area3.371.472.03
Saginaw-Saginaw Township North, MI Metropolitan Statistical Area1.480.971.26
Salem, OR Metropolitan Statistical Area2.321.741.84
Salinas, CA Metropolitan Statistical Area7.012.553.55
Salisbury, MD Metropolitan Statistical Area2.431.411.75
Salt Lake City, UT Metropolitan Statistical Area1.741.531.61
San Angelo, TX Metropolitan Statistical Area1.21.141.2
San Antonio-New Braunfels, TX Metropolitan Statistical Area1.41.391.4
San Diego-Carlsbad-San Marcos, CA Metropolitan Statistical Area5.042.733.06
San Francisco-San Mateo-Redwood City, CA Metropolitan Division5.663.984.04
San Jose-Sunnyvale-Santa Clara, CA Metropolitan Statistical Area5.673.723.8
San Luis Obispo-Paso Robles, CA Metropolitan Statistical Area6.343.433.66
Sandusky, OH Metropolitan Statistical Area1.641.321.53
Santa Ana-Anaheim-Irvine, CA Metropolitan Division5.213.293.08
Santa Barbara-Santa Maria-Goleta, CA Metropolitan Statistical Area7.083.153.95
Santa Cruz-Watsonville, CA Metropolitan Statistical Area6.423.343.99
Santa Fe, NM Metropolitan Statistical Area3.192.582.68
Santa Rosa-Petaluma, CA Metropolitan Statistical Area5.352.833.23
Savannah, GA Metropolitan Statistical Area1.871.371.47
Scranton--Wilkes-Barre, PA Metropolitan Statistical Area1.61.431.55
Seattle-Bellevue-Everett, WA Metropolitan Division2.71.932
Sebastian-Vero Beach, FL Metropolitan Statistical Area2.21.091.46
Sheboygan, WI Metropolitan Statistical Area1.571.191.42
Sherman-Denison, TX Metropolitan Statistical Area1.361.111.33
Shreveport-Bossier City, LA Metropolitan Statistical Area1.31.231.26
Sioux City, IA-NE-SD Metropolitan Statistical Area1.130.981.14
Sioux Falls, SD Metropolitan Statistical Area1.361.321.37
South Bend-Mishawaka, IN-MI Metropolitan Statistical Area1.181.061.19
Spartanburg, SC Metropolitan Statistical Area1.491.291.53
Spokane, WA Metropolitan Statistical Area2.11.561.64
Springfield, IL Metropolitan Statistical Area1.261.061.33
Springfield, MA Metropolitan Statistical Area2.341.721.87
Springfield, MO Metropolitan Statistical Area1.51.241.46
Springfield, OH Metropolitan Statistical Area1.460.981.4
St. Cloud, MN Metropolitan Statistical Area1.951.491.5
St. George, UT Metropolitan Statistical Area3.482.072.41
St. Joseph, MO-KS Metropolitan Statistical Area1.331.081.22
St. Louis, MO-IL Metropolitan Statistical Area1.631.271.39
State College, PA Metropolitan Statistical Area2.081.911.8
Steubenville-Weirton, OH-WV Metropolitan Statistical Area1.341.061.2
Stockton, CA Metropolitan Statistical Area4.331.452.25
Sumter, SC Metropolitan Statistical Area1.581.441.53
Syracuse, NY Metropolitan Statistical Area1.41.21.32
Tacoma, WA Metropolitan Division2.651.62
Tallahassee, FL Metropolitan Statistical Area2.681.741.99
Tampa-St. Petersburg-Clearwater, FL Metropolitan Statistical Area2.81.431.72
Terre Haute, IN Metropolitan Statistical Area1.271.011.26
Texarkana, TX-Texarkana, AR Metropolitan Statistical Area1.21.091.31
Toledo, OH Metropolitan Statistical Area1.551.081.42
Topeka, KS Metropolitan Statistical Area1.291.121.23
Trenton-Ewing, NJ Metropolitan Statistical Area2.371.631.66
Tucson, AZ Metropolitan Statistical Area2.851.441.92
Tulsa, OK Metropolitan Statistical Area1.231.211.39
Tuscaloosa, AL Metropolitan Statistical Area1.911.741.85
Tyler, TX Metropolitan Statistical Area1.361.281.37
Utica-Rome, NY Metropolitan Statistical Area1.561.341.43
Valdosta, GA Metropolitan Statistical Area1.711.351.57
Vallejo-Fairfield, CA Metropolitan Statistical Area4.361.582.4
Victoria, TX Metropolitan Statistical Area1.111.061.22
Vineland-Millville-Bridgeton, NJ Metropolitan Statistical Area1.951.291.45
Virginia Beach-Norfolk-Newport News, VA-NC Metropolitan Statistical Area2.441.81.72
Visalia-Porterville, CA Metropolitan Statistical Area2.691.071.59
Waco, TX Metropolitan Statistical Area1.261.181.28
Warner Robins, GA Metropolitan Statistical Area1.521.231.53
Warren-Troy-Farmington Hills, MI Metropolitan Division1.961.091.69
Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Division2.851.831.75
Waterloo-Cedar Falls, IA Metropolitan Statistical Area1.281.071.11
Wausau, WI Metropolitan Statistical Area1.451.291.36
Wenatchee-East Wenatchee, WA Metropolitan Statistical Area2.612.352.2
West Palm Beach-Boca Raton-Boynton Beach, FL Metropolitan Division2.721.331.5
Wheeling, WV-OH Metropolitan Statistical Area1.331.141.25
Wichita Falls, TX Metropolitan Statistical Area0.980.941.04
Wichita, KS Metropolitan Statistical Area1.181.151.28
Williamsport, PA Metropolitan Statistical Area1.611.461.56
Wilmington, DE-MD-NJ Metropolitan Division2.511.781.87
Wilmington, NC Metropolitan Statistical Area3.092.432.25
Winchester, VA-WV Metropolitan Statistical Area3.061.772.06
Winston-Salem, NC Metropolitan Statistical Area1.751.571.68
Worcester, MA Metropolitan Statistical Area2.351.471.76
Yakima, WA Metropolitan Statistical Area1.791.51.67
York-Hanover, PA Metropolitan Statistical Area2.051.551.69
Youngstown-Warren-Boardman, OH-PA Metropolitan Statistical Area1.180.91.14
Yuba City, CA Metropolitan Statistical Area3.41.341.97
Yuma, AZ Metropolitan Statistical Area2.531.331.66

Update: An earlier version of this post misstated the price-to-rent ratio for Tampa. Thanks to the commenter who pointed out the error.

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