There are more than 138 million housing units in the U.S., with 36% of total households occupied by renters. While the demand for rental property keeps growing, knowing where to look for investment real estate in a country this size can be confusing.
To make your search a little easier, we’ll cover property prices in cities in all 5 regions of the U.S. where median home prices range from $52,259 to $1,482,586.
Key takeaways
- There are nearly 19,500 incorporated villages, towns, and cities in the U.S.
- More than 75% of those municipalities have populations under 5,000.
- Many cities where home values are below $250K have some of the highest appreciation rates year over year.
Rental property prices by region in 2022
We’ve compiled a list of cities in all 5 regions of the U.S. with different price points for rental properties. Home values and trends are from Zillow (March 31, 2022), and demographic data is from recent reports by World Population Review and the U.S. Census Bureau.
Sun Belt
The Sun Belt region is home to some of the fastest-growing cities in the U.S., including Phoenix; Las Vegas; Austin, Texas; and Miami. Although there is no official definition of the Sun Belt, the region is generally considered to run from Southern California to Florida.
$100K or less
Barstow, TX
- Population: 413
- Population growth (10-year): 2.2%
- Median home values: $52,529
- Home value growth (year over year): 1.5%
Marion, LA
- Population: 675
- Population growth (10-year): -6.3%
- Median home values: $78,690
- Home value growth (year over year): 4.4%
Tucumcari, NM
- Population: 5,278
- Population growth (10-year): -2.0%
- Median home values: $90,032
- Home value growth (year over year): 9.6%
$250K or less
Las Cruces, NM
- Population: 111,385
- Population growth (10-year): 14.1%
- Median home values: $244,057
- Home value growth (year over year): 17.2%
Greenville, TX
- Population: 28,164
- Population growth (10-year): 10.2%
- Median home values: $234,017
- Home value growth (year over year): 28.7%
Baton Rouge, LA
- Population: 227,470
- Population growth (10-year): -1.0%
- Median home values: $222,953
- Home value growth (year over year): 13.9%
$500K or less
Las Vegas, NV
- Population: 641,903
- Population growth (10-year): 10.0%
- Median home values: $421,557
- Home value growth (year over year): 32.6%
Miami, FL
- Population: 442,241
- Population growth (10-year): 10.7%
- Median home values: $492,246
- Home value growth (year over year): 22.9%
Phoenix, AZ
- Population: 1,608,139
- Population growth (10-year): 11.2%
- Median home values: $413,494
- Home value growth (year over year): 28.8%
Over $500K
Austin, TX
- Population: 961,855
- Population growth (10-year): 21.7%
- Median home values: $676,077
- Home value growth (year over year): 38.6%
Los Angeles, CA
- Population: 3,898,747
- Population growth (10-year): 2.8%
- Median home values: $965,684
- Home value growth (year over year): 16.8%
San Diego, CA
- Population: 1,386,932
- Population growth (10-year): 6.1%
- Median home values: $969,595
- Home value growth (year over year): 27.9%
West
The Western region is the most expansive in the country and is split into the Pacific and Mountain states by the Census Bureau. States located in the Western U.S. include California, Colorado, Montana, Oregon, Utah, and Washington.
$100K or less
Trona, CA
- Population: 40
- Population growth (10-year): 0.0%
- Median home values: $54,913
- Home value growth (year over year): -8.0%
Dinosaur, CO
- Population: 338
- Population growth (10-year): -0.3%
- Median home values: $87,929
- Home value growth (year over year): 21.4%
Malden, WA
- Population: 200
- Population growth (10-year): -1.5%
- Median home values: $87,250
- Home value growth (year over year): 14.5%
$250K or less
Wofford Heights, CA
- Population: 2,336
- Population growth (10-year): 0.0%
- Median home values: $196,339
- Home value growth (year over year): 11.1%
Delta, UT
- Population: 3,734
- Population growth (10-year): 8.7%
- Median home values: $226,175
- Home value growth (year over year): 16.5%
Prairie City, OR
- Population: 879
- Population growth (10-year): -3.3%
- Median home values: $173,070
- Home value growth (year over year): 15.8%
$500K or less
Colorado Springs, CO
- Population: 478,961
- Population growth (10-year): 15.0%
- Median home values: $477,192
- Home value growth (year over year): 24.7%
Fresno, CA
- Population: 542,107
- Population growth (10-year): 9.6%
- Median home values: $365,650
- Home value growth (year over year): 22.6%
Tacoma, WA
- Population: 219,346
- Population growth (10-year): 10.6%
- Median home values: $499,201
- Home value growth (year over year): 19.7%
Over $500K
Boise, ID
- Population: 235,684
- Population growth (10-year): 14.6%
- Median home values: $536,372
- Home value growth (year over year): 20.6%
Salt Lake City, UT
- Population: 199,723
- Population growth (10-year): 7.1%
- Median home values: $612,154
- Home value growth (year over year): 24.1%
San Jose, CA
- Population: 1,013,240
- Population growth (10-year): 7.1%
- Median home values: $1,482,586
- Home value growth (year over year): 25.5%
Midwest
The Midwest spans 750,000 square miles and, with nearly 67 million residents, is home to about 20% of the nation’s population. The Midwest is divided into the Plains and Great Lakes regions and is home to 12 states, including Illinois, Indiana, Ohio, and Wisconsin.
$100K or less
Logansport, IN
- Population: 18,366
- Population growth (10-year): 0.0%
- Median home values: $98,705
- Home value growth (year over year): 12.9%
Saint Elmo, IL
- Population: 1,403
- Population growth (10-year): -1.6%
- Median home values: $78,563
- Home value growth (year over year): 7.5%
Wonewoc, WI
- Population: 782
- Population growth (10-year): -4.2%
- Median home values: $92,904
- Home value growth (year over year): 14.2%
$250K or less
Toledo, OH
- Population: 270,871
- Population growth (10-year): -5.7%
- Median home values: $105,705
- Home value growth (year over year): 17.2%
Indianapolis, IN
- Population: 887,642
- Population growth (10-year): 8.2%
- Median home values: $217,177
- Home value growth (year over year): 19.8%
Milwaukee, WI
- Population: 577,222
- Population growth (10-year): -3.0%
- Median home values: $175,763
- Home value growth (year over year): 13.9%
$500K or less
Chicago, IL
- Population: 2,746,388
- Population growth (10-year): 1.9%
- Median home values: $312,489
- Home value growth (year over year): 9.2%
Granger, IN
- Population: 30,337
- Population growth (10-year): 0.0%
- Median home values: $366,763
- Home value growth (year over year): 20.6%
Madison, WI
- Population: 269,840
- Population growth (10-year): 15.7%
- Median home values: $364,642
- Home value growth (year over year): 15.9%
Over $500K
Dune Acres, IN
- Population: 182
- Population growth (10-year): 0.0%
- Median home values: $840,179
- Home value growth (year over year): 7.9%
Lake Bluff, IL
- Population: 5,616
- Population growth (10-year): -1.9%
- Median home values: $532,436
- Home value growth (year over year): 17.3%
Terrace Park, OH
- Population: 2,295
- Population growth (10-year): 2.0%
- Median home values: $595,737
- Home value growth (year over year): 7.2%
Northeast
The Northeast region is bordered by Canada, the Atlantic Ocean, and the Southeastern U.S. The region is divided into the New England and Middle Atlantic states, including New Jersey, New York, and Pennsylvania. About 85% of residents live in urban settings, including New York City, the largest metropolitan area in the country.
$100K or less
Camden, NJ
- Population: 71,791
- Population growth (10-year): -7.2%
- Median home values: $96,952
- Home value growth (year over year): 25.2%
Johnstown, PA
- Population: 18,411
- Population growth (10-year): -12.2%
- Median home values: $99,729
- Home value growth (year over year): 15.7%
Saint Johnsville, NY
- Population: 1,655
- Population growth (10-year): -4.5%
- Median home values: $94,847
- Home value growth (year over year): 18.4%
$250K or less
Buffalo, NY
- Population: 278,349
- Population growth (10-year): 6.5%
- Median home values: $203,492
- Home value growth (year over year): 18.3%
Philadelphia, PA
- Population: 1,603,797
- Population growth (10-year): 5.1%
- Median home values: $228,970
- Home value growth (year over year): 7.2%
Woodbine, NJ
- Population: 2,354
- Population growth (10-year): -4.8%
- Median home values: $248,525
- Home value growth (year over year): 20.4%
$500K or less
King of Prussia, PA
- Population: 24,695
- Population growth (10-year): 23.9%
- Median home values: $441,439
- Home value growth (year over year): 11.0%
Sound Beach, NY
- Population: 7,821
- Population growth (10-year): 0.0%
- Median home values: $434,926
- Home value growth (year over year): 17.2%
Trenton, NJ
- Population: 82,000
- Population growth (10-year): -3.4%
- Median home values: $256,919
- Home value growth (year over year): 20.2%
Over $500K
Bryn Mawr, PA
- Population: 3,708
- Population growth (10-year): 0.0%
- Median home values: $797,031
- Home value growth (year over year): 11.2%
New York (Manhattan)
- Population: 8,177,025
- Population growth (10-year): -0.7%
- Median home values: $753,782
- Home value growth (year over year): 7.2%
Surf City, NJ
- Population: 1,220
- Population growth (10-year): 1.2%
- Median home values: $1,278,575
- Home value growth (year over year): 30.4%
Southeast
The most populous and fastest-growing states in the Southeast include Alabama, Georgia, North Carolina, and Tennessee. Economic growth in the region is driven by the defense industry, multiple research and development areas, and manufacturing and high-tech industries.
$100K or less
Plymouth, NC
- Population: 3,184
- Population growth (10-year): -17.9%
- Median home values: $76,499
- Home value growth (year over year): 19.8%
Fayette, AL
- Population: 4,125
- Population growth (10-year): -10.7%
- Median home values: $97,622
- Home value growth (year over year): 14.7%
Rutherford, TN
- Population: 1,049
- Population growth (10-year): -8.9%
- Median home values: $87,743
- Home value growth (year over year): 22.1%
$250K or less
Columbia, SC
- Population: 128,386
- Population growth (10-year): -0.7%
- Median home values: $201,725
- Home value growth (year over year): 22.3%
Montgomery, AL
- Population: 197,403
- Population growth (10-year): -4.1%
- Median home values: $127,030
- Home value growth (year over year): 20.3%
Pine Mountain, GA
- Population: 1,486
- Population growth (10-year): 14.0%
- Median home values: $220,787
- Home value growth (year over year): 15.6%
$500K or less
Atlanta, GA
- Population: 532,695
- Population growth (10-year): 26.8%
- Median home values: $403,367
- Home value growth (year over year): 19.0%
Nashville, TN
- Population: 682,262
- Population growth (10-year): 13.5%
- Median home values: $428,857
- Home value growth (year over year): 29.8%
Raleigh, NC
- Population: 488,334
- Population growth (10-year): 20.1%
- Median home values: $436,641
- Home value growth (year over year): 33.3%
Over $500K
Brentwood, TN
- Population: 43,431
- Population growth (10-year): 17.2%
- Median home values: $1,132,541
- Home value growth (year over year): 44.8%
Cary, NC
- Population: 177,002
- Population growth (10-year): 30.9%
- Median home values: $580,261
- Home value growth (year over year): 35.9%
Mountain Brook, AL
- Population: 20,069
- Population growth (10-year): 14%
- Median home values: $902,562
- Home value growth (year over year): -1.7%
Final thoughts
There are attractive opportunities for investing in rental property from the smallest towns to the largest urban areas across the country. When analyzing rental property to invest in, consider macro factors, such as job and population growth, run the numbers using different assumptions, and dig deep into neighborhood ratings.
