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Millions of Americans rely on rental properties to meet their housing needs. As of the third quarter of 2024, the average number of rentals nationwide was 46 million household units.
MoneyGeek analyzed data from the Census Bureau and RedFin to understand the current environment of renting in the U.S. Regional trends in the renting market demonstrate a higher monthly cost for western areas. States like California ($1,992), Hawaii ($1,940) and Colorado ($1,771) top the charts in rental prices.
Over 46 million renter-occupied housing units are currently reported in the United States, accounting for 35% of all households.
The West has the highest average renting costs in the country, led by states like California ($1,992), Hawaii ($1,940) and Colorado ($1,771).
Young adults under 35 dominate the rental market, making up 35% of renters.
As of 2023, renter-occupied housing units account for 35% of the nation’s households. A slight increase occurred from 2013 until 2016, reaching 37%. The following years, from 2017 to 2019, saw minimal declines in the percentage of renters. The sharpest decline of the past 10 years came between 2015 and 2021, when the percentage of renters dipped by roughly two percentage points.
Source: United States Census Bureau, American Community Survey
Renters under 35 represent the largest demographic, comprising 35% of all renters, with an estimated 16 million individuals. The 35- to 44-year-old age group constitutes the second-largest segment, accounting for 20% of renters (approximately nine million individuals).
Older Americans tend to opt out of renting. The oldest age group, 85 years and over, only rents an average of 2% (roughly one million), followed by those aged 75 to 84 with only 5%.
Source: United States Census Bureau, American Community Survey
White Americans make up the largest share of renters in the U.S. based on race and ethnicity, comprising 53% of the rental market. Hispanic and Black households follow with the second-highest percentage of renters across the United States, with 21% and 19% each.
Asians rank significantly lower, with only 6% of the population renting. American Indians and Pacific Islanders have the country's lowest number of renters overall, accounting for roughly 1% of total renters.
Source: United States Census Bureau, American Community Survey
People with an annual income ranging from $50,000 to $74,999 have the highest percentage of renters at 18%. Those who earn under $15,000 rank as the second-highest percentage of renters at 15%. Lastly, individuals earning $35,000 to $49,999 have an average percentage of 14%. Income groups in between have an even share of roughly 10% of the renter’s market.
Source: United States Census Bureau, American Community Survey
Individuals without a high school diploma account for 12% of households rented while high school graduates account for more than double the former (26%).
The second-largest segment of the rental market, comprising 30% are those with some college or an associate degree. Lastly, individuals with a bachelor’s degree or higher rank the highest amongst renters, making up 31% of the market (approximately 14 million households).
Source: United States Census Bureau, American Community Survey
Two- or three-bedroom homes make up 61% of all rented units. One-bedroom households are the second-highest, with 26%. Rentals with no bedroom or housing with four or more bedrooms tie for the lowest rate, at 7%.
Source: United States Census Bureau, American Community Survey
As of November 2024, the average median monthly rent by household for all bedroom sizes is $1,595. Studio and one-bedroom units had an average of $1,450. Two-bedroom units rank second at $1,671. Lastly, three-plus-bedroom units have the highest monthly rental cost at $1,955. On average, rental costs increase from $200 to $250 per additional bedroom.
Source: United States Census Bureau, American Community Survey
New York has the highest percentage of renters, at 46%. California follows at 44% for the second-highest percentage of renters, with Nevada third with 40%. Regionally, the West Coast has higher percentages of renter-occupied housing units than East Coast states such as New York, Massachusetts and New Jersey. At the other end, four states tie with the lowest renter rates: West Virginia, Delaware, Michigan and Maine, where renters comprise 26% of all housing.
Source: United States Census Bureau, American Community Survey
The states with the highest average rental costs are California, with the highest average rent ($1,992), Hawaii ($1,940) and Colorado at $1,771.
Many states in the Midwest and South offer the most affordable rental options. West Virginia has the lowest average rent, at $850. Mississippi and North Dakota are also generally affordable, with rental markets averaging $898 and $916, respectively.
Source: United States Census Bureau, American Community Survey
Renting is particularly burdensome in states where median gross rent consumes a larger portion of household income. Florida has the highest burden, with 36% of household income spent on rent. Nevada and Louisiana follow, both at 34%.
States with a lower rent-to-income ratio provide more affordable housing costs. Both of the Dakotas have the lowest rent-to-income ratios (both below 26%). Thirty states cost less than 30% of income for rent. Though not a state and despite having one of the highest renting costs, Washington, D.C., maintains a percentage rate of 28%.
State | Percentage |
|---|---|
Florida | 36.2% |
Nevada | 34.0% |
Louisiana | 33.5% |
California | 33.2% |
Hawaii | 33.1% |
Arizona | 32.3% |
Georgia | 32.1% |
Maryland | 31.9% |
Oregon | 31.8% |
Colorado | 31.7% |
Connecticut | 31.6% |
Massachusetts | 31.6% |
Texas | 31.6% |
South Carolina | 31.1% |
Delaware | 30.8% |
New Hampshire | 30.8% |
New York | 30.8% |
Michigan | 30.6% |
New Jersey | 30.6% |
Mississippi | 30.5% |
Washington | 30.2% |
Idaho | 29.9% |
Alabama | 29.8% |
New Mexico | 29.7% |
Pennsylvania | 29.7% |
Tennessee | 29.7% |
Maine | 29.6% |
Indiana | 29.5% |
North Carolina | 29.5% |
Virginia | 29.5% |
Rhode Island | 29.3% |
Minnesota | 29.2% |
Vermont | 29.1% |
Kentucky | 29.0% |
Oklahoma | 29.0% |
Ohio | 28.9% |
Utah | 28.9% |
Montana | 28.7% |
Illinois | 28.6% |
West Virginia | 28.6% |
Arkansas | 28.4% |
Alaska | 28.2% |
Missouri | 28.1% |
Nebraska | 27.6% |
Iowa | 27.4% |
Wisconsin | 27.4% |
Kansas | 27.3% |
Wyoming | 27.1% |
South Dakota | 26.2% |
North Dakota | 25.1% |
San Jose, California, leads with a median monthly rent of $3,200, cementing its status as a high-demand tech hub. San Diego and New York follow closely, with median rents of $2,850 and $2,798, respectively.
In contrast, several metro areas are below the national average ($1,595), offering renters budget-friendly options. The Wichita, Kansas, area is the most economical, with a median monthly rent of $915. Tulsa, Oklahoma, and Little Rock, Arkansas, follow next with the lowest monthly renting averages, both at $1,099, respectively.
Metro Area | Median Monthly Rent |
|---|---|
San Jose, CA | $3,200 |
San Diego, CA | $2,850 |
New York, NY | $2,798 |
Los Angeles, CA | $2,785 |
Oxnard, CA | $2,730 |
Boston, MA | $2,682 |
San Francisco, CA | $2,677 |
Bridgeport, CT | $2,549 |
Miami, FL | $2,356 |
Riverside, CA | $2,290 |
Worcester, MA | $2,245 |
Poughkeepsie, NY | $2,193 |
New Haven, CT | $2,155 |
Providence, RI | $2,120 |
Washington, DC | $2,044 |
Seattle, WA | $1,995 |
Sacramento, CA | $1,969 |
North Port, FL | $1,890 |
Allentown, PA | $1,851 |
Philadelphia, PA | $1,850 |
Portland, OR | $1,789 |
Cape Coral, FL | $1,776 |
Tampa, FL | $1,740 |
Chicago, IL | $1,736 |
Palm Bay, FL | $1,712 |
Denver, CO | $1,710 |
Orlando, FL | $1,703 |
Syracuse, NY | $1,675 |
Charleston, SC | $1,674 |
Fresno, CA | $1,646 |
Madison, WI | $1,615 |
Deltona, FL | $1,614 |
Virginia Beach, VA | $1,600 |
Baltimore, MD | $1,597 |
Scranton, PA | $1,586 |
Richmond, VA | $1,581 |
Minneapolis, MN | $1,579 |
Lakeland, FL | $1,572 |
Atlanta, GA | $1,541 |
Boise City, ID | $1,513 |
Nashville, TN | $1,506 |
Charlotte, NC | $1,484 |
Phoenix, AZ | $1,480 |
Dallas, TX | $1,475 |
Jacksonville, FL | $1,475 |
Salt Lake City, UT | $1,466 |
Rochester, NY | $1,465 |
Knoxville, TN | $1,456 |
Colorado Springs, CO | $1,454 |
Austin, TX | $1,445 |
Las Vegas, NV | $1,444 |
Columbus, OH | $1,430 |
Albuquerque, NM | $1,425 |
Raleigh, NC | $1,424 |
Akron, OH | $1,420 |
Ogden, UT | $1,399 |
Detroit, MI | $1,395 |
Pittsburgh, PA | $1,390 |
Durham, NC | $1,388 |
Birmingham, AL | $1,363 |
Cleveland, OH | $1,360 |
Indianapolis, IN | $1,358 |
Harrisburg, PA | $1,339 |
Buffalo, NY | $1,315 |
Cincinnati, OH | $1,315 |
Greenville, SC | $1,309 |
Spokane, WA | $1,295 |
Columbia, SC | $1,275 |
Houston, TX | $1,259 |
Augusta, GA | $1,255 |
Louisville/Jefferson County, KY | $1,236 |
St. Louis, MO | $1,229 |
Memphis, TN | $1,222 |
Omaha, NE | $1,210 |
Winston, NC | $1,177 |
Greensboro, NC | $1,175 |
Tucson, AZ | $1,115 |
Little Rock, AR | $1,099 |
Tulsa, OK | $1,099 |
Wichita, KS | $915 |
As of the latest data, roughly 86 million households (65%) in America are owned, while 46 million (35%) are rented.
As of November 2024, the median monthly household rent costs in the United States average $1,595 across all states.
San Jose, California, New York and Los Angeles have the highest average monthly rental costs, averaging $3,200, $2,850 and $2,798, respectively.
About Anja Solum, CEPF
Anja Solum is a certified educator in personal finance and the Data Journalism Manager at MoneyGeek. For over six years, she has produced data analyses and studies for agency and in-house teams across multiple verticals.
Solum holds a bachelor's degree in communication arts from Florida International University. She's passionate about using data to tell compelling, informed stories that empower readers.
