MoneyLion logo
Sign In
Loans
Credit Cards
Instacash
Credit Builder Plus
RoarMoney Banking
Managed Investing
Credit Monitoring
Budgeting
WOW Membership
Games
May 28, 2026

How Much Rent and Income Have Changed in Every State Over the Last 5 Years

Written by Heather Taylor
|
Edited by Chris Cluff
Discover a "For rent" sign in front of a gray house with white trim and a front porch light that's on

It may soon be time to retire the argument that wages aren’t keeping up with rent costs. Income has grown substantially faster than rent over the past five years, according to key findings from a new MoneyLion analysis.

Check Out: 50 Fastest-Growing ZIP Codes That Are Still Affordable for the Middle Class

Good Move: Start Growing Your Net Worth With Smarter Tracking

When adjusted for inflation, income grew faster than rent in 48 states over 2024-25 and increased in 33 states within the last five years.

MoneyLion referred to the Bureau of Economic Analysis to find the average personal income going back to 2017. We sourced the respective yearly rent for each year mentioned from ApartmentList in every state. (Vermont was omitted from the study due to a lack of data.)

From there, we found the monetary and percentage change in the per-capita income and rent over one year (2024-25) and five years (2020-25). Using the Bureau of Labor Statistics CPI inflation calculator, our calculations were adjusted for inflation to 2025 dollars.

Key Findings

  • Sixteen states experienced greater rent increases than income growth between 2020 and 2025. From highest to lowest change, the states and their percentages are Alaska (16.4%), New Mexico (11.7%), Rhode Island (11.6%), New Hampshire (9.8%), Delaware (8.7%), Connecticut (6.6%), Mississippi (6.1%), Kansas (5.3%), Indiana (4.6%), South Carolina (4.4%), West Virginia (3.8%), North Dakota (3.8%), New York (3.2%), Wisconsin (3.1%), New Jersey (2.7%) and Illinois (2.1%).

  • Only five states could brag that their average rent was under $1,000 in 2025: Iowa ($996), Alabama ($987), West Virginia ($959), Arkansas ($931) and South Dakota ($877).

  • Not surprisingly, Hawaii and California had the most expensive rent in 2025. The rent surpassed $2,000 per month in these high-cost states -- with monthly payments of $2,318 in Hawaii and $2,180 in California.

  • Per-capita income increased by 8% or greater in just four states over five years. Wyoming led the pack at a stunning 10.6%, followed by Utah (8.5%), Montana (8.4%) and Florida (8.4%).

  • Hawaii is the only state where income grew by more than 3% between 2024 and 2025. The final percentage is 4.2%.

Take a look at how much rent and income has changed in every state over the last five years.

Alabama

  • 2025 average rent: $987

    • 1-year change in rent: -4%

    • 5-year change in rent: -5%

  • 2025 per capita personal income: $59,680

    • 1-year change in income: 1.5%

    • 5-year change in income: 4.3%

Alaska

  • 2025 average rent: $1,622

    • 1-year change in rent: 0.5%

    • 5-year change in rent: 16.4%

  • 2025 per capita personal income: $80,185

    • 1-year change in income: 1.9%

    • 5-year change in income: 4%

Arizona

  • 2025 average rent: $1,328

    • 1-year change in rent: -5.9%

    • 5-year change in rent: -3.2%

  • 2025 per capita personal income: $68,301

    • 1-year change in income: 0.7%

    • 5-year change in income: 5.1%

Learn More: Enter for a Chance To Win $500 in MoneyLion's Summer Break Giveaway (No pur. nec. Ends 7/4/26. See official rules at mlion.info/summerbreakofficialrules)

Arkansas

  • 2025 average rent: $931

    • 1-year change in rent: -3%

    • 5-year change in rent: 1.8%

  • 2025 per capita personal income: $61,761

    • 1-year change in income: 1.6%

    • 5-year change in income: 5.1%

California

  • 2025 average rent: $2,180

    • 1-year change in rent: -1.3%

    • 5-year change in rent: -5.7%

  • 2025 per capita personal income: $91,149

    • 1-year change in income: 2.7%

    • 5-year change in income: 4.2%

Colorado

  • 2025 average rent: $1,592

    • 1-year change in rent: -7.2%

    • 5-year change in rent: -8.4%

  • 2025 per capita personal income: $86,200

    • 1-year change in income: 1.5%

    • 5-year change in income: 6.8%

Connecticut

  • 2025 average rent: $1,700

    • 1-year change in rent: 0%

    • 5-year change in rent: 6.6%

  • 2025 per capita personal income: $98,904

    • 1-year change in income: 1.2%

    • 5-year change in income: 3.7%

Delaware

  • 2025 average rent: $1,483

    • 1-year change in rent: -0.9%

    • 5-year change in rent: 8.7%

  • 2025 per capita personal income: $71,366

    • 1-year change in income: 1.9%

    • 5-year change in income: 3.2%

Florida

  • 2025 average rent: $1,525

    • 1-year change in rent: -3.9%

    • 5-year change in rent: 4.5%

  • 2025 per capita personal income: $76,467

    • 1-year change in income: 1.5%

    • 5-year change in income: 8.4%

Georgia

  • 2025 average rent: $1,301

    • 1-year change in rent: -3.8%

    • 5-year change in rent: -4.8%

  • 2025 per capita personal income: $65,398

    • 1-year change in income: 1.2%

    • 5-year change in income: 1.8%

Hawaii

  • 2025 average rent: $2,318

    • 1-year change in rent: -2.9%

    • 5-year change in rent: -0.7%

  • 2025 per capita personal income: $76,601

    • 1-year change in income: 4.2%

    • 5-year change in income: 7.8%

Idaho

  • 2025 average rent: $1,106

    • 1-year change in rent: -2.2%

    • 5-year change in rent: 1.3%

  • 2025 per capita personal income: $64,849

    • 1-year change in income: 1.3%

    • 5-year change in income: 4.7%

Illinois

  • 2025 average rent: $1,457

    • 1-year change in rent: 1.2%

    • 5-year change in rent: 2.1%

  • 2025 per capita personal income: $77,794

    • 1-year change in income: 1.6%

    • 5-year change in income: 1.3%

Indiana

  • 2025 average rent: $1,111

    • 1-year change in rent: -1.3%

    • 5-year change in rent: 4.6%

  • 2025 per capita personal income: $66,306

    • 1-year change in income: 0.9%

    • 5-year change in income: 2.7%

Iowa

  • 2025 average rent: $996

    • 1-year change in rent: -3.8%

    • 5-year change in rent: -8.8%

  • 2025 per capita personal income: $68,334

    • 1-year change in income: 1.6%

    • 5-year change in income: 4.1%

Kansas

  • 2025 average rent: $1,122

    • 1-year change in rent: 0.3%

    • 5-year change in rent: 5.3%

  • 2025 per capita personal income: $69,520

    • 1-year change in income: 2.6%

    • 5-year change in income: 1%

Kentucky

  • 2025 average rent: $1,066

    • 1-year change in rent: -1.1%

    • 5-year change in rent: 3.1%

  • 2025 per capita personal income: $60,683

    • 1-year change in income: 1.3%

    • 5-year change in income: 3.4%

Louisiana

  • 2025 average rent: $1,078

    • 1-year change in rent: -1.6%

    • 5-year change in rent: -5.2%

  • 2025 per capita personal income: $63,948

    • 1-year change in income: 1%

    • 5-year change in income: 2.2%

Maine

  • 2025 average rent: $1,130

    • 1-year change in rent: 2.2%

    • 5-year change in rent: 5.6%

  • 2025 per capita personal income: $71,677

    • 1-year change in income: 1.5%

    • 5-year change in income: 5.9%

Maryland

  • 2025 average rent: $1,824

    • 1-year change in rent: -1.6%

    • 5-year change in rent: -2.7%

  • 2025 per capita personal income: $81,851

    • 1-year change in income: 0.2%

    • 5-year change in income: 1.2%

Massachusetts

  • 2025 average rent: $1,995

    • 1-year change in rent: -1.5%

    • 5-year change in rent: 0%

  • 2025 per capita personal income: $97,487

    • 1-year change in income: 1.4%

    • 5-year change in income: 1%

Michigan

  • 2025 average rent: $1,166

    • 1-year change in rent: -1.5%

    • 5-year change in rent: 0%

  • 2025 per capita personal income: $66,564

    • 1-year change in income: 1.4%

    • 5-year change in income: 1.1%

Minnesota

  • 2025 average rent: $1,333

    • 1-year change in rent: -0.4%

    • 5-year change in rent: -10.5%

  • 2025 per capita personal income: $78,548

    • 1-year change in income: 1.2%

    • 5-year change in income: 2.6%

Mississippi

  • 2025 average rent: $1,077

    • 1-year change in rent: 0.6%

    • 5-year change in rent: 6.1%

  • 2025 per capita personal income: $54,535

    • 1-year change in income: 2.2%

    • 5-year change in income: 3.0%

Missouri

  • 2025 average rent: $1,136

    • 1-year change in rent: -0.4%

    • 5-year change in rent: -1.2%

  • 2025 per capita personal income: $67,593

    • 1-year change in income: 1.3%

    • 5-year change in income: 3.9%

Montana

  • 2025 average rent: $1,071

    • 1-year change in rent: -5%

    • 5-year change in rent: 0.5%

  • 2025 per capita personal income: $72,338

    • 1-year change in income: 1.8%

    • 5-year change in income: 8.4%

Nebraska

  • 2025 average rent: $1,167

    • 1-year change in rent: -0.4%

    • 5-year change in rent: 2.5%

  • 2025 per capita personal income: $75,872

    • 1-year change in income: 1.6%

    • 5-year change in income: 6.9%

Nevada

  • 2025 average rent: $1,438

    • 1-year change in rent: -3.6%

    • 5-year change in rent: -0.9%

  • 2025 per capita personal income: $73,178

    • 1-year change in income: 1.6%

    • 5-year change in income: 7.3%

New Hampshire

  • 2025 average rent: $1,548

    • 1-year change in rent: 0.3%

    • 5-year change in rent: 9.8%

  • 2025 per capita personal income: $86,965

    • 1-year change in income: 1.8%

    • 5-year change in income: 3.3%

New Jersey

  • 2025 average rent: $1,940

    • 1-year change in rent: -1.1%

    • 5-year change in rent: 2.7%

  • 2025 per capita personal income: $88,253

    • 1-year change in income: 1.2%

    • 5-year change in income: 0.5%

New Mexico

  • 2025 average rent: $1,097

    • 1-year change in rent: -1.8%

    • 5-year change in rent: 11.7%

  • 2025 per capita personal income: $61,654

    • 1-year change in income: 2.9%

    • 5-year change in income: 6.2%

New York

  • 2025 average rent: $1,918

    • 1-year change in rent: 0.6%

    • 5-year change in rent: 3.2%

  • 2025 per capita personal income: $88,860

    • 1-year change in income: 1.7%

    • 5-year change in income: 1.3%

North Carolina

  • 2025 average rent: $1,204

    • 1-year change in rent: -4.3%

    • 5-year change in rent: -1.9%

  • 2025 per capita personal income: $68,523

    • 1-year change in income: 1.7%

    • 5-year change in income: 6.2%

North Dakota

  • 2025 average rent: $1,170

    • 1-year change in rent: 4.7%

    • 5-year change in rent: 3.8%

  • 2025 per capita personal income: $75,171

    • 1-year change in income: 1.6%

    • 5-year change in income: -0.3%

Ohio

  • 2025 average rent: $1,101

    • 1-year change in rent: -1.2%

    • 5-year change in rent: 2%

  • 2025 per capita personal income: $67,299

    • 1-year change in income: 1.5%

    • 5-year change in income: 2.1%

Oklahoma

  • 2025 average rent: $1,005

    • 1-year change in rent: -1.8%

    • 5-year change in rent: 1.2%

  • 2025 per capita personal income: $66,667

    • 1-year change in income: 1.9%

    • 5-year change in income: 7%

Oregon

  • 2025 average rent: $1,458

    • 1-year change in rent: -3.4%

    • 5-year change in rent: -8.7%

  • 2025 per capita personal income: $73,691

    • 1-year change in income: 1.1%

    • 5-year change in income: 4.3%

Pennsylvania

  • 2025 average rent: $1,292

    • 1-year change in rent: -1.4%

    • 5-year change in rent: -3.1%

  • 2025 per capita personal income: $74,236

    • 1-year change in income: 2%

    • 5-year change in income: -1.2%

Rhode Island

  • 2025 average rent: $1,492

    • 1-year change in rent: 1.1%

    • 5-year change in rent: 11.6%

  • 2025 per capita personal income: $74,013

    • 1-year change in income: 1.8%

    • 5-year change in income: 0.2%

South Carolina

  • 2025 average rent: $1,254

    • 1-year change in rent: -2.5%

    • 5-year change in rent: 4.4%

  • 2025 per capita personal income: $63,182

    • 1-year change in income: 1.4%

      • 5-year change in income: 4%

South Dakota

  • 2025 average rent: $877

    • 1-year change in rent: -3.6%

    • 5-year change in rent: -4.2%

  • 2025 per capita personal income: $79,307

    • 1-year change in income: 2.3%

    • 5-year change in income: 6.8%

Tennessee

  • 2025 average rent: $1,151

    • 1-year change in rent: -3.9%

    • 5-year change in rent: -0.8%

  • 2025 per capita personal income: $69,142

    • 1-year change in income: 1.5%

    • 5-year change in income: 6.7%

Texas

  • 2025 average rent: $1,253

    • 1-year change in rent: -5.2%

    • 5-year change in rent: -8.5%

  • 2025 per capita personal income: $72,394

    • 1-year change in income: 1%

    • 5-year change in income: 5.9%

Utah

  • 2025 average rent: $1,335

    • 1-year change in rent: -4.7%

    • 5-year change in rent: -2.8%

  • 2025 per capita personal income: $70,003

    • 1-year change in income: 1.2%

    • 5-year change in income: 8.5%

Virginia

  • 2025 average rent: $1,767

    • 1-year change in rent: -0.4%

    • 5-year change in rent: 1.9%

  • 2025 per capita personal income: $80,307

    • 1-year change in income: 1.2%

    • 5-year change in income: 4.8%

Washington

  • 2025 average rent: $1,767

    • 1-year change in rent: -1.4%

    • 5-year change in rent: -4.8%

  • 2025 per capita personal income: $89,427

    • 1-year change in income: 1.8%

    • 5-year change in income: 5.9%

West Virginia

  • 2025 average rent: $959

    • 1-year change in rent: 0.8%

    • 5-year change in rent: 3.8%

  • 2025 per capita personal income: $57,931

    • 1-year change in income: 1.8%

    • 5-year change in income: 3.5%

Wisconsin

  • 2025 average rent: $1,197

    • 1-year change in rent: -0.9%

    • 5-year change in rent: 3.1%

  • 2025 per capita personal income: $70,574

    • 1-year change in income: 1.3%

    • 5-year change in income: 1.9%

Wyoming

  • 2025 average rent: $1,075

    • 1-year change in rent: -3.3%

    • 5-year change in rent: 5.8%

  • 2025 per capita personal income: $89,809

    • 1-year change in income: 1%

    • 5-year change in income: 10.6%

Methodology: MoneyLion found the average per-capita personal income from the Bureau of Economic Analysis. MoneyLion then found the average yearly rent, sourced from ApartmentList. MoneyLion was able to find both monetary and percent change in both income and rent from 2020 to 2025. MoneyLion adjusted for inflation to 2025 dollars using the Bureau of Labor Statistics CPI inflation calculator. Due to lack of rent data, Vermont was excluded from this study. All data was collected on and is up to date as of May 6, 2026.

Summer spending adds up fast. Enter MoneyLion's Summer Break Giveaway for a chance to win $500 — and give your budget a break. (No pur. nec. Ends 7/4/26. See official rules at mlion.info/summerbreakofficialrules)

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

More From MoneyLion:

Written by
Heather Taylor
Edited by
Chris Cluff