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Metric · Fair Market Rent by StateLive

Rental yield, by state.

Real gross rental yield per US state — HUD FY2025 Fair Market Rent (2BR) over Zillow ZHVI median home value. Two public datasets, one ratio, free under CC BY 4.0.

HUD FY2025 · Zillow ZHVI as of 2026-05-31
4.52%/yr · US avg gross yield
Source: HUD FY2025 FMR · Zillow Research ZHVI (State-level, SFR+Condo, tier 33–67, smoothed, SA) · 51 states matched
Cite as: PERCH Index — Rental Yield by State, 2026, ownperch.com/index/rental-yield

Ranked by state — FY2025.

All 52 US jurisdictions with HUD-published metros · click column headers to sort
Rank State▲▼ Avg 2BR FMR▲▼ ZHVI (median home value)▲▼ Gross yield▲▼
01Hawaii$2,498$832K3.6%
Data + methodology

Two authoritative sources, one ratio.

Rent numerator
Arithmetic mean of the 2-bedroom Fair Market Rent across all metros HUD publishes in each state's FY2025 FMR release. Small Area FMR (per-ZIP) where HUD publishes it — roughly 50 large metros covering 9,176 ZIPs — metro-level FMR everywhere else.
Home value denominator
Zillow Home Value Index (ZHVI), State-level series, single-family + condo, 33rd–67th percentile tier, smoothed and seasonally adjusted. Latest observation 2026-05-31.
Gross yield formula
(monthly_FMR × 12) / ZHVI × 100. This is gross yield — before expenses, financing, taxes, and vacancy. See the methodology page for the full definition, sample-size treatment, and rebuild cadence.
HUD data is US public domain. Zillow research data used under Zillow research citation guidelines. PERCH-generated aggregations are licensed under CC BY 4.0.
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