50 Places Where Home Prices Are Rising Faster Than Rent

Joel Anderson
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In many American cities, home prices are on the rise. As a result, if you’re renting a home or an apartment and thinking about buying, it may make sense to note the recent trends in home and rental prices in your city. This allows you to easily gauge the health and current growth of the housing market.

GOBankingRates analyzed the 250 largest U.S. cities to determine where home prices are rising faster than rent. Using data from Zillow, the study looked at one- and five-year changes in median home prices and median rent in each city, and the differences between the two.

If your city is on this list, you should consider whether it’s time to buy and reap the benefits of increasing home values, or if it makes sense to keep renting, since your housing costs might end up being more affordable.

Data is accurate as of August 9, 2019, and is subject to change.

50. Vancouver, Washington

  • 1-year change in home prices: 5.4%

  • 1-year change in rent: 3.4%

  • 5-year change in home prices: 56%

  • 5-year change in rent: 27.9%

In Vancouver, the median home listing price is $387,325, and the median rent is $1,692. Home prices increased 2% more than rent in the past year, and 28.1% over five years.

49. Winston-Salem, North Carolina

  • 1-year change in home prices: 10.2%

  • 1-year change in rent: 6.9%

  • 5-year change in home prices: 36.5%

  • 5-year change in rent: 14%

Over the past year, housing prices in Winston-Salem went up 3.3% more than rent, but over the past five years, the increase was 22.5%. The median home listing price here is $187,217, whereas the median rent is $1,077.

48. Fayetteville, North Carolina

  • 1-year change in home prices: 14.2%

  • 1-year change in rent: 8.3%

  • 5-year change in home prices: 14.3%

  • 5-year change in rent: 2.8%

Fayetteville saw the eighth-smallest change in rent over the past five years, but home prices also grew at a slower rate during that same time. Still, home prices rose 11.5% faster than rent over those years — a solid return on investment.

The median home listing price in Fayetteville is $156,100, and the median rent is $868.

47. Gilbert, Arizona

  • 1-year change in home prices: 5.9%

  • 1-year change in rent: 2.4%

  • 5-year change in home prices: 26.3%

  • 5-year change in rent: 4.1%

In Gilbert, Arizona, the median home listing price is $351,869, and the median rent is $1,158. Home prices rose 3.5% more than rent over the past year and 22.2% over the past five.

46. Cleveland, Ohio

  • 1-year change in home prices: 0.9%

  • 1-year change in rent: 0.5%

  • 5-year change in home prices: 36.5%

  • 5-year change in rent: 0.7%

Cleveland saw the second-smallest change in home prices over the past year of any city on this list. The median home listing price is $82,70, and the median rent is $854.

45. McAllen, Texas

  • 1-year change in home prices: 4%

  • 1-year change in rent: 1.2%

  • 5-year change in home prices: 24.9%

  • 5-year change in rent: -1.8%

Nestled along the Mexico-U.S. border, McAllen, Texas, was one of only three cities on this list that saw rent decline over five years. The median home listing price is $216,789, and the median rent is $1,176.

44. Columbus, Ohio

  • 1-year change in home prices: 5.6%

  • 1-year change in rent: 3%

  • 5-year change in home prices: 52%

  • 5-year change in rent: 23.5%

In Columbus, Ohio, the median home price is $180,917, and the median rent is $1,205. Over the last five years, home prices grew 28.5% faster than rent.

43. El Paso, Texas

  • 1-year change in home prices: 7.8%

  • 1-year change in rent: 2.4%

  • 5-year change in home prices: 17.5%

  • 5-year change in rent: -0.8%

Like McAllen, Texas, El Paso saw rent decline over the past five years while home prices increased. The median home listing price is $181,000, and the median rent is $1,005.

42. Rochester, New York

  • 1-year change in home prices: 12.8%

  • 1-year change in rent: 5.1%

  • 5-year change in home prices: 30.3%

  • 5-year change in rent: 21.6%

Rochester had the second-smallest difference between home and rental price changes over five years at 8.7%. The median home listing price here is $81,583, and the median rent is $1,065.

41. Renton, Washington

  • 1-year change in home prices: 7.8%

  • 1-year change in rent: 3.6%

  • 5-year change in home prices: 54.2%

  • 5-year change in rent: 30.1%

Renton, Washington — a suburb of Seattle — saw rental prices rise over 30% in the past half-decade, which was the third-largest increase of any city on this list. The median home listing price is $569,658, and the median rent is $2,302.

40. Philadelphia

  • 1-year change in home prices: 6.7%

  • 1-year change in rent: 4.8%

  • 5-year change in home prices: 50%

  • 5-year change in rent: 15%

In Philadelphia, home prices rose 35% faster than rent prices over the past five years. The median home listing price is $227,433, and the median rent is $1,258.

39. Akron, Ohio

  • 1-year change in home prices: 10.2%

  • 1-year change in rent: 3.1%

  • 5-year change in home prices: 17.1%

  • 5-year change in rent: 4.2%

Rent prices in Akron rose modestly last year and over the past five years. Home prices went up a bit more strongly, 7.1% higher than rent last year and 12.9% higher over the past five years. The median home listing price in Akron is $73,267, and the median rent is $761.

38. Salt Lake City

  • 1-year change in home prices: 8.2%

  • 1-year change in rent: 3.9%

  • 5-year change in home prices: 49.7%

  • 5-year change in rent: 23.9%

The median home price in Salt Lake City is $434,317, which is nearly 50% higher than it was five years ago. The median rent $1,593, up less than 25% from five years ago.

37. Metairie, Louisiana

  • 1-year change in home prices: 4.3%

  • 1-year change in rent: 38.1%

  • 5-year change in home prices: 0.9%

  • 5-year change in rent: 7.7%

The median home listing price in “the first suburb of New Orleans” is $285,425, and the median rent is $1,543. Home prices here grew over 30% faster than rent in the past five years.

36. Beaverton, Oregon

  • 1-year change in home prices: 7.4%

  • 1-year change in rent: 3.8%

  • 5-year change in home prices: 55.2%

  • 5-year change in rent: 25.3%

In Beaverton, Oregon, home prices rose over 50% in the past five years, nearly 30% faster than rent prices. You can expect to pay $416,492 for the average home — the fifth-most expensive price on this list. The median rent, meanwhile, is an equally steep $1,835.

35. Lakeland, Florida

  • 1-year change in home prices: 4.6%

  • 1-year change in rent: 4.5%

  • 5-year change in home prices: 67.6%

  • 5-year change in rent: 22.2%

Lakeland, Florida, had the smallest difference in home and rental price changes over the past year – just 0.1%. But in the last five years, home prices rose over 45% faster than rent. The median home price here is $200,680, and the median rent is $1,234.

34. Topeka, Kansas

  • 1-year change in home prices: 11.2%

  • 1-year change in rent: 4.7%

  • 5-year change in home prices: 22.1%

  • 5-year change in rent: 4.4%

Homebuyers in Topeka, Kansas, can expect to pay a median home list price of $123,160. The average rent in the city is $948. The cost of homes grew over 17% faster than rent in Topeka over the past five years.

33. Amarillo, Texas

  • 1-year change in home prices: 4.2%

  • 1-year change in rent: -0.5%

  • 5-year change in home prices: 32%

  • 5-year change in rent: 5.9%

Rent in Amarillo has declined over the past year, settling at a median price of $1,124. The median home listing price is a reasonable $196,931. Over the past five years, home prices in Amarillo have risen over 25% faster than rent prices.

32. Boise, Idaho

  • 1-year change in home prices: 13.1%

  • 1-year change in rent: 9.5%

  • 5-year change in home prices: 66.7%

  • 5-year change in rent: 33.4%

Boise, Idaho, saw the largest one- and five-years changes in rent in this study. Nevertheless, home prices rose over 30% faster than rent in those five years. The median home listing price in Boise is $344,757, and the median rent is $1,388.

31. Clarksville, Tennessee

  • 1-year change in home prices: 12.7%

  • 1-year change in rent: 7.9%

  • 5-year change in home prices: 38.3%

  • 5-year change in rent: 10.2%

In Clarksville, Tennessee, the median home price is $227,708, and the median rent is $1,077. Home prices here rose 4.8% faster than rent in the past year.

30. Sarasota, Florida

  • 1-year change in home prices: 2.5%

  • 1-year change in rent: 1.5%

  • 5-year change in home prices: 52.7%

  • 5-year change in rent: 7.6%

Sarasota, Florida, had the third-smallest one-year change in home prices of any city on the list. However, the 52.7% change in home prices over five years was more impressive. The median home listing price here is $353,143, and the median rent is $1,916.

29. Minneapolis

  • 1-year change in home prices: 8.6%

  • 1-year change in rent: 3.1%

  • 5-year change in home prices: 43.2%

  • 5-year change in rent: 17.8%

Homes prices in Minneapolis rose over 25% faster than rent in the past half-decade. The median home listing price is $318,800, and the median rent is $1,675.

28. Lincoln, Nebraska

  • 1-year change in home prices: 4%

  • 1-year change in rent: 3.6%

  • 5-year change in home prices: 68.5%

  • 5-year change in rent: 19.3%

Lincoln, Nebraska, is tied for the third-smallest change in home prices versus rent over the past year, at just 0.40%. But over five years, home prices have risen nearly 50% faster than rent prices. The median home listing price in Lincoln is $260,633, and the median rent is $1,321.

27. Louisville, Kentucky

  • 1-year change in home prices: 4.2%

  • 1-year change in rent: 3.1%

  • 5-year change in home prices: 66%

  • 5-year change in rent: 19.6%

The median home listing price in Louisville is $213,466, and the median rent is $1,028. Home prices only rose 1.1% more than rent in the past year, but over five years there was a 46.5% difference between the two.

26. Overland Park, Kansas

  • 1-year change in home prices: 2.9%

  • 1-year change in rent: -1.3%

  • 5-year change in home prices: 41.9%

  • 5-year change in rent: 8.6%

Kansas’ second-most populous city, Overland Park saw the median rent price decline over the past year to $1,814. The median home list price in the city is $399,167.

25. Lawrenceville, Georgia

  • 1-year change in home prices: 2.8%

  • 1-year change in rent: -0.8%

  • 5-year change in home prices: 42.9%

  • 5-year change in rent: 6.5%

Lawrenceville, Georgia, also saw a decline in rent prices over the past year, to a median rent of $1,974. Over the past five years, rent prices have risen 6.5%, far less than the median home list price, which is now $246,972.

24. Bridgeport, Connecticut

  • 1-year change in home prices: 5.3%

  • 1-year change in rent: -0.5%

  • 5-year change in home prices: 38%

  • 5-year change in rent: 10.9%

Rent declined over the past year in Bridgeport to a median price of $1,656. The median home list price here is a modest $191,608.

23. Baltimore

  • 1-year change in home prices: 3%

  • 1-year change in rent: -0.1%

  • 5-year change in home prices: 41.7%

  • 5-year change in rent: 1%

Baltimore rent prices have declined slightly over the past year and five years. Home prices, however, have risen 40.7% faster than rent over the past five years. The median rent is now $1,283, whereas the median home listing price is $161,614.

22. Clearwater, Florida

  • 1-year change in home prices: 6%

  • 1-year change in rent: 5.7%

  • 5-year change in home prices: 76.8%

  • 5-year change in rent: 22.7%

Clearwater, Florida, saw one of the largest increases in home prices over the past five years at 76.8%. The median home list price is now $261,125. Clearwater also had one of the largest differences between the increases in home and rental prices over five years, but the second-smallest difference over the past year.

21. Newark, New Jersey

  • 1-year change in home prices: 6.7%

  • 1-year change in rent: 2.2%

  • 5-year change in home prices: 47.1%

  • 5-year change in rent: 11.4%

If you’re shopping for a home in Newark, New Jersey, you can expect to pay the median home list price of $249,234. If an apartment is more your style, the average rent is $1,530.

20. Canton, Ohio

  • 1-year change in home prices: 8.3%

  • 1-year change in rent: 2.1%

  • 5-year change in home prices: 32.6%

  • 5-year change in rent: 4.1%

In Canton, Ohio, the median home list price is $124,767 and the median rent is $836. Home prices here rose 28.4% faster than rent in the past five years.

19. Arlington, Texas

  • 1-year change in home prices: 9.3%

  • 1-year change in rent: 5.1%

  • 5-year change in home prices: 61.3%

  • 5-year change in rent: 21.5%

Rent in Arlington, Texas, has gone up over 20% in the past five years, but home prices have risen by a whopping 61.3%. The median home list price now stands at $253,025, and the median rent is $1,556.

18. Macon, Georgia

  • 1-year change in home prices: 16%

  • 1-year change in rent: 4.8%

  • 5-year change in home prices: 20.9%

  • 5-year change in rent: 11%

In Macon, Georgia, homes have risen relative to rent by the third-smallest amount — just 9.9% — over five years. The median home list price is $136,607, and the median rent is $838.

17. Lansing, Michigan

  • 1-year change in home prices: 11.1%

  • 1-year change in rent: 3.8%

  • 5-year change in home prices: 35%

  • 5-year change in rent: 6.4%

The median home list price in Lansing has risen 35% over the past five years to $89,850. The median rent has risen a more modest 6.4% over that same period, to $1,445.

16. Birmingham, Alabama

  • 1-year change in home prices: 15.8%

  • 1-year change in rent: 1.6%

  • 5-year change in home prices: 3.4%

  • 5-year change in rent: 1.7%

Birmingham had the third-largest difference between the increases in home prices and rent over one year — 14.2% — but the smallest difference over five years at 1.7%. The median home list price here is $86,607, and the median rent is $768.

15. Pasadena, Texas

  • 1-year change in home prices: 8.5%

  • 1-year change in rent: 1.9%

  • 5-year change in home prices: 51.7%

  • 5-year change in rent: 15.2%

The median home list price in this city outside of Houston is $168,217, which is up over 50% from five years ago. The median rent is $1,374, over 15% higher than it was five years ago.

14. Baton Rouge, Louisiana

  • 1-year change in home prices: 9%

  • 1-year change in rent: -0.3%

  • 5-year change in home prices: 33.4%

  • 5-year change in rent: 6.4%

The median home list price in Baton Rouge is $233,025, up 9% in just the last year. Rent declined over the past year, settling at an average of $1,299.

13. Montgomery, Alabama

  • 1-year change in home prices: 14.1%

  • 1-year change in rent: 1.2%

  • 5-year change in home prices: 14%

  • 5-year change in rent: 1.4%

Home prices in Montgomery rose 14.1% in the past year, to an average of $148,975. This followed a similar trend in which home prices rose 14% over the past five years altogether. While the five-year change in home prices was the second-smallest increase of any city on the list, homebuyers still saw a better return on their investment during that time than if they had decided to rent.

Keep Up With Rising Home Prices: How to Invest Your Money in 2019

12. West Valley City, Utah

  • 1-year change in home prices: 8.1%

  • 1-year change in rent: 2.4%

  • 5-year change in home prices: 59.2%

  • 5-year change in rent: 14.8%

In West Valley City — a suburb of Salt Lake City — the median home price is $286,525, which is nearly 60% higher than it was five years ago. The median rent is $1,479.

11. Mesquite, Texas

  • 1-year change in home prices: 10.1%

  • 1-year change in rent: 1.9%

  • 5-year change in home prices: 55.9%

  • 5-year change in rent: 22%

The median home list price in Mesquite is $195,067, nearly 56% higher than it was five years ago. Rent has also increased over 20% in that time and now stands at an average of $1,455.

10. Edinburg, Texas

  • 1-year change in home prices: 4.5%

  • 1-year change in rent: -6.5%

  • 5-year change in home prices: 23.6%

  • 5-year change in rent: -1%

Edinburg joins El Paso and McAllen as the only cities in this study that saw rent decline over the past five years. This town also had the second-smallest change in rent over this period. With that said, home prices in the city have trended upward, and housing is reasonably affordable. The median rent here is $1,047, and the median home list price is $190,557.

9. Beaumont, Texas

  • 1-year change in home prices: 13%

  • 1-year change in rent: 0.1%

  • 5-year change in home prices: 37.9%

  • 5-year change in rent: 21.6%

The median list price for a home in Beaumont is $191,268, nearly 38% higher than it was five years ago. Rent has gone up over 20% during that time as well, to an average of $1,179.

8. Odessa, Texas

  • 1-year change in home prices: 17.4%

  • 1-year change in rent: 4.9%

  • 5-year change in home prices: 29.5%

  • 5-year change in rent: 9.9%

In Odessa, the median home list price is $253,458, up over 17% from a year ago. The median rent in Odessa is $2,460.

7. Grand Rapids, Michigan

  • 1-year change in home prices: 12.5%

  • 1-year change in rent: 6.5%

  • 5-year change in home prices: 80.1%

  • 5-year change in rent: 31.5%

Grand Rapids saw the second-largest increases in both home prices and rent over the past five years. The median home list price in Grand Rapids is $171,158, and the median rent is $1,296.

6. Arlington, Virginia

  • 1-year change in home prices: 15.7%

  • 1-year change in rent: 2.6%

  • 5-year change in home prices: 25.6%

  • 5-year change in rent: 3.8%

Located on the Potomac River across from Washington D.C., Arlington saw home prices jump over 15% this past year — one of the largest increases in the study. The median home list price in Arlington is $726,000, and the median rent is $2,795.

5. Jersey City, New Jersey

  • 1-year change in home prices: -1.7%

  • 1-year change in rent: -2.6%

  • 5-year change in home prices: 83.8%

  • 5-year change in rent: 6.7%

The past year hasn’t been kind to real estate values in Jersey City. Rent declined by 2.6%, and home prices actually declined as well — the only city in the study that saw red in both categories. In the past five years, however, home prices have increased over 80%, the largest increase in the study.

The median home price here is $574,483, and the median rent is $2,083.

4. Tulsa, Oklahoma

  • 1-year change in home prices: 12.6%

  • 1-year change in rent: 2%

  • 5-year change in home prices: 51.5%

  • 5-year change in rent: 4.5%

In Tulsa, the median home price is $187,408, up over 50% in the past five years. The median rent is $954.

3. Buffalo, New York

  • 1-year change in home prices: 20.8%

  • 1-year change in rent: 5.2%

  • 5-year change in home prices: 70.6%

  • 5-year change in rent: 24.7%

Buffalo’s median home price rose over 20% in the past year, the second-largest one-year increase. The median home list price is $103,575, and the median rent is $940.

2. Chattanooga, Tennessee

  • 1-year change in home prices: 14.3%

  • 1-year change in rent: 1.4%

  • 5-year change in home prices: 72%

  • 5-year change in rent: 11.5%

Chattanooga had the second-largest difference between home and rent prices over five years — an impressive 60.5% gap. The median home list price in Chattanooga is $251,800, and the median rent is $1,207.

1. Paterson, New Jersey

  • 1-year change in home prices: 27.5%

  • 1-year change in rent: 7.9%

  • 5-year change in home prices: 53.8%

  • 5-year change in rent: 9.6%

Paterson, New Jersey, had the largest one-year price change in homes and the largest difference between home and rent increases over the past year. The average home will cost you $259,244 in this city, and the median rent is $1,587.

More From GOBankingRates

Chris Jennings contributed to the reporting for this article.

Methodology: GOBankingRates determined the places where home prices are rising faster than rent by analyzing the 250 largest cities in the U.S. along the following criteria: (1) one-year change in home price (%), from June 2018 to June 2019, based on median home listing prices sourced from Zillow’s June 2019 index; (2) five-year change in home price (%) from June 2014 to June 2019, based on median home listing prices sourced from Zillow’s June 2019 index; (3) one-year change in monthly rent (%), from June 2018 to June 2019, based on median rents sourced from Zillow’s June 2019 index; (4) five-year change in monthly rent (%), from June 2014 to June 2019, based on median rents sourced from Zillow’s June 2019 index; (5) difference between the change in home prices and rents for one year; (6) difference between the change in home prices and rents for five years. These last two factors were scored, combined and then ranked. Cities that experienced negative one-year difference between home price and rent (aka rent increased faster than home price) were disqualified from the final ranking. All data compiled on July 30, 2019.

Data is accurate as of August 9, 2019, and is subject to change.

This article originally appeared on GOBankingRates.com: 50 Places Where Home Prices Are Rising Faster Than Rent

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