State-by-state investment analysis

Best States for Rental Property Investment

State income tax, landlord law, median price, average rent and the cash-on-cash range investors target across 50 states, with the top metros in each.

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Shortlists

Where the numbers start strongest

No state income tax

States with no income tax on rental income
State	Cash-on-cash target
Texas	7-10%
Florida	6-9%
Tennessee	7-11%
Alaska	6-9%
Nevada	5-8%
New Hampshire	5-7%
South Dakota	7-10%
Washington	4-7%
Wyoming	6-9%

Highest cash-on-cash targets

States with the highest cash-on-cash ranges
State	Cash-on-cash target
Mississippi	11-15%
West Virginia	11-15%
Arkansas	10-13%
Iowa	10-13%
Kentucky	10-13%
Oklahoma	10-13%

Cash-on-cash ranges are what investors in each state target on well-bought deals, not what a median listing returns at today's rates. Run the actual numbers on any address before you trust a range.

Every state

All states for rental investment

Open any state for its tax and landlord-law position, the metros investors analyze most, and the current trends.

Mississippi

Landlord friendly

Median price: $180,000
Average rent: $1,000
Cash-on-cash target: 11-15%
State income tax: Yes

Top cities: Jackson, Gulfport, Southaven

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West Virginia

Landlord friendly

Median price: $160,000
Average rent: $900
Cash-on-cash target: 11-15%
State income tax: Yes

Top cities: Charleston, Huntington, Morgantown

View state analysis

Arkansas

Landlord friendly

Median price: $200,000
Average rent: $1,050
Cash-on-cash target: 10-13%
State income tax: Yes

Top cities: Little Rock, Fayetteville, Fort Smith

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Iowa

Landlord friendly

Median price: $200,000
Average rent: $1,100
Cash-on-cash target: 10-13%
State income tax: Yes

Top cities: Des Moines, Cedar Rapids, Davenport

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Kentucky

Landlord friendly

Median price: $210,000
Average rent: $1,150
Cash-on-cash target: 10-13%
State income tax: Yes

Top cities: Louisville, Lexington, Bowling Green

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Oklahoma

Landlord friendly

Median price: $210,000
Average rent: $1,150
Cash-on-cash target: 10-13%
State income tax: Yes

Top cities: Oklahoma City, Tulsa, Norman

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Ohio

Median price: $220,000
Average rent: $1,300
Cash-on-cash target: 9-12%
State income tax: Yes

Top cities: Columbus, Cleveland, Cincinnati

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Indiana

Landlord friendly

Median price: $250,000
Average rent: $1,300
Cash-on-cash target: 9-12%
State income tax: Yes

Top cities: Indianapolis, Fort Wayne, Evansville

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Missouri

Landlord friendly

Median price: $250,000
Average rent: $1,250
Cash-on-cash target: 9-12%
State income tax: Yes

Top cities: Kansas City, St. Louis, Springfield

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Michigan

Median price: $230,000
Average rent: $1,250
Cash-on-cash target: 9-13%
State income tax: Yes

Top cities: Detroit, Grand Rapids, Ann Arbor

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Alabama

Landlord friendly

Median price: $220,000
Average rent: $1,150
Cash-on-cash target: 9-12%
State income tax: Yes

Top cities: Birmingham, Huntsville, Mobile

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Kansas

Landlord friendly

Median price: $220,000
Average rent: $1,150
Cash-on-cash target: 9-12%
State income tax: Yes

Top cities: Wichita, Overland Park, Kansas City

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Louisiana

Landlord friendly

Median price: $230,000
Average rent: $1,200
Cash-on-cash target: 9-12%
State income tax: Yes

Top cities: New Orleans, Baton Rouge, Shreveport

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Nebraska

Landlord friendly

Median price: $240,000
Average rent: $1,200
Cash-on-cash target: 9-12%
State income tax: Yes

Top cities: Omaha, Lincoln, Bellevue

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Pennsylvania

Median price: $280,000
Average rent: $1,400
Cash-on-cash target: 8-11%
State income tax: Yes

Top cities: Philadelphia, Pittsburgh, Allentown

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Illinois

Median price: $280,000
Average rent: $1,500
Cash-on-cash target: 8-11%
State income tax: Yes

Top cities: Chicago, Aurora, Naperville

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Wisconsin

Median price: $280,000
Average rent: $1,300
Cash-on-cash target: 8-11%
State income tax: Yes

Top cities: Milwaukee, Madison, Green Bay

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Texas

Landlord friendly

Median price: $350,000
Average rent: $1,650
Cash-on-cash target: 7-10%
State income tax: None

Top cities: Dallas, Houston, Austin

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Georgia

Landlord friendly

Median price: $350,000
Average rent: $1,650
Cash-on-cash target: 7-10%
State income tax: Yes

Top cities: Atlanta, Savannah, Augusta

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Tennessee

Landlord friendly

Median price: $350,000
Average rent: $1,500
Cash-on-cash target: 7-11%
State income tax: None

Top cities: Nashville, Memphis, Knoxville

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North Carolina

Median price: $350,000
Average rent: $1,550
Cash-on-cash target: 7-9%
State income tax: Yes

Top cities: Charlotte, Raleigh, Durham

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North Dakota

Landlord friendly

Median price: $280,000
Average rent: $1,150
Cash-on-cash target: 7-10%
State income tax: Yes

Top cities: Fargo, Bismarck, Grand Forks

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South Carolina

Landlord friendly

Median price: $300,000
Average rent: $1,450
Cash-on-cash target: 7-10%
State income tax: Yes

Top cities: Charleston, Columbia, Greenville

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South Dakota

Landlord friendly

Median price: $280,000
Average rent: $1,150
Cash-on-cash target: 7-10%
State income tax: None

Top cities: Sioux Falls, Rapid City, Aberdeen

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Florida

Landlord friendly

Median price: $400,000
Average rent: $1,800
Cash-on-cash target: 6-9%
State income tax: None

Top cities: Tampa, Orlando, Jacksonville

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Arizona

Landlord friendly

Median price: $420,000
Average rent: $1,600
Cash-on-cash target: 6-9%
State income tax: Yes

Top cities: Phoenix, Tucson, Mesa

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Alaska

Median price: $360,000
Average rent: $1,400
Cash-on-cash target: 6-9%
State income tax: None

Top cities: Anchorage, Fairbanks, Juneau

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Connecticut

Median price: $380,000
Average rent: $1,800
Cash-on-cash target: 6-8%
State income tax: Yes

Top cities: Hartford, New Haven, Stamford

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Delaware

Median price: $350,000
Average rent: $1,600
Cash-on-cash target: 6-9%
State income tax: Yes

Top cities: Wilmington, Dover, Newark

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Minnesota

Median price: $350,000
Average rent: $1,500
Cash-on-cash target: 6-9%
State income tax: Yes

Top cities: Minneapolis, St. Paul, Rochester

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New Mexico

Median price: $320,000
Average rent: $1,250
Cash-on-cash target: 6-9%
State income tax: Yes

Top cities: Albuquerque, Las Cruces, Rio Rancho

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Virginia

Median price: $380,000
Average rent: $1,700
Cash-on-cash target: 6-9%
State income tax: Yes

Top cities: Virginia Beach, Norfolk, Richmond

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Wyoming

Landlord friendly

Median price: $320,000
Average rent: $1,250
Cash-on-cash target: 6-9%
State income tax: None

Top cities: Cheyenne, Casper, Laramie

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Colorado

Median price: $550,000
Average rent: $2,000
Cash-on-cash target: 5-7%
State income tax: Yes

Top cities: Denver, Colorado Springs, Aurora

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Idaho

Landlord friendly

Median price: $450,000
Average rent: $1,500
Cash-on-cash target: 5-8%
State income tax: Yes

Top cities: Boise, Meridian, Nampa

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Maine

Median price: $380,000
Average rent: $1,500
Cash-on-cash target: 5-8%
State income tax: Yes

Top cities: Portland, Lewiston, Bangor

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Maryland

Median price: $420,000
Average rent: $1,900
Cash-on-cash target: 5-8%
State income tax: Yes

Top cities: Baltimore, Columbia, Germantown

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Nevada

Landlord friendly

Median price: $450,000
Average rent: $1,650
Cash-on-cash target: 5-8%
State income tax: None

Top cities: Las Vegas, Henderson, Reno

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New Hampshire

Median price: $480,000
Average rent: $1,800
Cash-on-cash target: 5-7%
State income tax: None

Top cities: Manchester, Nashua, Concord

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New Jersey

Median price: $500,000
Average rent: $2,100
Cash-on-cash target: 5-7%
State income tax: Yes

Top cities: Newark, Jersey City, Paterson

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Rhode Island

Median price: $450,000
Average rent: $1,800
Cash-on-cash target: 5-7%
State income tax: Yes

Top cities: Providence, Warwick, Cranston

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Utah

Landlord friendly

Median price: $500,000
Average rent: $1,700
Cash-on-cash target: 5-8%
State income tax: Yes

Top cities: Salt Lake City, West Valley City, Provo

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Vermont

Median price: $380,000
Average rent: $1,500
Cash-on-cash target: 5-8%
State income tax: Yes

Top cities: Burlington, South Burlington, Rutland

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Massachusetts

Median price: $600,000
Average rent: $2,400
Cash-on-cash target: 4-6%
State income tax: Yes

Top cities: Boston, Worcester, Springfield

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Montana

Landlord friendly

Median price: $480,000
Average rent: $1,500
Cash-on-cash target: 4-7%
State income tax: Yes

Top cities: Billings, Missoula, Great Falls

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New York

Median price: $430,000
Average rent: $2,200
Cash-on-cash target: 4-7%
State income tax: Yes

Top cities: New York City, Buffalo, Rochester

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Oregon

Median price: $520,000
Average rent: $1,750
Cash-on-cash target: 4-7%
State income tax: Yes

Top cities: Portland, Eugene, Salem

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Washington

Median price: $580,000
Average rent: $2,000
Cash-on-cash target: 4-7%
State income tax: None

Top cities: Seattle, Spokane, Tacoma

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California

Median price: $800,000
Average rent: $2,800
Cash-on-cash target: 3-6%
State income tax: Yes

Top cities: Los Angeles, San Diego, San Francisco

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Hawaii

Median price: $850,000
Average rent: $2,500
Cash-on-cash target: 3-5%
State income tax: Yes

Top cities: Honolulu, Hilo, Kailua

View state analysis

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