Archive · Q3 2025
Where rentals penciled. Q3 2025
The Q3 2025 edition, kept as published: coverage across the 100 largest U.S. metros, with the full table and the CSV as they were released.
An archived edition.
This edition is preserved as published; later editions restate history from fresh data.
For the current reading, see the Rental Coverage Index. The methodology that produced this table has not changed.
Coverage in 100 metros, Q3 2025
| Metro | Coverage | Rent | Full payment | Break-even price | Rent-to-price | QoQ |
|---|---|---|---|---|---|---|
| Jackson, MS | 1.00 | $1,451 | $1,451 | $207,864 | 0.70% | +0.03 |
| Columbia, SC | 0.95 | $1,537 | $1,615 | $240,039 | 0.61% | +0.02 |
| Augusta, GA† | 0.93 | $1,478 | $1,589 | $229,485 | 0.60% | +0.02 |
| Lakeland, FL | 0.91 | $1,828 | $2,013 | $276,777 | 0.60% | +0.03 |
| Pittsburgh, PA | 0.91 | $1,454 | $1,593 | $211,351 | 0.63% | +0.02 |
| Memphis, TN† | 0.87 | $1,407 | $1,612 | $214,257 | 0.57% | +0.02 |
| New Orleans, LA | 0.87 | $1,584 | $1,812 | $225,594 | 0.61% | 0.00 |
| Toledo, OH | 0.86 | $1,217 | $1,420 | $171,198 | 0.61% | +0.02 |
| Birmingham, AL | 0.85 | $1,436 | $1,679 | $220,667 | 0.56% | +0.01 |
| Winston, NC | 0.85 | $1,521 | $1,800 | $233,854 | 0.55% | +0.02 |
| Chicago, IL† | 0.83 | $2,150 | $2,576 | $288,221 | 0.62% | +0.01 |
| Palm Bay, FL | 0.83 | $1,890 | $2,288 | $287,438 | 0.54% | +0.03 |
| Tampa, FL | 0.83 | $2,022 | $2,439 | $304,502 | 0.55% | +0.03 |
| El Paso, TX | 0.82 | $1,499 | $1,817 | $188,993 | 0.65% | +0.01 |
| Little Rock, AR | 0.82 | $1,240 | $1,510 | $183,579 | 0.55% | +0.01 |
| Miami, FL | 0.82 | $2,641 | $3,239 | $392,716 | 0.55% | +0.03 |
| Scranton, PA | 0.82 | $1,296 | $1,582 | $185,946 | 0.57% | +0.02 |
| Baton Rouge, LA | 0.81 | $1,365 | $1,695 | $196,335 | 0.56% | +0.03 |
| Detroit, MI | 0.81 | $1,480 | $1,833 | $214,120 | 0.56% | +0.01 |
| Fresno, CA | 0.81 | $1,993 | $2,469 | $327,161 | 0.49% | +0.03 |
| Cape Coral, FL | 0.80 | $1,886 | $2,356 | $282,388 | 0.53% | +0.03 |
| Greensboro, NC | 0.80 | $1,376 | $1,725 | $209,372 | 0.52% | +0.02 |
| Indianapolis, IN | 0.80 | $1,531 | $1,908 | $235,403 | 0.52% | +0.01 |
| Cleveland, OH | 0.79 | $1,418 | $1,790 | $194,814 | 0.58% | +0.01 |
| Deltona, FL | 0.79 | $1,770 | $2,237 | $266,376 | 0.53% | +0.03 |
| Greenville, SC | 0.79 | $1,541 | $1,951 | $244,649 | 0.50% | +0.01 |
| Bakersfield, CA | 0.78 | $1,772 | $2,278 | $284,092 | 0.48% | +0.03 |
| North Port, FL | 0.78 | $2,155 | $2,778 | $324,742 | 0.51% | +0.03 |
| Syracuse, NY | 0.78 | $1,551 | $2,000 | $199,299 | 0.60% | +0.02 |
| Knoxville, TN | 0.77 | $1,732 | $2,246 | $278,415 | 0.48% | +0.01 |
| Oklahoma City, OK | 0.77 | $1,358 | $1,756 | $188,818 | 0.56% | +0.01 |
| McAllen, TX | 0.76 | $1,114 | $1,471 | $145,354 | 0.58% | +0.02 |
| Virginia Beach, VA† | 0.76 | $1,779 | $2,328 | $280,209 | 0.49% | +0.02 |
| Akron, OH | 0.75 | $1,229 | $1,636 | $175,945 | 0.52% | +0.01 |
| Orlando, FL | 0.75 | $1,948 | $2,612 | $293,824 | 0.49% | +0.03 |
| Tulsa, OK | 0.75 | $1,334 | $1,769 | $186,110 | 0.54% | +0.01 |
| Wichita, KS | 0.75 | $1,162 | $1,546 | $164,672 | 0.53% | +0.02 |
| St. Louis, MO† | 0.74 | $1,389 | $1,879 | $199,051 | 0.52% | +0.02 |
| Stockton, CA | 0.74 | $2,439 | $3,309 | $398,853 | 0.45% | +0.03 |
| Chattanooga, TN† | 0.73 | $1,512 | $2,077 | $237,410 | 0.46% | +0.02 |
| Cincinnati, OH† | 0.73 | $1,513 | $2,074 | $222,141 | 0.50% | +0.02 |
| Louisville, KY† | 0.73 | $1,337 | $1,841 | $202,084 | 0.48% | +0.02 |
| Springfield, MA | 0.73 | $1,861 | $2,553 | $268,812 | 0.50% | +0.02 |
| Atlanta, GA | 0.72 | $1,823 | $2,538 | $278,800 | 0.47% | +0.02 |
| Baltimore, MD | 0.72 | $1,900 | $2,635 | $290,289 | 0.47% | +0.01 |
| Charleston, SC | 0.72 | $1,989 | $2,746 | $316,796 | 0.45% | +0.01 |
| Jacksonville, FL | 0.72 | $1,690 | $2,354 | $254,869 | 0.48% | +0.03 |
| Modesto, CA | 0.72 | $2,040 | $2,845 | $336,302 | 0.44% | +0.02 |
| New York, NY† | 0.72 | $3,489 | $4,817 | $512,356 | 0.49% | +0.01 |
| Allentown, PA† | 0.71 | $1,819 | $2,567 | $253,934 | 0.51% | +0.01 |
| New Haven, CT | 0.71 | $2,089 | $2,940 | $279,725 | 0.53% | +0.01 |
| Philadelphia, PA† | 0.70 | $1,865 | $2,670 | $267,969 | 0.49% | +0.01 |
| Richmond, VA | 0.70 | $1,706 | $2,436 | $272,216 | 0.44% | +0.02 |
| Rochester, NY | 0.70 | $1,519 | $2,183 | $192,467 | 0.55% | +0.02 |
| Charlotte, NC† | 0.69 | $1,745 | $2,516 | $270,709 | 0.45% | +0.01 |
| Grand Rapids, MI | 0.69 | $1,581 | $2,292 | $238,349 | 0.46% | +0.01 |
| Harrisburg, PA | 0.69 | $1,440 | $2,074 | $211,667 | 0.47% | +0.01 |
| Houston, TX | 0.69 | $1,652 | $2,389 | $216,773 | 0.53% | +0.01 |
| Riverside, CA | 0.69 | $2,487 | $3,584 | $406,661 | 0.42% | +0.02 |
| Hartford, CT | 0.68 | $1,971 | $2,902 | $262,668 | 0.51% | +0.01 |
| Kansas City, MO† | 0.68 | $1,495 | $2,185 | $218,633 | 0.47% | +0.01 |
| Tucson, AZ | 0.68 | $1,469 | $2,152 | $236,578 | 0.42% | +0.02 |
| Washington, DC† | 0.68 | $2,446 | $3,599 | $394,130 | 0.42% | +0.01 |
| Buffalo, NY | 0.67 | $1,402 | $2,093 | $189,078 | 0.50% | +0.01 |
| Las Vegas, NV | 0.67 | $1,743 | $2,598 | $295,365 | 0.40% | +0.02 |
| San Antonio, TX | 0.67 | $1,451 | $2,165 | $190,596 | 0.51% | +0.01 |
| Worcester, MA | 0.66 | $2,113 | $3,205 | $314,121 | 0.44% | +0.02 |
| Albuquerque, NM | 0.65 | $1,493 | $2,281 | $227,844 | 0.43% | +0.01 |
| Boston, MA† | 0.65 | $3,086 | $4,750 | $473,628 | 0.42% | +0.02 |
| Columbus, OH | 0.65 | $1,489 | $2,289 | $214,048 | 0.45% | +0.01 |
| Minneapolis, MN† | 0.64 | $1,671 | $2,617 | $247,924 | 0.43% | +0.02 |
| Phoenix, AZ | 0.64 | $1,720 | $2,686 | $288,941 | 0.38% | +0.02 |
| Colorado Springs, CO | 0.63 | $1,763 | $2,789 | $292,238 | 0.38% | +0.01 |
| Nashville, TN | 0.63 | $1,812 | $2,871 | $289,448 | 0.40% | +0.01 |
| Sacramento, CA | 0.63 | $2,260 | $3,577 | $369,366 | 0.39% | +0.02 |
| Albany, NY | 0.62 | $1,622 | $2,616 | $223,004 | 0.45% | +0.01 |
| Boise City, ID | 0.61 | $1,809 | $2,952 | $302,092 | 0.37% | +0.02 |
| Omaha, NE† | 0.61 | $1,389 | $2,282 | $185,226 | 0.46% | +0.01 |
| Des Moines, IA | 0.60 | $1,285 | $2,130 | $177,537 | 0.44% | +0.01 |
| Durham, NC | 0.60 | $1,647 | $2,756 | $250,723 | 0.39% | +0.02 |
| Providence, RI† | 0.60 | $2,103 | $3,519 | $306,737 | 0.41% | +0.02 |
| Urban Honolulu, HI | 0.60 | $2,883 | $4,768 | $508,067 | 0.34% | +0.02 |
| Bridgeport, CT | 0.59 | $2,817 | $4,767 | $391,786 | 0.43% | 0.00 |
| Dallas, TX | 0.59 | $1,662 | $2,836 | $218,842 | 0.44% | +0.02 |
| Raleigh, NC | 0.58 | $1,673 | $2,878 | $258,694 | 0.38% | +0.01 |
| Spokane, WA | 0.58 | $1,510 | $2,622 | $244,461 | 0.36% | +0.02 |
| Provo, UT | 0.57 | $1,790 | $3,146 | $305,406 | 0.33% | +0.01 |
| Milwaukee, WI | 0.56 | $1,479 | $2,631 | $210,782 | 0.39% | +0.01 |
| Denver, CO | 0.55 | $1,945 | $3,538 | $318,201 | 0.34% | +0.01 |
| Oxnard, CA | 0.55 | $2,931 | $5,321 | $484,056 | 0.33% | +0.02 |
| Ogden, UT | 0.54 | $1,619 | $3,024 | $271,544 | 0.32% | +0.02 |
| Portland, OR† | 0.53 | $1,806 | $3,426 | $291,223 | 0.33% | +0.02 |
| Madison, WI | 0.52 | $1,610 | $3,087 | $230,193 | 0.36% | +0.01 |
| San Diego, CA | 0.52 | $2,956 | $5,647 | $487,835 | 0.32% | +0.01 |
| Los Angeles, CA | 0.50 | $2,906 | $5,781 | $480,413 | 0.30% | +0.01 |
| Austin, TX | 0.49 | $1,659 | $3,353 | $220,470 | 0.37% | +0.01 |
| Salt Lake City, UT | 0.49 | $1,639 | $3,334 | $275,400 | 0.29% | +0.01 |
| Seattle, WA | 0.48 | $2,252 | $4,651 | $364,094 | 0.30% | +0.01 |
| San Francisco, CA | 0.45 | $3,092 | $6,810 | $507,743 | 0.28% | +0.02 |
| San Jose, CA | 0.37 | $3,547 | $9,479 | $584,556 | 0.23% | +0.01 |
- 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.
This edition: common questions
Why do these figures differ from the current edition?
Every edition recomputes all of its trailing quarters from the freshest source data, because the underlying rent and home-value series are revised after first release. This page is kept as it was published, so an older edition's figure for a quarter can differ slightly from the current edition's figure for that same quarter. The current edition is always the better estimate; this one is the citable record of what we said at the time.
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.
What does a coverage reading of 1.0 mean?
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. Below 1.0 there is a monthly gap the owner funds from somewhere else.
Run your own numbers
The DSCR calculator uses the same math with your rent, price and rate.