A little over one-third of U.S. households live in rented homes. While many associate homeownership with economic stability, renting is often a safer choice, granting more flexibility. In addition, in cities across much of the country, for a large share of residents, particularly young ones, renting is the only financially feasible choice.
To determine the 50 metropolitan areas with the highest rental rates, 24/7 Wall St. reviewed five-year estimates of the share of housing units that are occupied by renters from the U.S. Census Bureau’s 2020 American Community Survey. Nationwide, 35.6% of housing units live in rental properties, among the 50 counties on this list, among the 50 metro areas on this list, between 40.5% and 51.3% do.
Young people are far more likely to rent homes than buy. Well over half of all renters in the United States are under the age of 35, whereas that age group accounts for less than 10% of homeowners. Many of the metropolitan areas on this list have such high shares of renters because they have younger populations.
According to the census, 23.2% of Americans are 18-34 years old. In all but two of the places on this list, that age group accounts for a larger share of the population, including nine where more than one-third of the population is 18-34. In the Manhattan, Kansas metropolitan area, which has the second-highest rental rate among metro areas, 40.5% of the population is 18-34, third-highest percentage among all U.S. metropolitan areas.
California has by far the most metropolitan areas on this list, with 14. Georgia is second with five, Texas has four, and Nevada, New York, and North Carolina have three each. With the exception of Nevada, all these states rank as among the youngest. This is the youngest county in every state.
In a number of metro areas where a higher share of housing units are rentals, especially those that are not as disproportionately young, property is very expensive and many residents are priced out. While rent also tends to be high in these metros, renting is a considerably more affordable option.
The U.S. median home value is $229,800. In a number of the California metropolitan areas on this list, as well as the Honolulu metropolitan area, the New York City metro area and others, median home values are well above $300,000. The San Jose metropolitan area has a median home value of $1,041,800, the highest of any U.S. metropolitan area.
Population density is also a factor in the share of rental units. Four of the five metropolitan areas with the highest population density — San Francisco, Honolulu, Los Angeles, and the New York City metro area — are on this list. In these highly urban areas, a large share of residents live in multi-story rental buildings, rather than single-family homes. These are the states where the population has gone up since the pandemic started.
Click here to see cities where the most people rent
To determine the metros with the highest share of renters, 24/7 Wall St. reviewed five-year estimates of the share of housing units that are occupied by renters from the U.S. Census Bureau’s 2020 American Community Survey.
We used the 384 metropolitan statistical areas as delineated by the United States Office of Management and Budget and used by the Census Bureau as our definition of metros.
Metropolitan areas were ranked based on the percentage of housing units that are occupied by renters. To break ties, we used the number of housing units that are occupied by renters.
Additional information on median rental cost, median home value, and median household income 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.
Source: Sean Pavone / iStock via Getty Images
50. Gainesville, FL
> Renter-occupied housing units: 40.5%
> Median rental cost: $978 — 139th highest of 384 metros
> Median home value: $181,700 — 187th highest of 384 metros
> Median household income: $47,848 — 35th lowest of 384 metros
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Source: DenisTangneyJr / iStock via Getty Images
49. Clarksville, TN-KY
> Renter-occupied housing units: 40.7%
> Median rental cost: $920 — 179th highest of 384 metros (tied)
> Median home value: $165,100 — 160th lowest of 384 metros
> Median household income: $54,911 — 135th lowest of 384 metros
Source: akrassel / iStock via Getty Images
48. Lafayette-West Lafayette, IN
> Renter-occupied housing units: 40.8%
> Median rental cost: $868 — 159th lowest of 384 metros (tied)
> Median home value: $152,500 — 114th lowest of 384 metros
> Median household income: $52,826 — 97th lowest of 384 metros
Source: XXLPhoto / iStock via Getty Images
47. Eugene-Springfield, OR
> Renter-occupied housing units: 40.9%
> Median rental cost: $1,037 — 115th highest of 384 metros (tied)
> Median home value: $280,000 — 68th highest of 384 metros
> Median household income: $54,942 — 137th lowest of 384 metros
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Source: DMartinez-Photo / iStock via Getty Images
46. Fairbanks, AK
> Renter-occupied housing units: 41.1%
> Median rental cost: $1,297 — 35th highest of 384 metros
> Median home value: $240,300 — 107th highest of 384 metros
> Median household income: $76,464 — 39th highest of 384 metros
Source: ChrisBoswell / iStock via Getty Images
45. Bakersfield, CA
> Renter-occupied housing units: 41.1%
> Median rental cost: $994 — 129th highest of 384 metros (tied)
> Median home value: $226,600 — 121st highest of 384 metros (tied)
> Median household income: $54,851 — 129th lowest of 384 metros
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Source: DenisTangneyJr / iStock Unreleased via Getty Images
44. Modesto, CA
> Renter-occupied housing units: 41.3%
> Median rental cost: $1,210 — 48th highest of 384 metros
> Median home value: $314,100 — 40th highest of 384 metros
> Median household income: $62,873 — 125th highest of 384 metros
Source: Jon Bilous / iStock via Getty Images
43. Missoula, MT
> Renter-occupied housing units: 41.4%
> Median rental cost: $908 — 187th highest of 384 metros (tied)
> Median home value: $302,200 — 47th highest of 384 metros
> Median household income: $56,247 — 155th lowest of 384 metros
Source: Raymond Palmer / iStock via Getty Images
42. Austin-Round Rock-Georgetown, TX
> Renter-occupied housing units: 41.4%
> Median rental cost: $1,326 — 31st highest of 384 metros
> Median home value: $303,300 — 46th highest of 384 metros
> Median household income: $80,852 — 26th highest of 384 metros
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Source: Sean Pavone / iStock via Getty Images
41. Columbia, MO
> Renter-occupied housing units: 41.6%
> Median rental cost: $875 — 171st lowest of 384 metros
> Median home value: $189,900 — 172nd highest of 384 metros
> Median household income: $57,980 — 181st lowest of 384 metros
Source: DenisTangneyJr / iStock via Getty Images
40. Bloomington, IN
> Renter-occupied housing units: 41.7%
> Median rental cost: $931 — 172nd highest of 384 metros (tied)
> Median home value: $177,700 — 187th lowest of 384 metros
> Median household income: $52,226 — 90th lowest of 384 metros
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Source: Bill_Dally / iStock via Getty Images
39. Carson City, NV
> Renter-occupied housing units: 41.8%
> Median rental cost: $982 — 136th highest of 384 metros (tied)
> Median home value: $299,900 — 50th highest of 384 metros
> Median household income: $58,305 — 185th lowest of 384 metros
Source: SeanPavonePhoto / iStock via Getty Images
38. Tallahassee, FL
> Renter-occupied housing units: 41.8%
> Median rental cost: $990 — 133rd highest of 384 metros
> Median home value: $187,400 — 177th highest of 384 metros
> Median household income: $53,423 — 107th lowest of 384 metros
Source: photoquest7 / iStock via Getty Images
37. Reno, NV
> Renter-occupied housing units: 41.8%
> Median rental cost: $1,149 — 67th highest of 384 metros
> Median home value: $359,500 — 32nd highest of 384 metros
> Median household income: $68,214 — 83rd highest of 384 metros
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Source: santalechuga / iStock via Getty Images
36. El Centro, CA
> Renter-occupied housing units: 41.9%
> Median rental cost: $847 — 136th lowest of 384 metros (tied)
> Median home value: $206,700 — 148th highest of 384 metros
> Median household income: $46,222 — 17th lowest of 384 metros
Source: BOB WESTON / iStock via Getty Images
35. Jonesboro, AR
> Renter-occupied housing units: 41.9%
> Median rental cost: $761 — 47th lowest of 384 metros
> Median home value: $136,000 — 59th lowest of 384 metros
> Median household income: $47,610 — 30th lowest of 384 metros
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Source: DenisTangneyJr / iStock via Getty Images
34. Stockton, CA
> Renter-occupied housing units: 42.3%
> Median rental cost: $1,286 — 36th highest of 384 metros
> Median home value: $367,900 — 28th highest of 384 metros
> Median household income: $68,628 — 78th highest of 384 metros
33. Urban Honolulu, HI
> Renter-occupied housing units: 42.5%
> Median rental cost: $1,779 — 5th highest of 384 metros
> Median home value: $702,300 — 4th highest of 384 metros
> Median household income: $87,722 — 11th highest of 384 metros
Source: Esme7 / iStock via Getty Images
32. Visalia, CA
> Renter-occupied housing units: 42.9%
> Median rental cost: $974 — 141st highest of 384 metros
> Median home value: $223,600 — 125th highest of 384 metros
> Median household income: $52,534 — 94th lowest of 384 metros
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Source: Daphne Zheng / iStock via Getty Images
31. Corvallis, OR
> Renter-occupied housing units: 43.2%
> Median rental cost: $1,145 — 68th highest of 384 metros (tied)
> Median home value: $357,900 — 33rd highest of 384 metros
> Median household income: $65,142 — 103rd highest of 384 metros
30. Columbus, GA-AL
> Renter-occupied housing units: 43.3%
> Median rental cost: $898 — 187th lowest of 384 metros (tied)
> Median home value: $146,300 — 93rd lowest of 384 metros
> Median household income: $48,903 — 48th lowest of 384 metros
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Source: DenisTangneyJr / iStock via Getty Images
29. Fayetteville, NC
> Renter-occupied housing units: 43.4%
> Median rental cost: $940 — 164th highest of 384 metros (tied)
> Median home value: $146,800 — 96th lowest of 384 metros
> Median household income: $50,133 — 60th lowest of 384 metros
Source: Sundry Photography / iStock via Getty Images
28. San Jose-Sunnyvale-Santa Clara, CA
> Renter-occupied housing units: 43.4%
> Median rental cost: $2,365 — the highest of 384 metros
> Median home value: $1,041,800 — the highest of 384 metros
> Median household income: $129,343 — the highest of 384 metros
Source: Joe Raedle / Getty Images
27. Killeen-Temple, TX
> Renter-occupied housing units: 43.7%
> Median rental cost: $937 — 166th highest of 384 metros
> Median home value: $150,300 — 107th lowest of 384 metros
> Median household income: $55,306 — 146th lowest of 384 metros
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Source: DenisTangneyJr / E+ via Getty Images
26. Lubbock, TX
> Renter-occupied housing units: 43.8%
> Median rental cost: $942 — 161st highest of 384 metros (tied)
> Median home value: $146,400 — 94th lowest of 384 metros
> Median household income: $53,003 — 102nd lowest of 384 metros
Source: DenisTangneyJr / E+ via Getty Images
25. Fargo, ND-MN
> Renter-occupied housing units: 44.1%
> Median rental cost: $835 — 125th lowest of 384 metros
> Median home value: $225,600 — 123rd highest of 384 metros
> Median household income: $65,995 — 96th highest of 384 metros
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24. Valdosta, GA
> Renter-occupied housing units: 44.2%
> Median rental cost: $790 — 77th lowest of 384 metros (tied)
> Median home value: $137,300 — 62nd lowest of 384 metros (tied)
> Median household income: $43,859 — 7th lowest of 384 metros
Source: Public Domain / Wikimedia Commons
23. Watertown-Fort Drum, NY
> Renter-occupied housing units: 44.3%
> Median rental cost: $1,018 — 125th highest of 384 metros
> Median home value: $150,100 — 105th lowest of 384 metros (tied)
> Median household income: $54,726 — 128th lowest of 384 metros
Source: By Michael Rivera - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=60829324
22. Albany, GA
> Renter-occupied housing units: 44.4%
> Median rental cost: $779 — 66th lowest of 384 metros
> Median home value: $120,200 — 29th lowest of 384 metros
> Median household income: $46,323 — 18th lowest of 384 metros
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Source: EAGiven / iStock Editorial via Getty Images
21. Champaign-Urbana, IL
> Renter-occupied housing units: 44.7%
> Median rental cost: $873 — 169th lowest of 384 metros
> Median home value: $163,900 — 158th lowest of 384 metros
> Median household income: $54,897 — 133rd lowest of 384 metros
Source: DenisTangneyJr / iStock via Getty Images
20. Grand Forks, ND-MN
> Renter-occupied housing units: 44.8%
> Median rental cost: $804 — 92nd lowest of 384 metros
> Median home value: $195,500 — 163rd highest of 384 metros
> Median household income: $55,122 — 145th lowest of 384 metros
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Source: bluejayphoto / iStock via Getty Images
19. San Francisco-Oakland-Berkeley, CA
> Renter-occupied housing units: 45.0%
> Median rental cost: $2,021 — 2nd highest of 384 metros
> Median home value: $888,500 — 2nd highest of 384 metros
> Median household income: $110,837 — 2nd highest of 384 metros
Source: f11photo / iStock via Getty Images
18. Las Vegas-Henderson-Paradise, NV
> Renter-occupied housing units: 45.2%
> Median rental cost: $1,181 — 56th highest of 384 metros
> Median home value: $285,100 — 63rd highest of 384 metros
> Median household income: $61,048 — 156th highest of 384 metros
Source: JENNIFER E. WOLF / iStock Editorial via Getty Images
17. Athens-Clarke County, GA
> Renter-occupied housing units: 45.4%
> Median rental cost: $869 — 162nd lowest of 384 metros (tied)
> Median home value: $193,700 — 165th highest of 384 metros (tied)
> Median household income: $49,503 — 53rd lowest of 384 metros
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Source: DenisTangneyJr / iStock via Getty Images
16. Lawton, OK
> Renter-occupied housing units: 45.6%
> Median rental cost: $810 — 99th lowest of 384 metros (tied)
> Median home value: $121,500 — 34th lowest of 384 metros
> Median household income: $52,219 — 89th lowest of 384 metros
Source: Eifel Kreutz / iStock via Getty Images
15. Jacksonville, NC
> Renter-occupied housing units: 45.8%
> Median rental cost: $1,029 — 122nd highest of 384 metros (tied)
> Median home value: $162,400 — 151st lowest of 384 metros (tied)
> Median household income: $51,560 — 81st lowest of 384 metros
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Source: benedek / iStock Unreleased via Getty Images
14. Ithaca, NY
> Renter-occupied housing units: 46.0%
> Median rental cost: $1,144 — 70th highest of 384 metros (tied)
> Median home value: $218,700 — 132nd highest of 384 metros (tied)
> Median household income: $61,361 — 153rd highest of 384 metros
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Source: Art Wager / iStock via Getty Images
13. San Diego-Chula Vista-Carlsbad, CA
> Renter-occupied housing units: 46.1%
> Median rental cost: $1,732 — 8th highest of 384 metros
> Median home value: $595,600 — 12th highest of 384 metros
> Median household income: $82,426 — 22nd highest of 384 metros
Source: DenisTangneyJr / iStock via Getty Images
12. Fresno, CA
> Renter-occupied housing units: 46.3%
> Median rental cost: $1,029 — 122nd highest of 384 metros (tied)
> Median home value: $271,000 — 74th highest of 384 metros
> Median household income: $57,109 — 168th lowest of 384 metros
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11. Hanford-Corcoran, CA
> Renter-occupied housing units: 46.4%
> Median rental cost: $1,030 — 121st highest of 384 metros
> Median home value: $227,400 — 120th highest of 384 metros
> Median household income: $61,556 — 150th highest of 384 metros
Source: Sean Pavone / iStock via Getty Images
10. Greenville, NC
> Renter-occupied housing units: 47.4%
> Median rental cost: $793 — 80th lowest of 384 metros
> Median home value: $146,700 — 95th lowest of 384 metros
> Median household income: $49,337 — 50th lowest of 384 metros
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Source: stellalevi / iStock via Getty Images
9. Santa Maria-Santa Barbara, CA
> Renter-occupied housing units: 47.7%
> Median rental cost: $1,697 — 10th highest of 384 metros
> Median home value: $610,300 — 9th highest of 384 metros
> Median household income: $78,925 — 28th highest of 384 metros
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Source: DenisTangneyJr / iStock Unreleased via Getty Images
8. Merced, CA
> Renter-occupied housing units: 47.8%
> Median rental cost: $1,054 — 106th highest of 384 metros
> Median home value: $268,800 — 77th highest of 384 metros
> Median household income: $56,330 — 157th lowest of 384 metros
Source: Solidago / iStock Unreleased via Getty Images
7. Salinas, CA
> Renter-occupied housing units: 48.2%
> Median rental cost: $1,600 — 13th highest of 384 metros
> Median home value: $559,400 — 13th highest of 384 metros
> Median household income: $76,943 — 35th highest of 384 metros
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Source: TomasSereda / iStock via Getty Images
6. New York-Newark-Jersey City, NY-NJ-PA
> Renter-occupied housing units: 48.4%
> Median rental cost: $1,483 — 20th highest of 384 metros
> Median home value: $465,400 — 16th highest of 384 metros
> Median household income: $81,951 — 24th highest of 384 metros
Source: TriciaDaniel / iStock via Getty Images
5. College Station-Bryan, TX
> Renter-occupied housing units: 48.9%
> Median rental cost: $954 — 151st highest of 384 metros
> Median home value: $201,900 — 154th highest of 384 metros
> Median household income: $51,261 — 76th lowest of 384 metros
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Source: BergmannD / iStock via Getty Images
4. Lawrence, KS
> Renter-occupied housing units: 49.3%
> Median rental cost: $952 — 153rd highest of 384 metros (tied)
> Median home value: $212,400 — 140th highest of 384 metros
> Median household income: $61,020 — 157th highest of 384 metros
3. Hinesville, GA
> Renter-occupied housing units: 50.7%
> Median rental cost: $1,034 — 118th highest of 384 metros
> Median home value: $133,000 — 53rd lowest of 384 metros
> Median household income: $50,588 — 69th lowest of 384 metros
Source: DenisTangneyJr / iStock via Getty Images
2. Manhattan, KS
> Renter-occupied housing units: 50.9%
> Median rental cost: $944 — 159th highest of 384 metros (tied)
> Median home value: $180,500 — 192nd highest of 384 metros
> Median household income: $54,488 — 125th lowest of 384 metros
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Source: choness / iStock via Getty Images
1. Los Angeles-Long Beach-Anaheim, CA
> Renter-occupied housing units: 51.3%
> Median rental cost: $1,624 — 12th highest of 384 metros
> Median home value: $641,300 — 7th highest of 384 metros
> Median household income: $76,399 — 40th highest of 384 metros
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