The Average Rent in Every State
Homeownership may be the ideal goal for most Americans, but with housing prices on the high side due to shortages, and even higher mortgage interest rates, it might just be out of reach for many. More Americans find themselves in a position to rent.
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While renting may feel like a waste of money to some, it is the reality for many Americans. For those with money leftover to save after expenses, it also is a time where you can save up for a down payment on a house. And if mortgage interest rates don’t drop soon, it will be cheaper to rent than to buy in many states.
To find the average rent in every state, GOBankingRates used Zillow’s rent index to find the typical home value for single family residences in each state and ApartmentList to find typical rental costs for single family homes in each state. Median home list prices were also provided as supplemental data. The rental cost data for Maine, Vermont and Alaska is unavailable and was omitted from this study. The final ranking should allow you to understand which parts of the country are the least friendly to renters, and which states can help you save money. Let’s start with the most affordable.
Last updated: January 8, 2024.
West Virginia
Median list price for a single-family residence: $86,271
Average monthly rent for a single-family residence: $662
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South Dakota
Median list price for a single-family residence: $147,407
Average monthly rent for a single-family residence: $703
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Arkansas
Median list price for a single-family residence: $129,400
Average monthly rent for a single-family residence: $718
Iowa
Median list price for a single-family residence: $99,760
Average monthly rent for a single-family residence: $774
Oklahoma
Median list price for a single-family residence: $86,085
Average monthly rent for a single-family residence: $796
Alabama
Median list price for a single-family residence: $175,745
Average monthly rent for a single-family residence: $802
Wyoming
Median list price for a single-family residence: $224,998
Average monthly rent for a single-family residence: $804
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Idaho
Median list price for a single-family residence: $318,159
Average monthly rent for a single-family residence: $816
Kentucky
Median list price for a single-family residence: $107,372
Average monthly rent for a single-family residence: $816
Mississippi
Median list price for a single-family residence: $106,111
Average monthly rent for a single-family residence: $821
Montana
Median list price for a single-family residence: $291,827
Average monthly rent for a single-family residence: $836
Ohio
Median list price for a single-family residence: $112,027
Average monthly rent for a single-family residence: $839
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Kansas
Median list price for a single-family residence: $72,656
Average monthly rent for a single-family residence: $841
New Mexico
Median list price for a single-family residence: $203,953
Average monthly rent for a single-family residence: $875
Michigan
Median list price for a single-family residence: $159,341
Average monthly rent for a single-family residence: $880
Louisiana
Median list price for a single-family residence: $128,952
Average monthly rent for a single-family residence: $889
Indiana
Median list price for a single-family residence: $111,685
Average monthly rent for a single-family residence: $901
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Missouri
Median list price for a single-family residence: $119,425
Average monthly rent for a single-family residence: $902
Nebraska
Median list price for a single-family residence: $129,387
Average monthly rent for a single-family residence: $949
Wisconsin
Median list price for a single-family residence: $166,796
Average monthly rent for a single-family residence: $955
Tennessee
Median list price for a single-family residence: $253,890
Average monthly rent for a single-family residence: $1,012
Pennsylvania
Median list price for a single-family residence: $170,004
Average monthly rent for a single-family residence: $1,057
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Rhode Island
Median list price for a single-family residence: $281,476
Average monthly rent for a single-family residence: $1,083
Utah
Median list price for a single-family residence: $325,236
Average monthly rent for a single-family residence: $1,111
Minnesota
Median list price for a single-family residence: $175,951
Average monthly rent for a single-family residence: $1,118
South Carolina
Median list price for a single-family residence: $204,780
Average monthly rent for a single-family residence: $1,124
North Carolina
Median list price for a single-family residence: $209,849
Average monthly rent for a single-family residence: $1,130
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New Hampshire
Median list price for a single-family residence: $237,721
Average monthly rent for a single-family residence: $1,135
Texas
Median list price for a single-family residence: $155,899
Average monthly rent for a single-family residence: $1,143
Arizona
Median list price for a single-family residence: $234,690
Average monthly rent for a single-family residence: $1,155
Nevada
Median list price for a single-family residence: $203,905
Average monthly rent for a single-family residence: $1,156
Illinois
Median list price for a single-family residence: $177,499
Average monthly rent for a single-family residence: $1,187
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Delaware
Median list price for a single-family residence: $177,731
Average monthly rent for a single-family residence: $1,196
Oregon
Median list price for a single-family residence: $304,677
Average monthly rent for a single-family residence: $1,215
Georgia
Median list price for a single-family residence: $236,686
Average monthly rent for a single-family residence: $1,241
Florida
Median list price for a single-family residence: $213,476
Average monthly rent for a single-family residence: $1,305
Connecticut
Median list price for a single-family residence: $187,551
Average monthly rent for a single-family residence: $1,306
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Colorado
Median list price for a single-family residence: $330,450
Average monthly rent for a single-family residence: $1,438
Maryland
Median list price for a single-family residence: $216,300
Average monthly rent for a single-family residence: $1,483
Washington
Median list price for a single-family residence: $383,002
Average monthly rent for a single-family residence: $1,490
Massachusetts
Median list price for a single-family residence: $403,463
Average monthly rent for a single-family residence: $1,509
Virginia
Median list price for a single-family residence: $267,528
Average monthly rent for a single-family residence: $1,543
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New Jersey
Median list price for a single-family residence: $285,223
Average monthly rent for a single-family residence: $1,605
Hawaii
Median list price for a single-family residence: $469,501
Average monthly rent for a single-family residence: $1,683
New York
Median list price for a single-family residence: $376,494
Average monthly rent for a single-family residence: $1,732
California
Median list price for a single-family residence: $496,059
Average monthly rent for a single-family residence: $1,830
Methodology: To find the cost of rent and the median home value for each state, GOBankingRates used the Zillow Home Value Index to find the typical home value for single family residences in each state and used ApartmentList to find the typical rental costs for single family homes in each state. Both of these values were recorded to show the value and rental cost in each state. The rental cost data for Maine, Vermont, and Alaska are unavailable and was omitted from this study. All data was collected and is up-to-date as-of January 8th, 2024.
Photos are for illustrative purposes only. As a result, some of the images may not reflect a single-family residence at the price listed in this article.
Jordan Rosenfeld contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: The Average Rent in Every State
