The Rental Coverage Index
Where rentals still pencil. Q2 2026
Coverage is rent divided by the full monthly payment — principal, interest, property tax and homeowners insurance — across the 100 largest U.S. metros, recomputed every quarter.
Which metros cover an investor mortgage right now?
In Q2 2026, 1 of 100 metros covers the full monthly payment at 25% down; Jackson, MS leads at 1.01, and San Jose, CA trails at 0.39.
Three numbers, and what each one is for.
Coverage is the whole index in one figure: the typical rent divided by the full monthly payment on a typical home in that metro. At 1.00 the rent pays the payment exactly. At 0.80 it pays four fifths of it, and the owner funds the rest every month.
Break-even price answers the more useful question. Rather than telling you a metro does not work, it says what a property there would have to cost for that metro’s rent to cover the payment — which is a number you can actually shop against.
Rent-to-price is the old rule-of-thumb yardstick, shown so the index can be checked against the ratio investors already carry in their heads. It ignores rates, tax and insurance entirely, which is exactly why coverage exists.
Coverage in 100 metros, Q2 2026
| Metro | Coverage | Rent | Full payment | Break-even price | Rent-to-price | QoQ |
|---|---|---|---|---|---|---|
| Jackson, MS | 1.01 | $1,495 | $1,475 | $216,522 | 0.70% | −0.03 |
| Columbia, SC | 0.96 | $1,554 | $1,621 | $245,697 | 0.61% | −0.03 |
| Pittsburgh, PA | 0.95 | $1,493 | $1,578 | $219,443 | 0.64% | −0.01 |
| Lakeland, FL | 0.94 | $1,836 | $1,958 | $281,290 | 0.61% | −0.01 |
| Augusta, GA† | 0.93 | $1,493 | $1,611 | $234,619 | 0.59% | −0.02 |
| Memphis, TN† | 0.88 | $1,415 | $1,602 | $218,074 | 0.57% | −0.02 |
| Toledo, OH | 0.88 | $1,271 | $1,439 | $180,673 | 0.62% | −0.01 |
| New Orleans, LA | 0.87 | $1,596 | $1,835 | $229,766 | 0.60% | −0.02 |
| Birmingham, AL | 0.86 | $1,451 | $1,693 | $225,601 | 0.55% | −0.02 |
| Palm Bay, FL | 0.85 | $1,909 | $2,248 | $293,725 | 0.55% | −0.02 |
| Scranton, PA | 0.85 | $1,338 | $1,578 | $194,148 | 0.58% | −0.01 |
| Winston, NC | 0.85 | $1,554 | $1,819 | $241,736 | 0.55% | −0.02 |
| Chicago, IL† | 0.84 | $2,233 | $2,643 | $302,487 | 0.62% | −0.02 |
| Miami, FL | 0.84 | $2,666 | $3,172 | $401,014 | 0.56% | −0.02 |
| Tampa, FL | 0.84 | $2,005 | $2,379 | $305,568 | 0.55% | −0.02 |
| Cape Coral, FL | 0.83 | $1,857 | $2,240 | $281,200 | 0.55% | −0.01 |
| El Paso, TX | 0.83 | $1,523 | $1,828 | $194,011 | 0.65% | −0.02 |
| Fresno, CA | 0.83 | $2,047 | $2,472 | $340,332 | 0.50% | −0.02 |
| Baton Rouge, LA | 0.82 | $1,397 | $1,713 | $203,241 | 0.56% | −0.01 |
| Detroit, MI | 0.82 | $1,515 | $1,847 | $221,797 | 0.56% | −0.01 |
| Indianapolis, IN | 0.82 | $1,560 | $1,906 | $242,690 | 0.53% | −0.01 |
| Little Rock, AR | 0.82 | $1,261 | $1,540 | $188,902 | 0.55% | −0.02 |
| Deltona, FL | 0.81 | $1,778 | $2,189 | $270,737 | 0.53% | −0.02 |
| Greensboro, NC | 0.81 | $1,400 | $1,729 | $215,525 | 0.53% | −0.02 |
| Bakersfield, CA | 0.80 | $1,798 | $2,253 | $291,985 | 0.49% | −0.01 |
| Cleveland, OH | 0.80 | $1,463 | $1,825 | $203,228 | 0.58% | −0.02 |
| North Port, FL | 0.80 | $2,120 | $2,659 | $323,326 | 0.52% | −0.01 |
| Greenville, SC | 0.79 | $1,559 | $1,964 | $250,479 | 0.49% | −0.02 |
| Oklahoma City, OK | 0.79 | $1,386 | $1,755 | $194,863 | 0.56% | −0.01 |
| Virginia Beach, VA† | 0.79 | $1,858 | $2,347 | $296,277 | 0.50% | −0.02 |
| Akron, OH | 0.77 | $1,282 | $1,675 | $185,568 | 0.53% | −0.01 |
| Knoxville, TN | 0.77 | $1,736 | $2,259 | $282,671 | 0.47% | −0.02 |
| Orlando, FL | 0.77 | $1,953 | $2,547 | $298,041 | 0.50% | −0.01 |
| Stockton, CA | 0.77 | $2,461 | $3,203 | $407,684 | 0.46% | −0.01 |
| Syracuse, NY | 0.77 | $1,605 | $2,074 | $208,267 | 0.60% | −0.03 |
| McAllen, TX | 0.76 | $1,117 | $1,463 | $147,190 | 0.58% | −0.02 |
| Tulsa, OK | 0.76 | $1,363 | $1,799 | $192,353 | 0.54% | −0.01 |
| Wichita, KS | 0.76 | $1,205 | $1,576 | $172,609 | 0.53% | −0.01 |
| Charleston, SC | 0.75 | $2,042 | $2,707 | $329,246 | 0.47% | −0.01 |
| St. Louis, MO† | 0.75 | $1,431 | $1,907 | $207,399 | 0.52% | −0.01 |
| Atlanta, GA | 0.74 | $1,842 | $2,476 | $285,054 | 0.48% | −0.01 |
| Baltimore, MD | 0.74 | $1,934 | $2,621 | $298,991 | 0.48% | −0.01 |
| Chattanooga, TN† | 0.74 | $1,528 | $2,060 | $242,948 | 0.47% | −0.02 |
| Cincinnati, OH† | 0.74 | $1,547 | $2,094 | $229,658 | 0.50% | −0.01 |
| Springfield, MA | 0.74 | $1,912 | $2,590 | $279,254 | 0.51% | −0.02 |
| Jacksonville, FL | 0.73 | $1,702 | $2,320 | $259,788 | 0.48% | −0.02 |
| Louisville, KY† | 0.73 | $1,356 | $1,847 | $207,344 | 0.48% | −0.02 |
| Modesto, CA | 0.73 | $2,048 | $2,807 | $341,900 | 0.44% | −0.02 |
| New York, NY† | 0.73 | $3,594 | $4,931 | $533,887 | 0.49% | −0.02 |
| Allentown, PA† | 0.72 | $1,866 | $2,594 | $263,404 | 0.51% | −0.01 |
| Houston, TX | 0.71 | $1,648 | $2,336 | $218,507 | 0.53% | −0.01 |
| New Haven, CT | 0.71 | $2,128 | $3,018 | $288,016 | 0.52% | −0.02 |
| Philadelphia, PA† | 0.71 | $1,913 | $2,689 | $278,056 | 0.49% | −0.02 |
| Richmond, VA | 0.71 | $1,744 | $2,458 | $281,827 | 0.44% | −0.02 |
| Riverside, CA | 0.71 | $2,533 | $3,551 | $419,454 | 0.43% | −0.02 |
| Charlotte, NC† | 0.70 | $1,750 | $2,486 | $274,721 | 0.45% | −0.02 |
| Harrisburg, PA | 0.70 | $1,474 | $2,095 | $219,258 | 0.47% | −0.02 |
| Tucson, AZ | 0.70 | $1,479 | $2,101 | $241,259 | 0.43% | −0.02 |
| Grand Rapids, MI | 0.69 | $1,620 | $2,358 | $247,092 | 0.45% | −0.01 |
| Kansas City, MO† | 0.69 | $1,534 | $2,223 | $226,901 | 0.47% | −0.01 |
| Las Vegas, NV | 0.69 | $1,741 | $2,521 | $299,060 | 0.40% | −0.01 |
| Rochester, NY | 0.69 | $1,550 | $2,238 | $198,348 | 0.54% | −0.02 |
| Washington, DC† | 0.69 | $2,448 | $3,554 | $399,445 | 0.42% | −0.01 |
| Buffalo, NY | 0.67 | $1,436 | $2,136 | $195,630 | 0.49% | −0.02 |
| Hartford, CT | 0.67 | $2,013 | $2,983 | $270,992 | 0.50% | −0.02 |
| San Antonio, TX | 0.67 | $1,429 | $2,118 | $189,639 | 0.51% | −0.02 |
| Albuquerque, NM | 0.66 | $1,504 | $2,280 | $232,245 | 0.43% | −0.01 |
| Boston, MA† | 0.66 | $3,141 | $4,774 | $487,977 | 0.42% | −0.01 |
| Columbus, OH | 0.66 | $1,509 | $2,287 | $219,492 | 0.45% | −0.01 |
| Worcester, MA | 0.66 | $2,140 | $3,227 | $321,810 | 0.44% | −0.02 |
| Colorado Springs, CO | 0.65 | $1,780 | $2,722 | $298,915 | 0.39% | −0.01 |
| Minneapolis, MN† | 0.65 | $1,713 | $2,634 | $257,127 | 0.43% | −0.01 |
| Phoenix, AZ | 0.65 | $1,720 | $2,635 | $292,702 | 0.38% | −0.02 |
| Sacramento, CA | 0.65 | $2,289 | $3,521 | $379,030 | 0.39% | −0.01 |
| Boise City, ID | 0.64 | $1,879 | $2,938 | $317,896 | 0.38% | 0.00 |
| Nashville, TN | 0.64 | $1,813 | $2,824 | $293,217 | 0.40% | −0.02 |
| Urban Honolulu, HI | 0.63 | $2,988 | $4,773 | $533,853 | 0.35% | −0.01 |
| Albany, NY | 0.62 | $1,675 | $2,697 | $232,726 | 0.45% | −0.02 |
| Omaha, NE† | 0.62 | $1,418 | $2,301 | $191,103 | 0.46% | −0.01 |
| Des Moines, IA | 0.61 | $1,306 | $2,125 | $182,356 | 0.44% | −0.01 |
| Durham, NC | 0.61 | $1,653 | $2,690 | $254,703 | 0.40% | −0.01 |
| Providence, RI† | 0.61 | $2,165 | $3,575 | $319,466 | 0.41% | −0.01 |
| Dallas, TX | 0.60 | $1,662 | $2,756 | $221,120 | 0.45% | −0.01 |
| Raleigh, NC | 0.60 | $1,675 | $2,806 | $262,235 | 0.38% | −0.01 |
| Spokane, WA | 0.59 | $1,536 | $2,605 | $251,708 | 0.36% | −0.01 |
| Bridgeport, CT | 0.58 | $2,876 | $4,921 | $404,302 | 0.42% | −0.02 |
| Provo, UT | 0.58 | $1,820 | $3,156 | $314,659 | 0.33% | 0.00 |
| Denver, CO | 0.56 | $1,927 | $3,431 | $319,392 | 0.34% | −0.01 |
| Milwaukee, WI | 0.56 | $1,529 | $2,717 | $220,298 | 0.39% | −0.01 |
| Oxnard, CA | 0.56 | $2,957 | $5,271 | $494,798 | 0.34% | −0.01 |
| Portland, OR† | 0.54 | $1,810 | $3,373 | $295,522 | 0.33% | −0.01 |
| San Diego, CA | 0.54 | $2,993 | $5,589 | $500,403 | 0.32% | −0.01 |
| Ogden, UT | 0.53 | $1,628 | $3,049 | $276,693 | 0.31% | −0.02 |
| Madison, WI | 0.52 | $1,639 | $3,133 | $237,085 | 0.36% | −0.01 |
| Austin, TX | 0.51 | $1,638 | $3,186 | $219,972 | 0.38% | −0.01 |
| Los Angeles, CA | 0.51 | $2,935 | $5,771 | $491,554 | 0.30% | −0.01 |
| Seattle, WA | 0.50 | $2,271 | $4,563 | $371,929 | 0.30% | 0.00 |
| Salt Lake City, UT | 0.49 | $1,644 | $3,333 | $279,948 | 0.29% | −0.01 |
| San Francisco, CA | 0.48 | $3,286 | $6,808 | $546,696 | 0.29% | 0.00 |
| San Jose, CA | 0.39 | $3,716 | $9,415 | $620,377 | 0.24% | 0.00 |
- 1.00 and above — rent covers the full payment
- 0.85 to 0.99 — close
- Below 0.85 — short
- Full payment is principal, interest, property tax and homeowners insurance at 25% down on a 30-year term. HOA dues and vacancy are excluded. Break-even price is the purchase price at which this metro’s rent would exactly cover that payment.
- †This metro spans more than one state. The insurance rate uses the principal state's average premium.
Data provided by Zillow. Mortgage rates from Freddie Mac via FRED; property tax from the Census Bureau’s American Community Survey; insurance from the NAIC.
Choice Home Mortgage originates investor loans. The index uses public data and disclosed in-house assumptions; it is not a statistical survey and not a rate or payment offer (Reg Z). Every source and assumption is published on the methodology page.
The index: common questions
What does a coverage reading of 1.0 mean?
It means the typical rent in that metro exactly covers the full monthly payment on a typical home there — principal, interest, property tax and homeowners insurance — at 25% down on a 30-year term. Above 1.0 the rent more than covers it; below 1.0 there is a monthly gap the owner funds from somewhere else.
Is this a rate quote or an offer?
No. The index is research built from public data and the disclosed assumptions on the methodology page. It is not an offer, a quote, or a prediction of the rate or payment any particular borrower would receive. Real pricing depends on the property, the borrower and the program on the day you lock.
Why do these figures differ from what a lender quoted me?
Because every figure here is a metro-wide median rather than a specific deal. Your rent, your purchase price, your tax bill, your insurance premium and your rate all differ from the metro median, and the index excludes HOA dues and vacancy on purpose. Use it to compare metros on identical terms, not to price a property.
Can I download the data or republish the numbers?
Yes. Each edition publishes its full metro table as a CSV, and prior editions stay online exactly as first published. The derived index is licensed CC BY 4.0 — cite Choice Home Mortgage and link to the methodology. The underlying Zillow data remains subject to Zillow's own terms of use.
Run your own numbers
The DSCR calculator uses the same math with your rent, price and rate.