Rent Prices in America: How Much They’re Increasing in Every State — and Can the Average Person Afford It?
The average rent in all 50 states, according to an August 2026 MoneyLion study, increased from $1,698 to $1,867 over three years, a 10% jump. In 13 states, median income isn’t enough to afford rent. Rent now costs about $2,000 more annually than it did in 2023. This means households must come up with an extra $169 per month. The study also confirms what most may already suspect: About 69% of households experience rent stress.
Find out where your state lands and whether your current living arrangement makes sense for your current and future finances.
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Key Findings
Wyoming experienced the largest spike in the country. From 2025 to 2026, the average renter pays an additional $446 per month, or about $5,350 annually. That's money that can no longer go toward retirement, savings or car payments, making financial milestones harder to reach.
Rent doubled in four states over a 10-year period. Rent increased by 106% to 123% in Montana, New Hampshire, New York and Ohio. In Montana, for example, monthly rent rose from $855 in 2016 to $1,795 in 2026.
Renting in Florida requires a larger paycheck than most households earn. The annual income needed to afford rent is $94,440, but the median household earns $74,568. That leaves a shortfall of nearly $20,000.
You need to earn $133,000 annually to afford rent in New York. The median household income is $85,974, leaving renters with a shortfall of $47,000.
Median household income falls short of what's needed to afford rent in 13 states. These states include California, Colorado, Connecticut, Florida, Hawaii, Maine, Massachusetts, Mississippi, Nevada, New Jersey, New Mexico, New York and Rhode Island.
At least 47% of adults ages 18 to 24 report borrowing money from family and friends to meet rent. This highlights the financial pressure younger adults face when trying to keep up with housing costs.
Where Rent Prices Have Increased the Most
It may seem surprising, but MoneyLion's study shows that rent is not just an East or West Coast problem. Rent is also increasing in more affordable states like Wisconsin, West Virginia, North Dakota, New Mexico and Ohio.
Even in states where rent hasn't increased much from one year to the next, the 10-year climb is significant. In Arizona, for example, rent rose nearly 73% over a 10-year period.
The table below breaks down rent increases across all 50 states over one-, three-, five- and 10-year periods. States are ranked by the largest three-year rent changes.
Rank | State | August 2026 Average Rent | 1-Year Change | 3-Year Change | 5-Year Change | 10-Year Change |
|---|---|---|---|---|---|---|
1 | Wyoming | $1,729 | 34.8% | 44.2% | 59.1% | 76.8% |
2 | Rhode Island | $2,299 | 6.4% | 25.7% | 51.1% | 87.5% |
3 | Alaska | $2,130 | 15.3% | 24.7% | 36.1% | 50.8% |
4 | Wisconsin | $1,511 | 9.4% | 23.1% | 38.4% | 52.8% |
5 | New Mexico | $1,622 | 11.1% | 22.9% | 21.0% | 69.3% |
6 | West Virginia | $1,335 | 11.8% | 21.8% | 26.5% | N/A |
7 | Colorado | $2,389 | 5.1% | 21.0% | 34.7% | 79.6% |
8 | North Dakota | $1,255 | 5.9% | 20.6% | 41.2% | N/A |
9 | Ohio | $1,561 | 8.9% | 20.5% | 38.1% | 105.7% |
10 | Montana | $1,795 | 1.8% | 19.8% | 38.4% | 109.9% |
11 | Maine | $2,114 | 9.3% | 18.6% | 25.8% | 47.3% |
12 | Connecticut | $2,502 | 10.7% | 17.8% | 36.1% | 62.6% |
13 | Illinois | $1,886 | 4.4% | 16.7% | 27.0% | 63.1% |
14 | Missouri | $1,452 | 4.8% | 15.0% | 25.5% | 62.8% |
15 | Alabama | $1,523 | 1.4% | 14.9% | 32.7% | 84.2% |
16 | Kentucky | $1,401 | 0.9% | 14.8% | 36.7% | 57.2% |
17 | Kansas | $1,415 | 6.2% | 14.3% | 29.2% | 58.3% |
18 | New Jersey | $2,682 | 5.6% | 14.3% | 27.7% | 51.3% |
19 | Hawaii | $2,971 | 3.4% | 14.1% | 19.0% | 37.2% |
20 | Louisiana | $1,450 | 2.0% | 14.1% | 17.1% | 42.4% |
21 | Indiana | $1,447 | 4.1% | 12.9% | 25.6% | 58.3% |
22 | Michigan | $1,559 | 6.3% | 12.8% | 21.6% | 58.8% |
23 | California | $3,048 | 7.2% | 12.7% | 21.8% | 58.9% |
24 | Oklahoma | $1,397 | 4.3% | 12.2% | 18.0% | 50.7% |
25 | Maryland | $2,101 | 3.8% | 11.9% | 21.2% | 41.8% |
26 | Delaware | $2,063 | 2.8% | 11.3% | 36.3% | 90.7% |
27 | Massachusetts | $2,707 | 2.7% | 11.1% | 23.0% | 36.6% |
28 | Minnesota | $1,690 | 4.1% | 11.1% | 15.4% | 43.7% |
29 | New Hampshire | $2,318 | 6.5% | 10.1% | 36.4% | 109.4% |
30 | North Carolina | $1,718 | 4.2% | 9.6% | 21.7% | 61.9% |
31 | Idaho | $1,786 | 6.9% | 9.5% | 16.1% | 95.8% |
32 | Utah | $1,845 | 3.2% | 7.8% | 27.9% | 99.5% |
33 | Pennsylvania | $1,686 | 1.1% | 7.4% | 17.8% | 67.1% |
34 | South Dakota | $1,288 | 4.0% | 7.2% | 17.2% | 46.0% |
35 | Nebraska | $1,394 | -3.5% | 7.2% | 23.3% | 61.3% |
36 | Washington | $2,161 | 1.6% | 6.9% | 14.5% | 56.5% |
37 | Florida | $2,361 | 5.1% | 6.6% | 33.8% | 87.5% |
38 | Virginia | $2,082 | 1.2% | 5.8% | 20.3% | 41.9% |
39 | South Carolina | $1,672 | 2.1% | 4.8% | 21.9% | 56.7% |
40 | Arkansas | $1,332 | -0.9% | 4.6% | 24.4% | 57.1% |
41 | Oregon | $1,822 | 2.0% | 4.3% | 12.7% | 53.8% |
42 | Mississippi | $1,520 | -1.6% | 4.0% | 20.5% | 66.5% |
43 | Georgia | $1,763 | 0.4% | 3.7% | 13.7% | 63.5% |
44 | Texas | $1,679 | 1.4% | 3.5% | 16.6% | 44.0% |
45 | Tennessee | $1,660 | 0.8% | 2.7% | 15.5% | 49.7% |
46 | Nevada | $2,018 | 6.9% | 2.3% | 21.4% | 83.5% |
47 | Iowa | $1,150 | -3.2% | 2.0% | 14.7% | 45.2% |
48 | Arizona | $1,807 | -0.8% | 0.3% | 5.4% | 72.8% |
49 | Vermont | $1,907 | -18.5% | -14.3% | 1.0% | N/A |
50 | New York | $3,328 | -9.1% | -20.6% | -19.7% | 123.4% |
Can the Median-Income Household Afford Rent?
In 13 states, median household income isn’t enough to afford rent. Florida renters are stretched thinner than their California counterparts. Although average rent is lower in Florida, the state's median household income is also $25,000 lower.
The table below compares each state’s median household income with the annual salary needed to afford the rent under the 30% housing rule. Find out where your state lands.
State | August 2026 Average Rent | Median Household Income | Salary Needed To Afford Rent | Can Median Income Afford Rent? |
|---|---|---|---|---|
New York | $3,328 | $85,974 | $133,120 | No |
California | $3,048 | $99,122 | $121,920 | No |
Hawaii | $2,971 | $100,389 | $118,840 | No |
Massachusetts | $2,707 | $103,960 | $108,280 | No |
New Jersey | $2,682 | $103,556 | $107,280 | No |
Connecticut | $2,502 | $95,781 | $100,080 | No |
Colorado | $2,389 | $95,470 | $95,560 | No |
Florida | $2,361 | $74,568 | $94,440 | No |
New Hampshire | $2,318 | $99,031 | $92,720 | Yes |
Rhode Island | $2,299 | $87,796 | $91,960 | No |
Washington | $2,161 | $98,141 | $86,440 | Yes |
Alaska | $2,130 | $92,788 | $85,200 | Yes |
Maine | $2,114 | $74,733 | $84,560 | No |
Maryland | $2,101 | $103,678 | $84,040 | Yes |
Virginia | $2,082 | $93,170 | $83,280 | Yes |
Delaware | $2,063 | $84,954 | $82,520 | Yes |
Nevada | $2,018 | $78,260 | $80,720 | No |
Vermont | $1,907 | $81,203 | $76,280 | Yes |
Illinois | $1,886 | $83,390 | $75,440 | Yes |
Utah | $1,845 | $95,166 | $73,800 | Yes |
Oregon | $1,822 | $83,011 | $72,880 | Yes |
Arizona | $1,807 | $79,964 | $72,280 | Yes |
Montana | $1,795 | $72,509 | $71,800 | Yes |
Idaho | $1,786 | $77,800 | $71,440 | Yes |
Georgia | $1,763 | $77,353 | $70,520 | Yes |
Wyoming | $1,729 | $76,176 | $69,160 | Yes |
North Carolina | $1,718 | $72,388 | $68,720 | Yes |
Minnesota | $1,690 | $89,062 | $67,600 | Yes |
Pennsylvania | $1,686 | $77,971 | $67,440 | Yes |
Texas | $1,679 | $78,476 | $67,160 | Yes |
South Carolina | $1,672 | $69,324 | $66,880 | Yes |
Tennessee | $1,660 | $69,595 | $66,400 | Yes |
New Mexico | $1,622 | $64,059 | $64,880 | No |
Ohio | $1,561 | $71,389 | $62,440 | Yes |
Michigan | $1,559 | $72,875 | $62,360 | Yes |
Alabama | $1,523 | $63,999 | $60,920 | Yes |
Mississippi | $1,520 | $56,447 | $60,800 | No |
Wisconsin | $1,511 | $77,485 | $60,440 | Yes |
Missouri | $1,452 | $70,702 | $58,080 | Yes |
Louisiana | $1,450 | $60,756 | $58,000 | Yes |
Indiana | $1,447 | $71,957 | $57,880 | Yes |
Kansas | $1,415 | $74,275 | $56,600 | Yes |
Kentucky | $1,401 | $63,726 | $56,040 | Yes |
Oklahoma | $1,397 | $65,039 | $55,880 | Yes |
Nebraska | $1,394 | $76,475 | $55,760 | Yes |
West Virginia | $1,335 | $59,608 | $53,400 | Yes |
Arkansas | $1,332 | $60,773 | $53,280 | Yes |
South Dakota | $1,288 | $75,081 | $51,520 | Yes |
North Dakota | $1,255 | $76,657 | $50,200 | Yes |
Iowa | $1,150 | $75,059 | $46,000 | Yes |
Rent stress isn't limited to where you live. It also varies by generation, with younger adults reporting the greatest financial pressure.
What This Means for Your Budget: Rudri Bhatt Patel Weighs In
Rent is rising across the U.S., and many incomes are not keeping up. This can make it difficult to create a meaningful budget when considering the cost to live comfortably, along with savings and retirement goals.
Here are three things to consider as rent continues to rise:
Rent is increasing almost everywhere: Moving to a “cheaper” location may not be the answer. According to the study, Wyoming, often considered affordable, had a jump of 44% in rent over three years. States like Ohio and Wisconsin also saw increases of about 21% to 23%. Relocating may seem like a tempting strategy, but it might not solve your rent dilemma.
An emergency fund becomes even more important to your financial strategy: When 22% of renters have less than $100 left after paying rent, building an emergency fund can help prevent a spiral of debt. Having a small buffer can help you avoid taking out a payday loan or other debt when an unexpected doctor’s bill or car repair comes up.
Incomes aren’t keeping up: Banking on an increase in wages isn’t necessarily the answer to combat an increase in rent. Instead, renters may need to take a closer look at where their funds are going after paying rent.
Expert Tips for Making Rent Work in Your Budget
Having a game plan to address increasing rent is an important part of any monthly budget. As a certified financial health expert, I have a few tips that may help:
Be proactive about saving for a rent increase: If you have $100 or $200 left after paying expenses, consider starting a “rent” savings account. That way when an increase occurs, it doesn’t become a financial crisis.
Use your take-home pay to evaluate how much rent will cost you: Your take-home pay is what you'll use to pay rent. If your rent takes up more than 30% of your take-home pay, it may be time to reevaluate your housing costs.
Negotiate your renewal rate: If you’ve rented from the same landlord for a long time and have consistently made on-time payments, consider asking for a smaller rent increase.
Ease up on other expenses: If your rent is increasing, it may not be time to make extra debt payments, plan extensive travel or increase retirement savings.
Make the rent work to help you improve your credit: If you’re already paying rent, ask if your landlord offers rent reporting to the three major credit bureaus.
Sign your lease during the off-season: If you’re planning to move, consider renting during slower periods like winter. Securing a lower rate initially may help future increases be more manageable.
Methodology
For this study, MoneyLion analyzed Zillow rental data from cities across all 50 states to calculate average rent and track changes over six months, one year, three years, five years and 10 years. States were ranked by their percentage increase in average rent from August 2023 to August 2026.
MoneyLion also used median household income data from the U.S. Census Bureau's 2024 American Community Survey to assess rent affordability. The analysis compared each state's median household income with the annual income needed to afford average rent, using the guideline that housing costs should not exceed 30% of pretax income.
Additionally, MoneyLion surveyed 1,000 U.S. respondents from Aug. 25 to Aug. 27, 2026, to gather insights into Americans' experiences with rent and housing affordability.
All data was collected and is accurate as of Sept. 22, 2026.
Photo credit: Ajax9 / iStock
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