Rents across the country have gone through a period of historical growth in the past two years. According to real estate research firm CoStar Group, rents in the U.S. rose 11.3% last year. In contrast, over the previous five years, gross rents increased by 18.1%.
Rising rent prices are the result of a combination of soaring inflation and a squeeze on inventory. This lack of supply relative to demand comes as the number of people seeking to rent has increased substantially during the pandemic, while the number of available properties has been limited by pandemic-related shortages of building materials and other delays in construction.
To determine the states with the highest rent, 24/7 Wall St. reviewed five-year estimates of median gross rent from the U.S. Census Bureau’s 2020 American Community Survey. The median gross rent across the United States is $1,096, and state values range from as low as $732 in West Virginia to as high as $1,651 in Hawaii.
In many of the states where rent costs are higher, a higher share of housing units are occupied by renters, rather than homeowners. This is largely because these states have expensive housing markets as a whole, meaning residents are priced out of the possibility of owning a home and are forced to rent. Hawaii is the most expensive state in which to rent, with a median gross rent of $1,651. In Hawaii, nearly 40% of housing units are occupied by renters, above the 35.6% U.S. share and the fifth highest share among states.
Generally, the states with the highest rents tend to have higher household incomes. However, even after accounting for those higher incomes, rent in these states is less affordable. In Hawaii and California, which rank first and second on this list, rent as a percentage of state median household income is second and fourth highest, respectively.
Between 2015 and 2020, nationwide median gross rent rose from $928 to $1,096, a $168, or 18.1%, increase. Over that same period, median rent increased in every state. The smallest increase was in Wyoming, where median gross rent increased by $64, or 8.1%. The largest was in Colorado, where rents rose by $333, a 33.2% increase.
Click here to see the states with the highest rent
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50. West Virginia
> Median monthly rental cost: $732
> Share of income typically spent on rent: 28.9% (24th highest)
> Rental occupied housing units: 26.3% (the lowest)
> Median home value: $123,200 (the lowest)
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49. Arkansas
> Median monthly rental cost: $760
> Share of income typically spent on rent: 27.2% (9th lowest — tied)
> Rental occupied housing units: 34.2% (16th highest)
> Median home value: $133,600 (3rd lowest)
48. South Dakota
> Median monthly rental cost: $761
> Share of income typically spent on rent: 25.2% (2nd lowest)
> Rental occupied housing units: 32.0% (19th lowest)
> Median home value: $174,600 (16th lowest)
47. Kentucky
> Median monthly rental cost: $783
> Share of income typically spent on rent: 27.1% (8th lowest)
> Rental occupied housing units: 32.4% (20th lowest)
> Median home value: $147,100 (5th lowest)
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46. Mississippi
> Median monthly rental cost: $789
> Share of income typically spent on rent: 29.6% (15th highest — tied)
> Rental occupied housing units: 31.2% (16th lowest)
> Median home value: $125,500 (2nd lowest)
45. Iowa
> Median monthly rental cost: $806
> Share of income typically spent on rent: 26.7% (5th lowest)
> Rental occupied housing units: 28.8% (8th lowest)
> Median home value: $153,900 (9th lowest)
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44. Alabama
> Median monthly rental cost: $811
> Share of income typically spent on rent: 28.8% (25th highest — tied)
> Rental occupied housing units: 30.8% (14th lowest)
> Median home value: $149,600 (7th lowest)
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43. Oklahoma
> Median monthly rental cost: $818
> Share of income typically spent on rent: 27.2% (9th lowest — tied)
> Rental occupied housing units: 33.9% (17th highest)
> Median home value: $142,400 (4th lowest)
42. Ohio
> Median monthly rental cost: $825
> Share of income typically spent on rent: 27.5% (11th lowest — tied)
> Rental occupied housing units: 33.7% (24th highest)
> Median home value: $151,400 (8th lowest)
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41. North Dakota
> Median monthly rental cost: $828
> Share of income typically spent on rent: 24.4% (the lowest)
> Rental occupied housing units: 37.5% (8th highest)
> Median home value: $199,900 (25th lowest)
40. Montana
> Median monthly rental cost: $836
> Share of income typically spent on rent: 27.7% (14th lowest)
> Rental occupied housing units: 31.5% (17th lowest)
> Median home value: $244,900 (18th highest)
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39. Missouri
> Median monthly rental cost: $843
> Share of income typically spent on rent: 27.6% (13th lowest)
> Rental occupied housing units: 32.9% (22nd lowest)
> Median home value: $163,600 (12th lowest)
38. Indiana
> Median monthly rental cost: $844
> Share of income typically spent on rent: 28.3% (18th lowest)
> Rental occupied housing units: 30.5% (13th lowest)
> Median home value: $148,900 (6th lowest)
37. Wyoming
> Median monthly rental cost: $853
> Share of income typically spent on rent: 26.3% (3rd lowest — tied)
> Rental occupied housing units: 29.0% (9th lowest)
> Median home value: $228,000 (24th highest)
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36. Nebraska
> Median monthly rental cost: $857
> Share of income typically spent on rent: 26.3% (3rd lowest — tied)
> Rental occupied housing units: 33.8% (19th highest)
> Median home value: $164,000 (13th lowest)
35. New Mexico
> Median monthly rental cost: $857
> Share of income typically spent on rent: 29.3% (18th highest — tied)
> Rental occupied housing units: 32.0% (18th lowest)
> Median home value: $175,700 (17th lowest)
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34. Kansas
> Median monthly rental cost: $863
> Share of income typically spent on rent: 27.0% (6th lowest — tied)
> Rental occupied housing units: 33.8% (22nd highest)
> Median home value: $157,600 (10th lowest)
33. Wisconsin
> Median monthly rental cost: $872
> Share of income typically spent on rent: 27.0% (6th lowest — tied)
> Rental occupied housing units: 32.9% (21st lowest)
> Median home value: $189,200 (22nd lowest)
32. Maine
> Median monthly rental cost: $873
> Share of income typically spent on rent: 28.6% (19th lowest — tied)
> Rental occupied housing units: 27.1% (2nd lowest)
> Median home value: $198,000 (24th lowest)
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31. Louisiana
> Median monthly rental cost: $876
> Share of income typically spent on rent: 32.3% (3rd highest)
> Rental occupied housing units: 33.4% (25th lowest)
> Median home value: $168,100 (14th lowest)
30. Idaho
> Median monthly rental cost: $887
> Share of income typically spent on rent: 27.9% (16th lowest)
> Rental occupied housing units: 29.2% (10th lowest)
> Median home value: $235,600 (21st highest)
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29. Michigan
> Median monthly rental cost: $892
> Share of income typically spent on rent: 29.3% (18th highest — tied)
> Rental occupied housing units: 28.3% (4th lowest)
> Median home value: $162,600 (11th lowest)
28. Tennessee
> Median monthly rental cost: $897
> Share of income typically spent on rent: 28.8% (25th highest — tied)
> Rental occupied housing units: 33.5% (25th highest)
> Median home value: $177,600 (18th lowest)
27. South Carolina
> Median monthly rental cost: $918
> Share of income typically spent on rent: 29.7% (12th highest — tied)
> Rental occupied housing units: 29.9% (12th lowest)
> Median home value: $170,100 (15th lowest)
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26. North Carolina
> Median monthly rental cost: $932
> Share of income typically spent on rent: 28.6% (19th lowest — tied)
> Rental occupied housing units: 34.3% (15th highest)
> Median home value: $182,100 (19th lowest)
25. Pennsylvania
> Median monthly rental cost: $958
> Share of income typically spent on rent: 28.6% (19th lowest — tied)
> Rental occupied housing units: 31.0% (15th lowest)
> Median home value: $187,500 (21st lowest)
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24. Vermont
> Median monthly rental cost: $999
> Share of income typically spent on rent: 29.8% (11th highest)
> Rental occupied housing units: 28.7% (6th lowest)
> Median home value: $230,900 (23rd highest)
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23. Minnesota
> Median monthly rental cost: $1,010
> Share of income typically spent on rent: 28.2% (17th lowest)
> Rental occupied housing units: 28.1% (3rd lowest)
> Median home value: $235,700 (20th highest)
22. Rhode Island
> Median monthly rental cost: $1,031
> Share of income typically spent on rent: 29.0% (22nd highest — tied)
> Rental occupied housing units: 38.4% (5th highest)
> Median home value: $276,600 (14th highest)
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21. Illinois
> Median monthly rental cost: $1,038
> Share of income typically spent on rent: 28.7% (23rd lowest)
> Rental occupied housing units: 33.7% (23rd highest)
> Median home value: $202,100 (25th highest)
20. Georgia
> Median monthly rental cost: $1,042
> Share of income typically spent on rent: 29.6% (15th highest — tied)
> Rental occupied housing units: 36.0% (12th highest)
> Median home value: $190,200 (23rd lowest)
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19. Texas
> Median monthly rental cost: $1,082
> Share of income typically spent on rent: 29.1% (20th highest — tied)
> Rental occupied housing units: 37.7% (6th highest)
> Median home value: $187,200 (20th lowest)
18. Utah
> Median monthly rental cost: $1,090
> Share of income typically spent on rent: 27.8% (15th lowest)
> Rental occupied housing units: 29.5% (11th lowest)
> Median home value: $305,400 (10th highest)
17. Arizona
> Median monthly rental cost: $1,097
> Share of income typically spent on rent: 29.0% (22nd highest — tied)
> Rental occupied housing units: 34.7% (14th highest)
> Median home value: $242,000 (19th highest)
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16. New Hampshire
> Median monthly rental cost: $1,145
> Share of income typically spent on rent: 28.6% (19th lowest — tied)
> Rental occupied housing units: 28.8% (7th lowest)
> Median home value: $272,300 (16th highest)
15. Delaware
> Median monthly rental cost: $1,150
> Share of income typically spent on rent: 29.7% (12th highest — tied)
> Rental occupied housing units: 28.6% (5th lowest)
> Median home value: $258,300 (17th highest)
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14. Nevada
> Median monthly rental cost: $1,159
> Share of income typically spent on rent: 30.0% (10th highest)
> Rental occupied housing units: 42.9% (3rd highest)
> Median home value: $290,200 (11th highest)
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13. Oregon
> Median monthly rental cost: $1,173
> Share of income typically spent on rent: 30.3% (8th highest — tied)
> Rental occupied housing units: 37.2% (9th highest)
> Median home value: $336,700 (7th highest)
12. Connecticut
> Median monthly rental cost: $1,201
> Share of income typically spent on rent: 30.8% (5th highest — tied)
> Rental occupied housing units: 33.9% (18th highest)
> Median home value: $279,700 (13th highest)
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11. Florida
> Median monthly rental cost: $1,218
> Share of income typically spent on rent: 33.3% (the highest)
> Rental occupied housing units: 33.8% (20th highest)
> Median home value: $232,000 (22nd highest)
10. Alaska
> Median monthly rental cost: $1,240
> Share of income typically spent on rent: 27.5% (11th lowest — tied)
> Rental occupied housing units: 35.2% (13th highest)
> Median home value: $275,600 (15th highest)
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9. Virginia
> Median monthly rental cost: $1,257
> Share of income typically spent on rent: 28.8% (25th highest — tied)
> Rental occupied housing units: 33.3% (24th lowest)
> Median home value: $282,800 (12th highest)
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8. New York
> Median monthly rental cost: $1,315
> Share of income typically spent on rent: 30.8% (5th highest — tied)
> Rental occupied housing units: 45.9% (the highest)
> Median home value: $325,000 (9th highest)
7. Colorado
> Median monthly rental cost: $1,335
> Share of income typically spent on rent: 30.6% (7th highest)
> Rental occupied housing units: 33.8% (21st highest)
> Median home value: $369,900 (4th highest)
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6. Massachusetts
> Median monthly rental cost: $1,336
> Share of income typically spent on rent: 29.6% (15th highest — tied)
> Rental occupied housing units: 37.5% (7th highest)
> Median home value: $398,800 (3rd highest)
5. Washington
> Median monthly rental cost: $1,337
> Share of income typically spent on rent: 29.1% (20th highest — tied)
> Rental occupied housing units: 36.7% (10th highest)
> Median home value: $366,800 (5th highest)
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4. New Jersey
> Median monthly rental cost: $1,368
> Share of income typically spent on rent: 30.3% (8th highest — tied)
> Rental occupied housing units: 36.0% (11th highest)
> Median home value: $343,500 (6th highest)
3. Maryland
> Median monthly rental cost: $1,415
> Share of income typically spent on rent: 29.7% (12th highest — tied)
> Rental occupied housing units: 32.9% (23rd lowest)
> Median home value: $325,400 (8th highest)
2. California
> Median monthly rental cost: $1,586
> Share of income typically spent on rent: 32.2% (4th highest)
> Rental occupied housing units: 44.7% (2nd highest)
> Median home value: $538,500 (2nd highest)
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1. Hawaii
> Median monthly rental cost: $1,651
> Share of income typically spent on rent: 32.5% (2nd highest)
> Rental occupied housing units: 39.7% (4th highest)
> Median home value: $636,400 (the highest)
Methodology
To determine the states with the highest rent, 24/7 Wall St. reviewed five-year estimates of median gross rent from the U.S. Census Bureau’s 2020 American Community Survey. States were ranked based on the median gross rent. To break ties, we used the median gross rent as a share of household income.
Additional information on median gross rent as a share of household income, share of households occupied by renters, and median home value are also five-year estimates from the 2020 ACS. Because the Census Bureau didn’t release one-year estimates for 2020 due to data collection issues caused by the COVID-19 pandemic, all ACS data are five-year estimates.
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