Currently Reading

The Best and Worst U.S. Cities for Buyers and Renters

Housing Markets

The Best and Worst U.S. Cities for Buyers and Renters

Renting is just as unaffordable as buying a home in some major U.S. metros

May 11, 2022
Detroit city skyline

Rising home prices are forcing many would-be buyers to retreat into the rental market, but rents are following a similar trajectory in most major U.S. cities, SmartAsset reports. The median rent for a one-bedroom apartment rose 13.2% year-over-year in April, and while many metros are more expensive for homebuyers, renters are grappling with even more challenges in other locations.

Seven of the top 10 cities with the highest price-to-rent ratios are located in California, where the average home sale price is up to a whopping $916,071, while a year’s worth of rent averages around $27,233. On the contrary, price-to-rent ratios are low in midwestern cities like Detroit, Cleveland, Milwaukee, Chicago and Indianapolis.

San Jose, California has the highest price-to-rent ratio of the 50 large cities that we examined. Between March 2021 and February 2022, the average price of a home in this Bay Area city was $1,261,667, second-highest across our study. While San Jose also had the fifth-highest average annual rent during that same time period ($2,494), a typical home still costs 42.16 times more than a year’s worth of rent.

No city has more affordable homes than Detroit, where the average sales price was just $75,667 from March 2021 through February 2022. With rent averaging $1,084 per month, the average home is just 5.82 times more than a year’s worth of rent.

Read more

Related Stories

Housing Markets

Miami Tops the List of the Nation’s Most Competitive Rental Markets

Remote workers from around the country are flocking to sunny metros like Miami, where rental demand is at an all-time high

Market Data + Trends

As Home Sales Slow, Single-Family Rental Demand Surges

Buyers priced out of home purchases are turning to the rental market to find more affordable housing options

Build to Rent

New Affordable Housing Units Cost $1 Million per Apartment to Build in California

Building affordable housing units just got even more costly in popular markets like San Francisco, where subsidized construction projects come with multi-million dollar price tags


More in Category


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.