Are Houses Cheap Right Now?

But did they get a deal? . hide caption
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 Average | 21.41 | 14.35 | 12.49 |
Atlanta, GA | 19.04 | 12.91 | 13.42 |
Austin, TX | 20.00 | 20.65 | 15.79 |
Boston, MA | 22.98 | 14.6 | 15.37 |
Baltimore, MD | 21.05 | 17.76 | 11.30 |
Charlotte, NC | 22.67 | 20.17 | 16.17 |
Chicago, IL | 23.39 | 13.12 | 16.19 |
Cincinnati, OH | 18.00 | 14.72 | 14.58 |
Cleveland, OH | 16.19 | 12.38 | 13.24 |
Columbus, OH | 20.88 | 16.46 | 15.68 |
Dallas - Fort Worth, TX | 16.89 | 16.21 | 15.58 |
Denver, CO | 25.34 | 19.74 | 16.30 |
Detroit, MI | 18.37 | 10.12 | 13.42 |
East Bay, CA | 53.49 | 29.62 | 29.08 |
Fort Lauderdale, FL | 28.70 | 15.03 | 13.36 |
Hartford, CT | 20.48 | 17.57 | 13.51 |
Honolulu, HI | 36.69 | 31.38 | 23.02 |
Houston, TX | 15.94 | 16.83 | 13.34 |
Indianapolis, IN | 16.73 | 15.57 | 13.78 |
Inland Empire, CA | 29.07 | 13.4 | 16.60 |
Jacksonville, CA | 21.43 | 13.6 | 12.12 |
Kansas City, MO | 17.84 | 14.94 | 13.62 |
Las Vegas, NV | 30.62 | 13.16 | 14.96 |
Long Island, NY | 24.91 | 18.15 | 12.08 |
Los Angeles, CA | 29 | 16.19 | 12.57 |
Memphis, TN | 19.37 | 15.06 | 15.75 |
Miami, FL | 30.16 | 14.47 | 12.19 |
Milwaukee, WI | 23.78 | 19.19 | 15.03 |
Minneapolis, MN | 21.76 | 13.85 | 13.48 |
Nashville, TN | 23.72 | 21.75 | 16.99 |
New Orleans, LA | 22.16 | 15.8 | 13.16 |
New York, NY | 18.65 | 12.84 | 9.42 |
Norfolk, VA | 24.64 | 19.73 | 16.5 |
Newark, NJ | 32.82 | 22.86 | 19.01 |
Oklahoma City, OK | 13.53 | 13.02 | 11.33 |
Santa Ana, CA | 43.97 | 26.24 | 20.54 |
Orlando, FL | 24.51 | 11.82 | 12.49 |
West Palm Beach, FL | 27.81 | 13.24 | 13.06 |
Philadelphia, PA | 17.77 | 12.96 | 10.38 |
Phoenix, AZ | 26.35 | 13.71 | 12.07 |
Pittsburgh, PA | 11.94 | 11.44 | 9.85 |
Portland, OR | 32.09 | 22.46 | 17.36 |
Raleigh, NC | 22.75 | 21.29 | 17.55 |
Richmond, VA | 22.74 | 19.52 | 14.3 |
Sacramento, CA | 30.28 | 14.52 | 15.59 |
Salt Lake City, UT | 20.66 | 17.81 | 14.193 |
San Antonio, TX | 15.12 | 15.68 | 12.62 |
San Diego, CA | 36.66 | 21.18 | 18.18 |
San Francisco, CA | 48.83 | 28.59 | 27.611 |
San Jose, CA | 52.71 | 31.79 | 26.5 |
Seattle, WA | 30.12 | 21.01 | 16.76 |
Bridgeport, CT | 30.54 | 23.59 | 16.86 |
St. Louis, MO | 17.76 | 15.26 | 13.01 |
Tampa, FL | 25.22 | 13.1 | 13.31 |
Washington, DC | 27.19 | 16.67 | 12.80 |
Metropolitan area | Peak of the bubble (Q1 2006) |
Current (Q2 2012) |
Long-term average (1989-2003) |
---|---|---|---|
U.S. | 2.77 | 1.67 | 1.92 |
Abilene, TX Metropolitan Statistical Area | 1.69 | 1.54 | 1.69 |
Akron, OH Metropolitan Statistical Area | 1.47 | 1.05 | 1.45 |
Albany, GA Metropolitan Statistical Area | 1.45 | 1.16 | 1.39 |
Albany-Schenectady-Troy, NY Metropolitan Statistical Area | 2.05 | 1.71 | 1.64 |
Albuquerque, NM Metropolitan Statistical Area | 2.13 | 1.85 | 2.09 |
Alexandria, LA Metropolitan Statistical Area | 1.23 | 1.15 | 1.24 |
Allentown-Bethlehem-Easton, PA-NJ Metropolitan Statistical Area | 2.12 | 1.52 | 1.7 |
Altoona, PA Metropolitan Statistical Area | 1.37 | 1.3 | 1.28 |
Amarillo, TX Metropolitan Statistical Area | 1.24 | 1.13 | 1.22 |
Ames, IA Metropolitan Statistical Area | 1.75 | 1.47 | 1.68 |
Anchorage, AK Metropolitan Statistical Area | 2.18 | 1.98 | 1.72 |
Anderson, IN Metropolitan Statistical Area | 1.32 | 1.06 | 1.3 |
Anderson, SC Metropolitan Statistical Area | 1.69 | 1.52 | 1.58 |
Ann Arbor, MI Metropolitan Statistical Area | 2.4 | 1.68 | 1.93 |
Anniston-Oxford, AL Metropolitan Statistical Area | 1.5 | 1.26 | 1.46 |
Appleton, WI Metropolitan Statistical Area | 1.37 | 1.18 | 1.29 |
Asheville, NC Metropolitan Statistical Area | 2.61 | 2.33 | 1.97 |
Athens-Clarke County, GA Metropolitan Statistical Area | 2.24 | 1.74 | 1.98 |
Atlanta-Sandy Springs-Marietta, GA Metropolitan Statistical Area | 1.59 | 1.02 | 1.48 |
Atlantic City-Hammonton, NJ Metropolitan Statistical Area | 2.84 | 1.67 | 1.51 |
Auburn-Opelika, AL Metropolitan Statistical Area | 2.52 | 2.14 | 2.19 |
Augusta-Richmond County, GA-SC Metropolitan Statistical Area | 1.63 | 1.38 | 1.55 |
Austin-Round Rock-San Marcos, TX Metropolitan Statistical Area | 1.89 | 1.96 | 1.79 |
Bakersfield-Delano, CA Metropolitan Statistical Area | 3.28 | 1.14 | 1.71 |
Baltimore-Towson, MD Metropolitan Statistical Area | 2.42 | 1.62 | 1.64 |
Bangor, ME Metropolitan Statistical Area | 1.91 | 1.54 | 1.6 |
Barnstable Town, MA Metropolitan Statistical Area | 4.64 | 3.18 | 2.77 |
Baton Rouge, LA Metropolitan Statistical Area | 1.68 | 1.54 | 1.55 |
Battle Creek, MI Metropolitan Statistical Area | 1.37 | 0.91 | 1.22 |
Bay City, MI Metropolitan Statistical Area | 1.58 | 1.05 | 1.26 |
Beaumont-Port Arthur, TX Metropolitan Statistical Area | 1.2 | 1.06 | 1.27 |
Bellingham, WA Metropolitan Statistical Area | 4.08 | 2.76 | 2.59 |
Bend, OR Metropolitan Statistical Area | 3.53 | 2.09 | 2.11 |
Bethesda-Rockville-Frederick, MD Metropolitan Division | 3.31 | 2.18 | 2.12 |
Billings, MT Metropolitan Statistical Area | 1.79 | 1.74 | 1.6 |
Binghamton, NY Metropolitan Statistical Area | 1.61 | 1.36 | 1.38 |
Birmingham-Hoover, AL Metropolitan Statistical Area | 1.77 | 1.59 | 1.77 |
Bismarck, ND Metropolitan Statistical Area | 1.6 | 1.54 | 1.52 |
Blacksburg-Christiansburg-Radford, VA Metropolitan Statistical Area | 2.31 | 1.89 | 2 |
Bloomington, IN Metropolitan Statistical Area | 1.96 | 1.81 | 1.82 |
Bloomington-Normal, IL Metropolitan Statistical Area | 1.69 | 1.42 | 1.71 |
Boise City-Nampa, ID Metropolitan Statistical Area | 2.17 | 1.59 | 1.72 |
Boston-Quincy, MA Metropolitan Division | 3.38 | 2.49 | 2.48 |
Boulder, CO Metropolitan Statistical Area | 3.33 | 3.2 | 2.89 |
Bowling Green, KY Metropolitan Statistical Area | 1.77 | 1.74 | 1.74 |
Bremerton-Silverdale, WA Metropolitan Statistical Area | 2.98 | 1.98 | 2.12 |
Bridgeport-Stamford-Norwalk, CT Metropolitan Statistical Area | 3.01 | 2.31 | 2.37 |
Brownsville-Harlingen, TX Metropolitan Statistical Area | 1.14 | 0.97 | 1.19 |
Brunswick, GA Metropolitan Statistical Area | 2.17 | 1.63 | 1.7 |
Buffalo-Niagara Falls, NY Metropolitan Statistical Area | 1.31 | 1.16 | 1.4 |
Burlington, NC Metropolitan Statistical Area | 1.79 | 1.55 | 1.82 |
Burlington-South Burlington, VT Metropolitan Statistical Area | 3.04 | 2.59 | 2.29 |
Cambridge-Newton-Framingham, MA Metropolitan Division | 3.26 | 2.48 | 2.54 |
Camden, NJ Metropolitan Division | 2.29 | 1.46 | 1.65 |
Canton-Massillon, OH Metropolitan Statistical Area | 1.65 | 1.19 | 1.54 |
Cape Coral-Fort Myers, FL Metropolitan Statistical Area | 3.06 | 1.26 | 1.74 |
Cape Girardeau-Jackson, MO-IL Metropolitan Statistical Area | 1.53 | 1.33 | 1.5 |
Carson City, NV Metropolitan Statistical Area | 3.14 | 1.53 | 2.03 |
Casper, WY Metropolitan Statistical Area | 1.28 | 1.23 | 1.07 |
Cedar Rapids, IA Metropolitan Statistical Area | 1.61 | 1.35 | 1.58 |
Champaign-Urbana, IL Metropolitan Statistical Area | 1.74 | 1.48 | 1.5 |
Charleston, WV Metropolitan Statistical Area | 1.58 | 1.43 | 1.64 |
Charleston-North Charleston-Summerville, SC Metropolitan Statistical Area | 2.52 | 1.89 | 1.83 |
Charlotte-Gastonia-Rock Hill, NC-SC Metropolitan Statistical Area | 1.67 | 1.44 | 1.77 |
Charlottesville, VA Metropolitan Statistical Area | 2.76 | 2.16 | 2.02 |
Chattanooga, TN-GA Metropolitan Statistical Area | 1.66 | 1.47 | 1.49 |
Cheyenne, WY Metropolitan Statistical Area | 1.65 | 1.48 | 1.51 |
Chicago-Joliet-Naperville, IL-IN-WI Metropolitan Division | 2.34 | 1.42 | 1.81 |
Chico, CA Metropolitan Statistical Area | 4.16 | 2.01 | 2.49 |
Cincinnati-Middletown, OH-KY-IN Metropolitan Statistical Area | 1.65 | 1.27 | 1.64 |
Clarksville, TN-KY Metropolitan Statistical Area | 1.3 | 1.24 | 1.46 |
Cleveland, TN Metropolitan Statistical Area | 1.8 | 1.63 | 1.61 |
Cleveland-Elyria-Mentor, OH Metropolitan Statistical Area | 1.62 | 1.13 | 1.55 |
Coeur d'Alene, ID Metropolitan Statistical Area | 2.91 | 2.09 | 2.04 |
College Station-Bryan, TX Metropolitan Statistical Area | 1.89 | 1.82 | 1.92 |
Colorado Springs, CO Metropolitan Statistical Area | 2.33 | 1.84 | 1.97 |
Columbia, MO Metropolitan Statistical Area | 1.83 | 1.58 | 1.74 |
Columbia, SC Metropolitan Statistical Area | 1.7 | 1.55 | 1.62 |
Columbus, GA-AL Metropolitan Statistical Area | 1.46 | 1.21 | 1.46 |
Columbus, IN Metropolitan Statistical Area | 1.42 | 1.31 | 1.45 |
Columbus, OH Metropolitan Statistical Area | 1.76 | 1.36 | 1.7 |
Corpus Christi, TX Metropolitan Statistical Area | 1.4 | 1.16 | 1.37 |
Corvallis, OR Metropolitan Statistical Area | 2.82 | 2.62 | 2.25 |
Crestview-Fort Walton Beach-Destin, FL Metropolitan Statistical Area | 2.97 | 1.64 | 1.84 |
Cumberland, MD-WV Metropolitan Statistical Area | 1.61 | 1.35 | 1.45 |
Dallas-Plano-Irving, TX Metropolitan Division | 1.38 | 1.41 | 1.48 |
Dalton, GA Metropolitan Statistical Area | 1.74 | 1.33 | 1.51 |
Danville, IL Metropolitan Statistical Area | 1.05 | 0.8 | 0.97 |
Danville, VA Metropolitan Statistical Area | 1.64 | 1.31 | 1.61 |
Davenport-Moline-Rock Island, IA-IL Metropolitan Statistical Area | 1.24 | 1.04 | 1.18 |
Dayton, OH Metropolitan Statistical Area | 1.53 | 1.15 | 1.48 |
Decatur, AL Metropolitan Statistical Area | 1.49 | 1.47 | 1.54 |
Decatur, IL Metropolitan Statistical Area | 1.08 | 0.94 | 1.14 |
Deltona-Daytona Beach-Ormond Beach, FL Metropolitan Statistical Area | 2.81 | 1.25 | 1.65 |
Denver-Aurora-Broomfield, CO Metropolitan Statistical Area | 2.13 | 1.85 | 1.86 |
Des Moines-West Des Moines, IA Metropolitan Statistical Area | 1.48 | 1.24 | 1.46 |
Detroit-Livonia-Dearborn, MI Metropolitan Division | 1.68 | 0.68 | 1.36 |
Dothan, AL Metropolitan Statistical Area | 1.49 | 1.28 | 1.47 |
Dover, DE Metropolitan Statistical Area | 2.17 | 1.59 | 1.69 |
Dubuque, IA Metropolitan Statistical Area | 1.51 | 1.31 | 1.4 |
Duluth, MN-WI Metropolitan Statistical Area | 1.68 | 1.36 | 1.21 |
Durham-Chapel Hill, NC Metropolitan Statistical Area | 1.79 | 1.67 | 1.77 |
Eau Claire, WI Metropolitan Statistical Area | 1.63 | 1.37 | 1.37 |
Edison-New Brunswick, NJ Metropolitan Division | 3.22 | 2.06 | 2.02 |
El Centro, CA Metropolitan Statistical Area | 2.73 | 1.13 | 1.5 |
El Paso, TX Metropolitan Statistical Area | 1.46 | 1.29 | 1.5 |
Elizabethtown, KY Metropolitan Statistical Area | 1.52 | 1.41 | 1.44 |
Elkhart-Goshen, IN Metropolitan Statistical Area | 1.3 | 1.27 | 1.38 |
Elmira, NY Metropolitan Statistical Area | 1.2 | 1.17 | 1.16 |
Erie, PA Metropolitan Statistical Area | 1.62 | 1.42 | 1.54 |
Eugene-Springfield, OR Metropolitan Statistical Area | 2.77 | 2.21 | 2.03 |
Evansville, IN-KY Metropolitan Statistical Area | 1.23 | 1.1 | 1.24 |
Fairbanks, AK Metropolitan Statistical Area | 2.03 | 1.85 | 1.74 |
Fargo, ND-MN Metropolitan Statistical Area | 1.63 | 1.29 | 1.53 |
Farmington, NM Metropolitan Statistical Area | 2.17 | 1.75 | 1.72 |
Fayetteville, NC Metropolitan Statistical Area | 1.29 | 1.13 | 1.52 |
Fayetteville-Springdale-Rogers, AR-MO Metropolitan Statistical Area | 1.82 | 1.31 | 1.65 |
Flagstaff, AZ Metropolitan Statistical Area | 3.58 | 1.81 | 2.12 |
Flint, MI Metropolitan Statistical Area | 1.69 | 0.94 | 1.32 |
Florence, SC Metropolitan Statistical Area | 1.73 | 1.59 | 1.75 |
Florence-Muscle Shoals, AL Metropolitan Statistical Area | 1.68 | 1.52 | 1.7 |
Fond du Lac, WI Metropolitan Statistical Area | 1.58 | 1.3 | 1.34 |
Fort Collins-Loveland, CO Metropolitan Statistical Area | 2.48 | 2.29 | 2.2 |
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL Metropolitan Division | 3.82 | 1.94 | 2.09 |
Fort Smith, AR-OK Metropolitan Statistical Area | 1.25 | 1.16 | 1.34 |
Fort Wayne, IN Metropolitan Statistical Area | 1.24 | 1.05 | 1.26 |
Fort Worth-Arlington, TX Metropolitan Division | 1.35 | 1.25 | 1.48 |
Fresno, CA Metropolitan Statistical Area | 3.24 | 1.33 | 1.72 |
Gadsden, AL Metropolitan Statistical Area | 1.53 | 1.3 | 1.39 |
Gainesville, FL Metropolitan Statistical Area | 2.56 | 1.59 | 1.89 |
Gainesville, GA Metropolitan Statistical Area | 1.94 | 1.14 | 1.79 |
Gary, IN Metropolitan Division | 1.5 | 1.25 | 1.45 |
Glens Falls, NY Metropolitan Statistical Area | 2.35 | 1.86 | 1.81 |
Goldsboro, NC Metropolitan Statistical Area | 1.73 | 1.48 | 1.68 |
Grand Forks, ND-MN Metropolitan Statistical Area | 1.66 | 1.35 | 1.48 |
Grand Junction, CO Metropolitan Statistical Area | 2.44 | 1.87 | 1.8 |
Grand Rapids-Wyoming, MI Metropolitan Statistical Area | 1.62 | 1.19 | 1.48 |
Great Falls, MT Metropolitan Statistical Area | 1.61 | 1.48 | 1.51 |
Greeley, CO Metropolitan Statistical Area | 2.38 | 1.86 | 2.01 |
Green Bay, WI Metropolitan Statistical Area | 1.7 | 1.39 | 1.55 |
Greensboro-High Point, NC Metropolitan Statistical Area | 1.83 | 1.64 | 1.83 |
Greenville, NC Metropolitan Statistical Area | 1.71 | 1.47 | 1.71 |
Greenville-Mauldin-Easley, SC Metropolitan Statistical Area | 1.79 | 1.68 | 1.79 |
Gulfport-Biloxi, MS Metropolitan Statistical Area | 1.66 | 1.35 | 1.47 |
Hagerstown-Martinsburg, MD-WV Metropolitan Statistical Area | 2.76 | 1.6 | 1.89 |
Hanford-Corcoran, CA Metropolitan Statistical Area | 2.82 | 1.27 | 1.71 |
Harrisburg-Carlisle, PA Metropolitan Statistical Area | 1.71 | 1.53 | 1.53 |
Harrisonburg, VA Metropolitan Statistical Area | 2.59 | 2.16 | 2.03 |
Hartford-West Hartford-East Hartford, CT Metropolitan Statistical Area | 2.27 | 1.68 | 1.95 |
Hattiesburg, MS Metropolitan Statistical Area | 1.51 | 1.4 | 1.47 |
Hickory-Lenoir-Morganton, NC Metropolitan Statistical Area | 1.7 | 1.58 | 1.59 |
Hinesville-Fort Stewart, GA Metropolitan Statistical Area | 1.98 | 1.69 | 1.62 |
Holland-Grand Haven, MI Metropolitan Statistical Area | 1.85 | 1.37 | 1.6 |
Honolulu, HI Metropolitan Statistical Area | 5.2 | 4.1 | 3.79 |
Hot Springs, AR Metropolitan Statistical Area | 1.86 | 1.63 | 1.68 |
Houma-Bayou Cane-Thibodaux, LA Metropolitan Statistical Area | 1.4 | 1.27 | 1.37 |
Houston-Sugar Land-Baytown, TX Metropolitan Statistical Area | 1.21 | 1.26 | 1.26 |
Huntington-Ashland, WV-KY-OH Metropolitan Statistical Area | 1.58 | 1.43 | 1.48 |
Huntsville, AL Metropolitan Statistical Area | 1.62 | 1.55 | 1.67 |
Idaho Falls, ID Metropolitan Statistical Area | 1.43 | 1.26 | 1.43 |
Indianapolis-Carmel, IN Metropolitan Statistical Area | 1.35 | 1.21 | 1.43 |
Iowa City, IA Metropolitan Statistical Area | 1.91 | 1.61 | 1.81 |
Ithaca, NY Metropolitan Statistical Area | 2.28 | 2.02 | 1.76 |
Jackson, MI Metropolitan Statistical Area | 1.72 | 1.02 | 1.35 |
Jackson, MS Metropolitan Statistical Area | 1.4 | 1.28 | 1.49 |
Jackson, TN Metropolitan Statistical Area | 1.42 | 1.17 | 1.52 |
Jacksonville, FL Metropolitan Statistical Area | 1.99 | 1.18 | 1.38 |
Jacksonville, NC Metropolitan Statistical Area | 1.4 | 1.04 | 1.3 |
Janesville, WI Metropolitan Statistical Area | 1.66 | 1.35 | 1.37 |
Jefferson City, MO Metropolitan Statistical Area | 1.39 | 1.25 | 1.35 |
Johnson City, TN Metropolitan Statistical Area | 1.89 | 1.73 | 1.79 |
Johnstown, PA Metropolitan Statistical Area | 1.24 | 1.07 | 1.22 |
Jonesboro, AR Metropolitan Statistical Area | 1.36 | 1.15 | 1.48 |
Joplin, MO Metropolitan Statistical Area | 1.3 | 1.13 | 1.29 |
Kalamazoo-Portage, MI Metropolitan Statistical Area | 1.81 | 1.38 | 1.57 |
Kankakee-Bradley, IL Metropolitan Statistical Area | 1.39 | 1.04 | 1.24 |
Kansas City, MO-KS Metropolitan Statistical Area | 1.66 | 1.32 | 1.53 |
Kennewick-Pasco-Richland, WA Metropolitan Statistical Area | 1.74 | 1.51 | 1.68 |
Killeen-Temple-Fort Hood, TX Metropolitan Statistical Area | 1.19 | 1.09 | 1.36 |
Kingsport-Bristol-Bristol, TN-VA Metropolitan Statistical Area | 1.86 | 1.68 | 1.67 |
Kingston, NY Metropolitan Statistical Area | 3.14 | 1.93 | 1.83 |
Knoxville, TN Metropolitan Statistical Area | 1.95 | 1.77 | 1.71 |
Kokomo, IN Metropolitan Statistical Area | 1.35 | 1.04 | 1.28 |
La Crosse, WI-MN Metropolitan Statistical Area | 1.64 | 1.39 | 1.39 |
Lafayette, IN Metropolitan Statistical Area | 1.63 | 1.4 | 1.71 |
Lafayette, LA Metropolitan Statistical Area | 1.59 | 1.29 | 1.52 |
Lake Charles, LA Metropolitan Statistical Area | 1.26 | 1.29 | 1.4 |
Lake County-Kenosha County, IL-WI Metropolitan Division | 2.02 | 1.49 | 1.73 |
Lake Havasu City-Kingman, AZ Metropolitan Statistical Area | 3.83 | 2.01 | 2.34 |
Lakeland-Winter Haven, FL Metropolitan Statistical Area | 2.13 | 0.92 | 1.46 |
Lancaster, PA Metropolitan Statistical Area | 2.02 | 1.74 | 1.69 |
Lansing-East Lansing, MI Metropolitan Statistical Area | 1.83 | 1.04 | 1.51 |
Laredo, TX Metropolitan Statistical Area | 1.38 | 1.17 | 1.57 |
Las Cruces, NM Metropolitan Statistical Area | 1.99 | 1.55 | 1.82 |
Las Vegas-Paradise, NV Metropolitan Statistical Area | 3.06 | 1.24 | 1.87 |
Lawrence, KS Metropolitan Statistical Area | 2.1 | 1.71 | 1.88 |
Lawton, OK Metropolitan Statistical Area | 1.27 | 1.15 | 1.35 |
Lebanon, PA Metropolitan Statistical Area | 1.73 | 1.5 | 1.61 |
Lewiston, ID-WA Metropolitan Statistical Area | 2.1 | 1.91 | 1.76 |
Lewiston-Auburn, ME Metropolitan Statistical Area | 2.17 | 1.58 | 1.76 |
Lexington-Fayette, KY Metropolitan Statistical Area | 1.8 | 1.64 | 1.6 |
Lima, OH Metropolitan Statistical Area | 1.4 | 1.22 | 1.28 |
Lincoln, NE Metropolitan Statistical Area | 1.51 | 1.31 | 1.47 |
Little Rock-North Little Rock-Conway, AR Metropolitan Statistical Area | 1.34 | 1.22 | 1.35 |
Logan, UT-ID Metropolitan Statistical Area | 2.07 | 1.85 | 1.95 |
Longview, TX Metropolitan Statistical Area | 1.25 | 1.11 | 1.26 |
Longview, WA Metropolitan Statistical Area | 2.7 | 1.9 | 2.07 |
Los Angeles-Long Beach-Glendale, CA Metropolitan Division | 4.74 | 2.49 | 2.6 |
Louisville-Jefferson County, KY-IN Metropolitan Statistical Area | 1.67 | 1.51 | 1.56 |
Lubbock, TX Metropolitan Statistical Area | 1.24 | 1.08 | 1.24 |
Lynchburg, VA Metropolitan Statistical Area | 1.99 | 1.92 | 1.79 |
Macon, GA Metropolitan Statistical Area | 1.43 | 1.08 | 1.46 |
Madera-Chowchilla, CA Metropolitan Statistical Area | 4 | 1.76 | 2.27 |
Madison, WI Metropolitan Statistical Area | 2.04 | 1.75 | 1.73 |
Manchester-Nashua, NH Metropolitan Statistical Area | 2.87 | 1.81 | 2.04 |
Manhattan, KS Metropolitan Statistical Area | 1.49 | 1.12 | 1.3 |
Mankato-North Mankato, MN Metropolitan Statistical Area | 1.85 | 1.57 | 1.51 |
Mansfield, OH Metropolitan Statistical Area | 1.51 | 1.13 | 1.4 |
McAllen-Edinburg-Mission, TX Metropolitan Statistical Area | 1.22 | 1 | 1.29 |
Medford, OR Metropolitan Statistical Area | 3.66 | 2.13 | 2.18 |
Memphis, TN-MS-AR Metropolitan Statistical Area | 1.31 | 0.89 | 1.45 |
Merced, CA Metropolitan Statistical Area | 4.04 | 1.06 | 1.86 |
Miami-Miami Beach-Kendall, FL Metropolitan Division | 3.85 | 1.86 | 1.94 |
Michigan City-La Porte, IN Metropolitan Statistical Area | 1.63 | 1.37 | 1.45 |
Midland, TX Metropolitan Statistical Area | 0.91 | 1.07 | 1.03 |
Milwaukee-Waukesha-West Allis, WI Metropolitan Statistical Area | 2.16 | 1.6 | 1.67 |
Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Statistical Area | 2.13 | 1.32 | 1.57 |
Missoula, MT Metropolitan Statistical Area | 2.91 | 2.73 | 2.16 |
Mobile, AL Metropolitan Statistical Area | 1.71 | 1.3 | 1.61 |
Modesto, CA Metropolitan Statistical Area | 4.01 | 1.31 | 2.09 |
Monroe, LA Metropolitan Statistical Area | 1.42 | 1.29 | 1.38 |
Monroe, MI Metropolitan Statistical Area | 1.99 | 1.37 | 1.7 |
Montgomery, AL Metropolitan Statistical Area | 1.47 | 1.28 | 1.55 |
Morgantown, WV Metropolitan Statistical Area | 2.03 | 1.8 | 1.82 |
Morristown, TN Metropolitan Statistical Area | 1.88 | 1.62 | 1.66 |
Mount Vernon-Anacortes, WA Metropolitan Statistical Area | 3 | 2.33 | 2.3 |
Muncie, IN Metropolitan Statistical Area | 1.34 | 0.98 | 1.27 |
Muskegon-Norton Shores, MI Metropolitan Statistical Area | 1.54 | 1.05 | 1.36 |
Myrtle Beach-North Myrtle Beach-Conway, SC Metropolitan Statistical Area | 3.12 | 2.08 | 2.21 |
Napa, CA Metropolitan Statistical Area | 5.2 | 2.35 | 2.98 |
Naples-Marco Island, FL Metropolitan Statistical Area | 4.93 | 2.33 | 2.69 |
Nashville-Davidson--Murfreesboro--Franklin, TN Metropolitan Statistical Area | 1.64 | 1.46 | 1.51 |
Nassau-Suffolk, NY Metropolitan Division | 3.03 | 1.89 | 1.78 |
New Haven-Milford, CT Metropolitan Statistical Area | 2.51 | 1.61 | 1.87 |
New Orleans-Metairie-Kenner, LA Metropolitan Statistical Area | 1.38 | 1.43 | 1.5 |
New York-White Plains-Wayne, NY-NJ Metropolitan Division | 4.09 | 2.67 | 2.57 |
Newark-Union, NJ-PA Metropolitan Division | 3.44 | 2.16 | 2.29 |
Niles-Benton Harbor, MI Metropolitan Statistical Area | 1.73 | 1.35 | 1.44 |
North Port-Bradenton-Sarasota, FL Metropolitan Statistical Area | 3.66 | 1.82 | 2.06 |
Norwich-New London, CT Metropolitan Statistical Area | 2.72 | 1.79 | 2.01 |
Oakland-Fremont-Hayward, CA Metropolitan Division | 6.11 | 3.19 | 3.82 |
Ocala, FL Metropolitan Statistical Area | 2.14 | 1.01 | 1.45 |
Ocean City, NJ Metropolitan Statistical Area | 3.63 | 2.26 | 1.74 |
Odessa, TX Metropolitan Statistical Area | 0.93 | 0.84 | 0.97 |
Ogden-Clearfield, UT Metropolitan Statistical Area | 1.85 | 1.64 | 1.78 |
Oklahoma City, OK Metropolitan Statistical Area | 1.19 | 1.13 | 1.27 |
Olympia, WA Metropolitan Statistical Area | 2.85 | 1.82 | 2.11 |
Omaha-Council Bluffs, NE-IA Metropolitan Statistical Area | 1.42 | 1.25 | 1.44 |
Orlando-Kissimmee-Sanford, FL Metropolitan Statistical Area | 2.72 | 1.29 | 1.69 |
Oshkosh-Neenah, WI Metropolitan Statistical Area | 1.49 | 1.34 | 1.38 |
Owensboro, KY Metropolitan Statistical Area | 1.39 | 1.21 | 1.43 |
Oxnard-Thousand Oaks-Ventura, CA Metropolitan Statistical Area | 5.21 | 2.9 | 3.06 |
Palm Bay-Melbourne-Titusville, FL Metropolitan Statistical Area | 2.8 | 1.25 | 1.56 |
Palm Coast, FL Metropolitan Statistical Area | 4.41 | 1.81 | 2.63 |
Panama City-Lynn Haven-Panama City Beach, FL Metropolitan Statistical Area | 2.96 | 1.4 | 1.79 |
Parkersburg-Marietta-Vienna, WV-OH Metropolitan Statistical Area | 1.56 | 1.38 | 1.44 |
Pascagoula, MS Metropolitan Statistical Area | 1.59 | 1.33 | 1.4 |
Peabody, MA Metropolitan Division | 3.4 | 2.35 | 2.59 |
Pensacola-Ferry Pass-Brent, FL Metropolitan Statistical Area | 2.23 | 1.29 | 1.61 |
Peoria, IL Metropolitan Statistical Area | 1.25 | 1.08 | 1.25 |
Philadelphia, PA Metropolitan Division | 1.82 | 1.38 | 1.37 |
Phoenix-Mesa-Glendale, AZ Metropolitan Statistical Area | 2.96 | 1.42 | 1.74 |
Pine Bluff, AR Metropolitan Statistical Area | 1.17 | 0.95 | 1.16 |
Pittsburgh, PA Metropolitan Statistical Area | 1.35 | 1.18 | 1.34 |
Pittsfield, MA Metropolitan Statistical Area | 2.79 | 2.07 | 2.15 |
Pocatello, ID Metropolitan Statistical Area | 1.68 | 1.52 | 1.54 |
Port St. Lucie, FL Metropolitan Statistical Area | 2.86 | 1.27 | 1.57 |
Portland-South Portland-Biddeford, ME Metropolitan Statistical Area | 2.52 | 1.99 | 1.88 |
Portland-Vancouver-Hillsboro, OR-WA Metropolitan Statistical Area | 2.89 | 2.08 | 1.97 |
Poughkeepsie-Newburgh-Middletown, NY Metropolitan Statistical Area | 3.09 | 1.8 | 1.99 |
Prescott, AZ Metropolitan Statistical Area | 4.53 | 2.41 | 2.66 |
Providence-New Bedford-Fall River, RI-MA Metropolitan Statistical Area | 3.13 | 1.89 | 2.08 |
Provo-Orem, UT Metropolitan Statistical Area | 2.29 | 1.99 | 2.08 |
Pueblo, CO Metropolitan Statistical Area | 1.75 | 1.39 | 1.56 |
Punta Gorda, FL Metropolitan Statistical Area | 3.29 | 1.36 | 1.81 |
Racine, WI Metropolitan Statistical Area | 1.83 | 1.32 | 1.45 |
Raleigh-Cary, NC Metropolitan Statistical Area | 1.81 | 1.77 | 1.8 |
Rapid City, SD Metropolitan Statistical Area | 1.52 | 1.42 | 1.3 |
Reading, PA Metropolitan Statistical Area | 1.54 | 1.22 | 1.33 |
Redding, CA Metropolitan Statistical Area | 3.76 | 1.81 | 2.13 |
Reno-Sparks, NV Metropolitan Statistical Area | 3.03 | 1.42 | 1.9 |
Richmond, VA Metropolitan Statistical Area | 2.11 | 1.68 | 1.71 |
Riverside-San Bernardino-Ontario, CA Metropolitan Statistical Area | 4.21 | 1.8 | 2.21 |
Roanoke, VA Metropolitan Statistical Area | 1.96 | 1.66 | 1.72 |
Rochester, MN Metropolitan Statistical Area | 1.55 | 1.25 | 1.42 |
Rochester, NY Metropolitan Statistical Area | 1.24 | 1.07 | 1.3 |
Rockford, IL Metropolitan Statistical Area | 1.18 | 0.91 | 1.07 |
Rockingham County-Strafford County, NH Metropolitan Division | 2.67 | 1.79 | 1.92 |
Rocky Mount, NC Metropolitan Statistical Area | 1.51 | 1.24 | 1.55 |
Rome, GA Metropolitan Statistical Area | 1.55 | 1.13 | 1.43 |
Sacramento--Arden-Arcade--Roseville, CA Metropolitan Statistical Area | 3.37 | 1.47 | 2.03 |
Saginaw-Saginaw Township North, MI Metropolitan Statistical Area | 1.48 | 0.97 | 1.26 |
Salem, OR Metropolitan Statistical Area | 2.32 | 1.74 | 1.84 |
Salinas, CA Metropolitan Statistical Area | 7.01 | 2.55 | 3.55 |
Salisbury, MD Metropolitan Statistical Area | 2.43 | 1.41 | 1.75 |
Salt Lake City, UT Metropolitan Statistical Area | 1.74 | 1.53 | 1.61 |
San Angelo, TX Metropolitan Statistical Area | 1.2 | 1.14 | 1.2 |
San Antonio-New Braunfels, TX Metropolitan Statistical Area | 1.4 | 1.39 | 1.4 |
San Diego-Carlsbad-San Marcos, CA Metropolitan Statistical Area | 5.04 | 2.73 | 3.06 |
San Francisco-San Mateo-Redwood City, CA Metropolitan Division | 5.66 | 3.98 | 4.04 |
San Jose-Sunnyvale-Santa Clara, CA Metropolitan Statistical Area | 5.67 | 3.72 | 3.8 |
San Luis Obispo-Paso Robles, CA Metropolitan Statistical Area | 6.34 | 3.43 | 3.66 |
Sandusky, OH Metropolitan Statistical Area | 1.64 | 1.32 | 1.53 |
Santa Ana-Anaheim-Irvine, CA Metropolitan Division | 5.21 | 3.29 | 3.08 |
Santa Barbara-Santa Maria-Goleta, CA Metropolitan Statistical Area | 7.08 | 3.15 | 3.95 |
Santa Cruz-Watsonville, CA Metropolitan Statistical Area | 6.42 | 3.34 | 3.99 |
Santa Fe, NM Metropolitan Statistical Area | 3.19 | 2.58 | 2.68 |
Santa Rosa-Petaluma, CA Metropolitan Statistical Area | 5.35 | 2.83 | 3.23 |
Savannah, GA Metropolitan Statistical Area | 1.87 | 1.37 | 1.47 |
Scranton--Wilkes-Barre, PA Metropolitan Statistical Area | 1.6 | 1.43 | 1.55 |
Seattle-Bellevue-Everett, WA Metropolitan Division | 2.7 | 1.93 | 2 |
Sebastian-Vero Beach, FL Metropolitan Statistical Area | 2.2 | 1.09 | 1.46 |
Sheboygan, WI Metropolitan Statistical Area | 1.57 | 1.19 | 1.42 |
Sherman-Denison, TX Metropolitan Statistical Area | 1.36 | 1.11 | 1.33 |
Shreveport-Bossier City, LA Metropolitan Statistical Area | 1.3 | 1.23 | 1.26 |
Sioux City, IA-NE-SD Metropolitan Statistical Area | 1.13 | 0.98 | 1.14 |
Sioux Falls, SD Metropolitan Statistical Area | 1.36 | 1.32 | 1.37 |
South Bend-Mishawaka, IN-MI Metropolitan Statistical Area | 1.18 | 1.06 | 1.19 |
Spartanburg, SC Metropolitan Statistical Area | 1.49 | 1.29 | 1.53 |
Spokane, WA Metropolitan Statistical Area | 2.1 | 1.56 | 1.64 |
Springfield, IL Metropolitan Statistical Area | 1.26 | 1.06 | 1.33 |
Springfield, MA Metropolitan Statistical Area | 2.34 | 1.72 | 1.87 |
Springfield, MO Metropolitan Statistical Area | 1.5 | 1.24 | 1.46 |
Springfield, OH Metropolitan Statistical Area | 1.46 | 0.98 | 1.4 |
St. Cloud, MN Metropolitan Statistical Area | 1.95 | 1.49 | 1.5 |
St. George, UT Metropolitan Statistical Area | 3.48 | 2.07 | 2.41 |
St. Joseph, MO-KS Metropolitan Statistical Area | 1.33 | 1.08 | 1.22 |
St. Louis, MO-IL Metropolitan Statistical Area | 1.63 | 1.27 | 1.39 |
State College, PA Metropolitan Statistical Area | 2.08 | 1.91 | 1.8 |
Steubenville-Weirton, OH-WV Metropolitan Statistical Area | 1.34 | 1.06 | 1.2 |
Stockton, CA Metropolitan Statistical Area | 4.33 | 1.45 | 2.25 |
Sumter, SC Metropolitan Statistical Area | 1.58 | 1.44 | 1.53 |
Syracuse, NY Metropolitan Statistical Area | 1.4 | 1.2 | 1.32 |
Tacoma, WA Metropolitan Division | 2.65 | 1.6 | 2 |
Tallahassee, FL Metropolitan Statistical Area | 2.68 | 1.74 | 1.99 |
Tampa-St. Petersburg-Clearwater, FL Metropolitan Statistical Area | 2.8 | 1.43 | 1.72 |
Terre Haute, IN Metropolitan Statistical Area | 1.27 | 1.01 | 1.26 |
Texarkana, TX-Texarkana, AR Metropolitan Statistical Area | 1.2 | 1.09 | 1.31 |
Toledo, OH Metropolitan Statistical Area | 1.55 | 1.08 | 1.42 |
Topeka, KS Metropolitan Statistical Area | 1.29 | 1.12 | 1.23 |
Trenton-Ewing, NJ Metropolitan Statistical Area | 2.37 | 1.63 | 1.66 |
Tucson, AZ Metropolitan Statistical Area | 2.85 | 1.44 | 1.92 |
Tulsa, OK Metropolitan Statistical Area | 1.23 | 1.21 | 1.39 |
Tuscaloosa, AL Metropolitan Statistical Area | 1.91 | 1.74 | 1.85 |
Tyler, TX Metropolitan Statistical Area | 1.36 | 1.28 | 1.37 |
Utica-Rome, NY Metropolitan Statistical Area | 1.56 | 1.34 | 1.43 |
Valdosta, GA Metropolitan Statistical Area | 1.71 | 1.35 | 1.57 |
Vallejo-Fairfield, CA Metropolitan Statistical Area | 4.36 | 1.58 | 2.4 |
Victoria, TX Metropolitan Statistical Area | 1.11 | 1.06 | 1.22 |
Vineland-Millville-Bridgeton, NJ Metropolitan Statistical Area | 1.95 | 1.29 | 1.45 |
Virginia Beach-Norfolk-Newport News, VA-NC Metropolitan Statistical Area | 2.44 | 1.8 | 1.72 |
Visalia-Porterville, CA Metropolitan Statistical Area | 2.69 | 1.07 | 1.59 |
Waco, TX Metropolitan Statistical Area | 1.26 | 1.18 | 1.28 |
Warner Robins, GA Metropolitan Statistical Area | 1.52 | 1.23 | 1.53 |
Warren-Troy-Farmington Hills, MI Metropolitan Division | 1.96 | 1.09 | 1.69 |
Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Division | 2.85 | 1.83 | 1.75 |
Waterloo-Cedar Falls, IA Metropolitan Statistical Area | 1.28 | 1.07 | 1.11 |
Wausau, WI Metropolitan Statistical Area | 1.45 | 1.29 | 1.36 |
Wenatchee-East Wenatchee, WA Metropolitan Statistical Area | 2.61 | 2.35 | 2.2 |
West Palm Beach-Boca Raton-Boynton Beach, FL Metropolitan Division | 2.72 | 1.33 | 1.5 |
Wheeling, WV-OH Metropolitan Statistical Area | 1.33 | 1.14 | 1.25 |
Wichita Falls, TX Metropolitan Statistical Area | 0.98 | 0.94 | 1.04 |
Wichita, KS Metropolitan Statistical Area | 1.18 | 1.15 | 1.28 |
Williamsport, PA Metropolitan Statistical Area | 1.61 | 1.46 | 1.56 |
Wilmington, DE-MD-NJ Metropolitan Division | 2.51 | 1.78 | 1.87 |
Wilmington, NC Metropolitan Statistical Area | 3.09 | 2.43 | 2.25 |
Winchester, VA-WV Metropolitan Statistical Area | 3.06 | 1.77 | 2.06 |
Winston-Salem, NC Metropolitan Statistical Area | 1.75 | 1.57 | 1.68 |
Worcester, MA Metropolitan Statistical Area | 2.35 | 1.47 | 1.76 |
Yakima, WA Metropolitan Statistical Area | 1.79 | 1.5 | 1.67 |
York-Hanover, PA Metropolitan Statistical Area | 2.05 | 1.55 | 1.69 |
Youngstown-Warren-Boardman, OH-PA Metropolitan Statistical Area | 1.18 | 0.9 | 1.14 |
Yuba City, CA Metropolitan Statistical Area | 3.4 | 1.34 | 1.97 |
Yuma, AZ Metropolitan Statistical Area | 2.53 | 1.33 | 1.66 |
Update: An earlier version of this post misstated the price-to-rent ratio for Tampa. Thanks to the commenter who pointed out the error.