ProInvestorHub Data Report · 2024
Best Cash-Flow Markets: where rent goes furthest
Gross rental yield measures how much annual rent a market produces against the price of a home. Using 2024 Census data for every state and major metro, this report ranks where rent goes furthest against home prices — the first screen before you finance a deal.
4.9%
U.S. gross rental yield
2024 national median
$1,487/mo
Median gross rent
incl. utilities (ACS)
$361K
Median home value
owner-occupied (ACS)
Key findings
- U.S. gross rental yield was 4.9% in 2024 — a $1,487/mo median monthly rent against a $361K median home value (Census ACS).
- Mississippi has the highest gross rental yield of any state at 6.4%, followed by West Virginia (6.2%) and Louisiana (5.7%).
- Gross yields are lowest in high-cost states like Hawaii (2.7%), where home prices far outrun rents.
- Among major U.S. metros, Elmira, NY leads with a 8.4% gross rental yield in 2024.
Gross yield by state
All states, ranked by gross rental yield.
| # | State | Gross yield | Median rent | Median value |
|---|---|---|---|---|
| 1 | Mississippi | 6.4% | $990/mo | $187K |
| 2 | West Virginia | 6.2% | $883/mo | $171K |
| 3 | Louisiana | 5.7% | $1,064/mo | $223K |
| 4 | Illinois | 5.7% | $1,322/mo | $281K |
| 5 | Texas | 5.7% | $1,475/mo | $313K |
| 6 | Oklahoma | 5.6% | $1,044/mo | $222K |
| 7 | Alabama | 5.5% | $1,077/mo | $233K |
| 8 | Michigan | 5.5% | $1,168/mo | $254K |
| 9 | Florida | 5.5% | $1,812/mo | $397K |
| 10 | Arkansas | 5.5% | $982/mo | $216K |
| 11 | Ohio | 5.5% | $1,090/mo | $240K |
| 12 | Indiana | 5.4% | $1,104/mo | $244K |
| 13 | Kansas | 5.4% | $1,079/mo | $239K |
| 14 | Pennsylvania | 5.4% | $1,252/mo | $278K |
| 15 | Kentucky | 5.3% | $998/mo | $226K |
| 16 | Georgia | 5.3% | $1,506/mo | $343K |
| 17 | Iowa | 5.2% | $981/mo | $227K |
| 18 | South Carolina | 5.1% | $1,272/mo | $300K |
| 19 | Missouri | 5.0% | $1,067/mo | $254K |
| 20 | Nebraska | 5.0% | $1,102/mo | $263K |
| 21 | Delaware | 4.9% | $1,530/mo | $372K |
| 22 | Virginia | 4.9% | $1,646/mo | $404K |
| 23 | North Carolina | 4.8% | $1,338/mo | $333K |
| 24 | New Mexico | 4.8% | $1,117/mo | $280K |
| 25 | Maryland | 4.7% | $1,721/mo | $436K |
| 26 | Arizona | 4.7% | $1,672/mo | $426K |
| 27 | Connecticut | 4.7% | $1,550/mo | $397K |
| 28 | Wisconsin | 4.7% | $1,142/mo | $295K |
| 29 | Tennessee | 4.6% | $1,284/mo | $333K |
| 30 | Alaska | 4.6% | $1,444/mo | $377K |
| 31 | Nevada | 4.5% | $1,709/mo | $456K |
| 32 | Minnesota | 4.5% | $1,291/mo | $345K |
| 33 | Vermont | 4.5% | $1,319/mo | $353K |
| 34 | North Dakota | 4.4% | $980/mo | $266K |
| 35 | New York | 4.4% | $1,634/mo | $450K |
| 36 | New Jersey | 4.4% | $1,800/mo | $496K |
| 37 | Maine | 4.2% | $1,210/mo | $342K |
| 38 | South Dakota | 4.1% | $999/mo | $290K |
| 39 | New Hampshire | 4.1% | $1,558/mo | $459K |
| 40 | Oregon | 3.9% | $1,597/mo | $498K |
| 41 | Colorado | 3.8% | $1,822/mo | $575K |
| 42 | Rhode Island | 3.7% | $1,418/mo | $456K |
| 43 | Idaho | 3.7% | $1,384/mo | $446K |
| 44 | Massachusetts | 3.7% | $1,848/mo | $607K |
| 45 | Washington | 3.6% | $1,824/mo | $602K |
| 46 | Wyoming | 3.5% | $998/mo | $340K |
| 47 | Utah | 3.5% | $1,593/mo | $545K |
| 48 | California | 3.3% | $2,104/mo | $760K |
| 49 | Montana | 3.3% | $1,177/mo | $425K |
| 50 | District of Columbia | 3.2% | $1,931/mo | $733K |
| 51 | Hawaii | 2.7% | $1,942/mo | $876K |
How we built this
Gross rental yield = (median gross rent x 12) / median home value. Source: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Rent and value come from the same survey and vintage, so they're directly comparable. Gross yield excludes taxes, insurance, and financing — it's a market screen, not a net return.
Full methodology & sources →Pair it with the trend
Yield shows where rent goes furthest today; see where rent is climbing in Where Rents Are Rising Fastest, and how investors borrow in each market in the Investor Financing Report.
Frequently asked questions
What is gross rental yield?
Gross rental yield is annual rent divided by the property's value — here, (median gross rent × 12) ÷ median home value. Nationally it was 4.9% in 2024 ($1,487/mo rent against a $361K median home value). It's a quick screen for where rent goes furthest against price, before financing and expenses.
Which states have the best rental yield?
In 2024, gross rental yield was highest in Mississippi (6.4%), West Virginia (6.2%), and Louisiana (5.7%). High-cost coastal states sit at the bottom.
Does gross yield account for expenses or financing?
No. Gross yield is a top-line screen — it excludes taxes, insurance, vacancy, management, and financing costs. Use it to compare markets, then run a specific deal through a cap-rate or cash-flow calculator for a net picture.
What data is this based on?
U.S. Census Bureau, American Community Survey 2024 1-year estimates. Rent is median gross rent (B25064) and value is median owner-occupied home value (B25077), from the same survey and vintage so they're directly comparable. Coverage is geographies with population of at least 65,000.