Modeled cost-per-lead estimates for 30 U.S. metropolitan markets, with the entire formula published so you can reproduce every figure by hand [1,2,3].
A note on data: every number here is a modeled estimate — a directional planning range built from the published state dataset and a metro cost factor. It is not an audited average and not a measurement of any individual advertiser's results. See Show the math.
National modeled reference: $9.37 average CPL, 1.74% CTR, $11.20 CPM[1]. All figures modeled estimates.
Ordered low to high across all 30 markets. Hover any bar for the exact modeled figure. This chart is embeddable — see Embed this chart.
Sort any column. The Cost factor column is the multiplier applied to that metro's state benchmark — multiply it yourself and you get the CPL shown. All figures modeled estimates.
| Indianapolis, IN | $5.73 | $4.84 | $6.17 | $12.62 | $1.05 | 1.07% | 0.94× | 2.1M |
|---|---|---|---|---|---|---|---|---|
| Nashville, TN | $6.90 | $6.14 | $7.61 | $12.73 | $0.49 | 1.16% | 1.01× | 2.1M |
| Minneapolis, MN | $6.93 | $5.83 | $8.12 | $11.48 | $0.55 | 1.35% | 0.97× | 3.7M |
| Charlotte, NC | $6.99 | $5.94 | $8.27 | $13.53 | $0.98 | 1.28% | 1.00× | 2.7M |
| Detroit, MI | $7.14 | $5.97 | $7.64 | $11.22 | $0.49 | 1.45% | 0.92× | 4.3M |
| Orlando, FL | $7.22 | $6.93 | $7.74 | $14.59 | $0.36 | 1.3% | 1.04× | 2.7M |
| Tampa, FL | $7.36 | $7.06 | $7.89 | $14.87 | $0.37 | 1.3% | 1.06× | 3.3M |
| San Antonio, TX | $7.37 | $6.66 | $9.82 | $14.56 | $0.82 | 1.45% | 0.96× | 2.6M |
| Chicago, IL | $7.55 | $7.19 | $10.02 | $15.05 | $1.04 | 1.41% | 1.05× | 9.5M |
| St. Louis, MO | $7.57 | $7.21 | $9.79 | $13.30 | $0.64 | 1.4% | 0.93× | 2.8M |
| Houston, TX | $7.68 | $6.94 | $10.23 | $15.17 | $0.85 | 1.45% | 1.00× | 7.3M |
| Dallas, TX | $7.83 | $7.08 | $10.43 | $15.47 | $0.87 | 1.45% | 1.02× | 8.1M |
| Austin, TX | $7.99 | $7.22 | $10.64 | $15.78 | $0.88 | 1.45% | 1.04× | 2.4M |
| Miami, FL | $8.33 | $7.99 | $8.93 | $16.84 | $0.42 | 1.3% | 1.20× | 6.2M |
| Philadelphia, PA | $9.03 | $7.48 | $9.91 | $16.13 | $0.81 | 1.55% | 1.03× | 6.2M |
| Atlanta, GA | $9.13 | $8.11 | $12.06 | $15.92 | $1.12 | 1.47% | 1.04× | 6.3M |
| Baltimore, MD | $9.67 | $8.28 | $10.96 | $16.12 | $0.37 | 1.6% | 1.06× | 2.8M |
| Las Vegas, NV | $11.31 | $10.02 | $15.16 | $15.39 | $0.36 | 1.77% | 1.03× | 2.4M |
| Phoenix, AZ | $11.65 | $9.95 | $14.19 | $17.70 | $0.35 | 1.82% | 1.01× | 5.1M |
| Portland, OR | $12.84 | $11.40 | $16.75 | $18.25 | $0.78 | 1.83% | 1.07× | 2.5M |
| Denver, CO | $13.02 | $11.65 | $16.50 | $16.70 | $0.91 | 1.75% | 1.05× | 3.0M |
| Seattle, WA | $16.16 | $13.40 | $19.52 | $18.89 | $0.88 | 1.86% | 1.13× | 4.0M |
| Boston, MA | $17.33 | $14.67 | $18.82 | $22.78 | $1.14 | 1.86% | 1.14× | 4.9M |
| Riverside, CA | $17.48 | $14.64 | $21.81 | $19.73 | $0.36 | 1.98% | 0.95× | 4.7M |
| Washington, DC | $17.70 | $14.94 | $22.37 | $22.06 | $1.05 | 1.9% | 1.12× | 6.4M |
| Sacramento, CA | $18.03 | $15.10 | $22.50 | $20.35 | $0.37 | 1.98% | 0.98× | 2.4M |
| New York, NY | $19.00 | $15.65 | $24.99 | $22.20 | $0.70 | 1.98% | 1.18× | 19.5M |
| San Diego, CA | $20.24 | $16.95 | $25.26 | $22.85 | $0.42 | 1.98% | 1.10× | 3.3M |
| Los Angeles, CA | $21.16 | $17.72 | $26.40 | $23.89 | $0.44 | 1.98% | 1.15× | 12.8M |
| San Francisco, CA | $22.45 | $18.80 | $28.01 | $25.34 | $0.46 | 1.98% | 1.22× | 4.7M |
The model is one line. Every metro figure is its state benchmark multiplied by a published metro cost factor:
Worked example. Denver, CO: the state benchmark is $12.40 and the metro cost factor is 1.05. So $12.40 × 1.05 = $13.02. Both inputs are printed in the ranking table and in the downloadable dataset, so anyone can re-derive the number without access to our systems.
Input 1 — the state benchmark. Taken from the Walled Garden state dataset[1], which is itself a modeled estimate blending platform aggregates with published Meta CPM and real-estate CPL benchmarks [2,3,4]. Its full methodology and exclusions are published in that report.
Input 2 — the metro cost factor. A single multiplier per metro reflecting metro-versus-statewide auction density, anchored to published Meta CPM variation by market [2,3]. 1.00 means the metro is modeled at its state average. The 30 metros covered are the largest U.S. metropolitan statistical areas by population [5].
Vertical adjustment. Mortgage and loan-officer metro pages apply one further published multiplier on the same base: CPL × 0.88, seller CPL × 0.8, conversion rate × 1.1. Nothing else differs between verticals.
What this model does not do. It does not measure your account. It does not account for creative quality, offer strength, landing-page conversion rate, follow-up speed, seasonality within a given month, or account history — all of which move real cost per lead more than geography does. Treat the output as a starting budget range, then replace it with your own numbers once you have 30 days of delivery.
Compliance frame. U.S. housing ads run in Meta's Housing Special Ad Category[6], which removes age, gender and ZIP targeting, sets a 15-mile minimum radius and makes Lookalike Audiences unavailable. Mandatory broader audiences raise delivery cost relative to unrestricted verticals. This is general information, not legal advice.
Update cadence. The state dataset refreshes quarterly; this metro model recomputes from it automatically. Current edition: 2026-06-20.
Each market has its own page with local ad examples, targeting notes and a budget calculator built on the same model.
Drop this chart straight into an article. It carries its own source line and “modeled estimate” label, and updates whenever the underlying dataset does — so your article never goes stale.
<iframe src="https://walledgardenhq.com/embed/metro-cost-per-lead" title="Modeled Facebook cost per lead by U.S. metro — real estate, 2026" width="100%" height="460" style="border:1px solid #e5e7eb" loading="lazy"></iframe>
This report is published under a Creative Commons BY 4.0 licence. You may republish the tables, charts and figures — including in commercial articles — as long as you credit Walled Garden HQ, link back to this page, and keep the “modeled estimate” label attached to the numbers.
Walled Garden HQ. (2026). 2026 Metro Cost Per Lead Report — Real Estate Facebook & Instagram Ads. Retrieved from https://walledgardenhq.com/research/metro-cost-per-lead
Walled Garden HQ. "2026 Metro Cost Per Lead Report — Real Estate Facebook & Instagram Ads." Walled Garden HQ, June 2026, https://walledgardenhq.com/research/metro-cost-per-lead.
Source: Walled Garden HQ, 2026 Metro Cost Per Lead Report — Real Estate Facebook & Instagram Ads (June 2026). Figures are modeled estimates. https://walledgardenhq.com/research/metro-cost-per-lead
<a href="https://walledgardenhq.com/research/metro-cost-per-lead">2026 Metro Cost Per Lead Report — Real Estate Facebook & Instagram Ads</a> — Walled Garden HQ (June 2026). Modeled estimates.
The state benchmark rows this model multiplies. Its own methodology is published in full.
https://walledgardenhq.com/research/facebook-lead-costs-by-state
https://www.statista.com/statistics/940459/facebook-ad-cpm-by-country/
https://revealbot.com/facebook-advertising-costs
https://www.wordstream.com/blog/ws/2022/02/28/facebook-advertising-benchmarks
Metro population figures used to select and describe the 30 markets covered.
https://www.census.gov/programs-surveys/metro-micro.html
https://www.facebook.com/business/help/298000447747885
Open your market's page for local ad examples, a budget calculator and a Housing Special Ad Category playbook.
Browse metro pages