Understate rhymes with:
overstate, allstate, corestate, devastate, downstate, gestate, homestate, overstate, prostate, realestate, southstate, sunstate, tristate
Understate sounds like:
unaddressed, unauthorized, undercoat, undercooked, undercut, underside, undersized, understated, understood, understudy, underused, underweight, underweighted, undressed, uninterested