Howard County Indiana Residential Rent and Rental Statistics
The median monthly gross residential rent in Howard County IN was $685 in 2019 according to the Census ACS survey.1 Average gross rent in Howard County was $671 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 Howard County median and average rent data will be released in September of 2021.
Data is also available below for Howard County rental vacancy rates, Howard County rent as a percent of median income and the fraction of renters in Howard County.
Real Gross Rent in Howard 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% |
| Howard County IN Median Gross Rent | $685 | -2.97% | -4.60% |
Howard County IN Real Gross Rent Trends
Median gross rent for Howard County peaked in real terms in 2008 at $782 and is now $97 (12.40%) lower. From a recent low of 620.0 in 2011, real median gross rent has now increased by $65 (10.48%). Average gross rent for Howard County peaked in real terms in 2005 at $755 and is now $84 (11.13%) lower. From a recent low of 593.0 in 2013, real average gross rent has now increased by $78 (13.15%).
Real Gross Rent: Howard County IN Median, Howard County IN Average, Indiana Median, US Median
Real Gross Rent History for Howard County
| Date | US Median |
Indiana Median |
Howard County IN Median |
Howard County IN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $840 | $685 | $671 |
| 2018 | $1,077 | $835 | $706 | $752 |
| 2017 | $1,043 | $818 | $709 | $722 |
| 2016 | $1,027 | $804 | $718 | $680 |
| 2015 | $1,017 | $804 | $679 | $683 |
| 2014 | $986 | $795 | $725 | $701 |
| 2013 | $953 | $769 | $622 | $593 |
| 2012 | $940 | $761 | $691 | $637 |
| 2011 | $941 | $764 | $620 | $658 |
| 2010 | $955 | $763 | $678 | $678 |
| 2009 | $960 | $783 | $735 | $656 |
| 2007 | $927 | $750 | $678 | $596 |
| 2005 | $910 | $769 | $758 | $755 |
Howard County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Howard County Indiana was 9.36% according to Census ACS data.
Rental Vacancy Rate in Howard County Indiana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Indiana | 6.89% | +0.30% | -0.07% |
| Howard County IN | — | — | — |
Trends in Howard County IN Rental Vacancy Rate
At 9.36%, Howard County residential rental vacancy rate in 2017 is at the highest point since 2005, the beginning of our reporting for this series.
Rental Vacancy Rate: Howard County IN, Indiana, US
Historical Rental Vacancy Rate data for Howard County
| Date | US | Indiana | Howard County IN |
|---|---|---|---|
| 2019 | 5.97% | 6.89% | — |
| 2018 | 6.15% | 6.59% | — |
| 2017 | 6.18% | 7.14% | 9.36% |
| 2016 | 5.89% | 6.96% | 7.34% |
| 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% | 8.23% |
| 2007 | 7.87% | 9.72% | — |
| 2005 | 7.74% | 10.67% | — |
Rent as a Fraction of Income
Using median household income data for Howard County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Howard County, median monthly gross rent as a fraction of median household income was 15.38% in 2019 according to the ACS.
Howard 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% |
| Howard County IN | 15.38% | +0.50% | -2.63% |
Trends in Howard County IN Rent as a Fraction of Income
The fraction of median Howard County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 20.08%. Since then it has fallen by 4.70% to 15.38%. From a 2018 low of 14.89%, the fraction of income going to rent has increased by 0.50%.
Fraction of Income towards Rent: Howard County IN, Indiana, US
Historical Data for Annual Rent as a Fraction of Income in Howard County Indiana
| Date | US | Indiana | Howard County IN |
|---|---|---|---|
| 2019 | 20.03% | 17.50% | 15.38% |
| 2018 | 20.50% | 17.65% | 14.89% |
| 2017 | 20.13% | 17.56% | 16.73% |
| 2016 | 20.43% | 17.62% | 18.01% |
| 2015 | 20.63% | 18.00% | 16.41% |
| 2014 | 20.89% | 18.27% | 17.48% |
| 2013 | 20.78% | 18.43% | 16.02% |
| 2012 | 20.65% | 18.27% | 20.08% |
| 2011 | 20.70% | 18.27% | 18.32% |
| 2010 | 20.50% | 18.37% | 19.83% |
| 2009 | 20.12% | 18.15% | 16.24% |
| 2007 | 18.66% | 16.14% | 15.61% |
| 2005 | 18.89% | 16.78% | 16.07% |
Renter Fraction in Howard County Indiana
You can calculate the renter fraction in Howard 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 Howard County as a fraction of total Howard County households. In 2019 27.03% of households were renters according to Census ACS data.
Howard 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% |
| Howard County IN | 27.03% | -5.03% | -6.56% |
Trends in the Howard County IN Renter Fraction
The Howard County household renter fraction peaked in in 2014 at 34.60% and is now 7.57% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Howard County IN, Indiana, US
History of Howard County Renter Fraction
| Date | US | Indiana | Howard County IN |
|---|---|---|---|
| 2019 | 35.89% | 30.69% | 27.03% |
| 2018 | 36.05% | 31.06% | 32.06% |
| 2017 | 36.13% | 30.96% | 28.53% |
| 2016 | 36.88% | 31.65% | 33.59% |
| 2015 | 36.97% | 31.82% | 31.62% |
| 2014 | 36.90% | 31.42% | 34.60% |
| 2013 | 36.50% | 31.48% | 31.83% |
| 2012 | 36.09% | 30.62% | 30.07% |
| 2011 | 35.42% | 30.28% | 31.10% |
| 2010 | 34.65% | 29.71% | 31.28% |
| 2009 | 34.13% | 29.57% | 28.78% |
| 2007 | 32.80% | 28.37% | 28.74% |
| 2005 | 33.10% | 28.00% | 28.74% |
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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