Boone County Indiana Residential Rent and Rental Statistics
The median monthly gross residential rent in Boone County IN was $1,040 in 2019 according to the Census ACS survey.1 Average gross rent in Boone County was $1,018 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Boone County median and average rent data will be released in September of 2021.
Data is also available below for Boone County rental vacancy rates, Boone County rent as a percent of median income and the fraction of renters in Boone County.
Real Gross Rent in Boone County Indiana (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Indiana Median Gross Rent | $840 | +0.60% | +4.48% |
| Boone County IN Median Gross Rent | $1,040 | +3.38% | — |
Boone County IN Real Gross Rent Trends
Median gross rent for Boone County peaked in real terms in 2017 at $1,101 and is now $61 (5.54%) lower. From a recent low of 1006.0 in 2018, real median gross rent has now increased by $34 (3.38%). Average gross rent for Boone County peaked in real terms in 2017 at $1,079 and is now $61 (5.65%) lower. From a recent low of 1004.0 in 2018, real average gross rent has now increased by $14 (1.39%).
Real Gross Rent: Boone County IN Median, Boone County IN Average, Indiana Median, US Median
Real Gross Rent History for Boone County
| Date | US Median |
Indiana Median |
Boone County IN Median |
Boone County IN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $840 | $1,040 | $1,018 |
| 2018 | $1,077 | $835 | $1,006 | $1,004 |
| 2017 | $1,043 | $818 | $1,101 | $1,079 |
| 2016 | $1,027 | $804 | — | — |
| 2015 | $1,017 | $804 | — | — |
| 2014 | $986 | $795 | — | — |
| 2013 | $953 | $769 | — | — |
| 2012 | $940 | $761 | — | — |
| 2011 | $941 | $764 | — | — |
| 2010 | $955 | $763 | — | — |
| 2009 | $960 | $783 | — | — |
| 2007 | $927 | $750 | — | — |
| 2005 | $910 | $769 | — | — |
Historical Rental Vacancy Rate data for Boone County
| Date | US | Indiana | Boone County IN |
|---|---|---|---|
| 2019 | 5.97% | 6.89% | — |
| 2018 | 6.15% | 6.59% | — |
| 2017 | 6.18% | 7.14% | — |
| 2016 | 5.89% | 6.96% | — |
| 2015 | 5.85% | 7.94% | — |
| 2014 | 6.32% | 8.09% | — |
| 2013 | 6.49% | 7.00% | — |
| 2012 | 6.77% | 8.43% | — |
| 2011 | 7.40% | 8.47% | — |
| 2010 | 8.17% | 8.78% | — |
| 2009 | 8.43% | 10.44% | — |
| 2007 | 7.87% | 9.72% | — |
| 2005 | 7.74% | 10.67% | — |
Rent as a Fraction of Income
Using median household income data for Boone County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Boone County, median monthly gross rent as a fraction of median household income was 17.62% in 2019 according to the ACS.
Boone County Indiana Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Indiana | 17.50% | -0.15% | -0.12% |
| Boone County IN | 17.62% | +3.01% | — |
Trends in Boone County IN Rent as a Fraction of Income
Boone County renters paid 17.62% of median household income towards the median monthly gross rent in 2019. This is the highest fraction of median household income going to rent since the series originated in 2017.
Fraction of Income towards Rent: Boone County IN, Indiana, US
Historical Data for Annual Rent as a Fraction of Income in Boone County Indiana
| Date | US | Indiana | Boone County IN |
|---|---|---|---|
| 2019 | 20.03% | 17.50% | 17.62% |
| 2018 | 20.50% | 17.65% | 14.61% |
| 2017 | 20.13% | 17.56% | 15.67% |
| 2016 | 20.43% | 17.62% | — |
| 2015 | 20.63% | 18.00% | — |
| 2014 | 20.89% | 18.27% | — |
| 2013 | 20.78% | 18.43% | — |
| 2012 | 20.65% | 18.27% | — |
| 2011 | 20.70% | 18.27% | — |
| 2010 | 20.50% | 18.37% | — |
| 2009 | 20.12% | 18.15% | — |
| 2007 | 18.66% | 16.14% | — |
| 2005 | 18.89% | 16.78% | — |
Renter Fraction in Boone County Indiana
You can calculate the renter fraction in Boone County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Boone County as a fraction of total Boone County households. In 2019 22.15% of households were renters according to Census ACS data.
Boone County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Indiana | 30.69% | -0.37% | -0.96% |
| Boone County IN | 22.15% | -0.53% | — |
Trends in the Boone County IN Renter Fraction
The Boone County household renter fraction peaked in in 2017 at 23.18% and is now 1.03% below that level. The origin year for the series is 2017.
Fraction of Renting Households: Boone County IN, Indiana, US
History of Boone County Renter Fraction
| Date | US | Indiana | Boone County IN |
|---|---|---|---|
| 2019 | 35.89% | 30.69% | 22.15% |
| 2018 | 36.05% | 31.06% | 22.68% |
| 2017 | 36.13% | 30.96% | 23.18% |
| 2016 | 36.88% | 31.65% | — |
| 2015 | 36.97% | 31.82% | — |
| 2014 | 36.90% | 31.42% | — |
| 2013 | 36.50% | 31.48% | — |
| 2012 | 36.09% | 30.62% | — |
| 2011 | 35.42% | 30.28% | — |
| 2010 | 34.65% | 29.71% | — |
| 2009 | 34.13% | 29.57% | — |
| 2007 | 32.80% | 28.37% | — |
| 2005 | 33.10% | 28.00% | — |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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