Madison County Indiana Residential Rent and Rental Statistics
The median monthly gross residential rent in Madison County IN was $801 in 2019 according to the Census ACS survey.1 Average gross rent in Madison County was $750 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 Madison County median and average rent data will be released in September of 2021.
Data is also available below for Madison County rental vacancy rates, Madison County rent as a percent of median income and the fraction of renters in Madison County.
Real Gross Rent in Madison 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% |
| Madison County IN Median Gross Rent | $801 | +1.39% | +4.30% |
Madison County IN Real Gross Rent Trends
Median gross rent for Madison County peaked in real terms in 2014 at $811 and is now $10 (1.23%) lower. At $750, real average gross rent in Madison County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Madison County IN Median, Madison County IN Average, Indiana Median, US Median
Real Gross Rent History for Madison County
| Date | US Median |
Indiana Median |
Madison County IN Median |
Madison County IN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $840 | $801 | $750 |
| 2018 | $1,077 | $835 | $790 | $742 |
| 2017 | $1,043 | $818 | $738 | $739 |
| 2016 | $1,027 | $804 | $768 | $699 |
| 2015 | $1,017 | $804 | $767 | $711 |
| 2014 | $986 | $795 | $811 | $731 |
| 2013 | $953 | $769 | $737 | $698 |
| 2012 | $940 | $761 | $712 | $740 |
| 2011 | $941 | $764 | $685 | $665 |
| 2010 | $955 | $763 | $735 | $692 |
| 2009 | $960 | $783 | $750 | $711 |
| 2007 | $927 | $750 | $680 | $654 |
| 2005 | $910 | $769 | $735 | $741 |
Madison County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Madison County Indiana was 8.39% according to Census ACS data.
Rental Vacancy Rate in Madison County Indiana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Indiana | 6.89% | +0.30% | -0.07% |
| Madison County IN | 8.39% | — | — |
Trends in Madison County IN Rental Vacancy Rate
The rental vacancy rate in Madison County peaked in 2012 at 12.09%. Since then it has fallen by 3.70% to 8.39%. Data records for this series originated in 2005. From a 2015 post peak low of 5.85%, the rental vacancy rate has increased by 2.54%.
Rental Vacancy Rate: Madison County IN, Indiana, US
Historical Rental Vacancy Rate data for Madison County
| Date | US | Indiana | Madison County IN |
|---|---|---|---|
| 2019 | 5.97% | 6.89% | 8.39% |
| 2018 | 6.15% | 6.59% | — |
| 2017 | 6.18% | 7.14% | 8.86% |
| 2016 | 5.89% | 6.96% | — |
| 2015 | 5.85% | 7.94% | 5.85% |
| 2014 | 6.32% | 8.09% | 6.75% |
| 2013 | 6.49% | 7.00% | 9.24% |
| 2012 | 6.77% | 8.43% | 12.09% |
| 2011 | 7.40% | 8.47% | 12.04% |
| 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 Madison County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Madison County, median monthly gross rent as a fraction of median household income was 17.43% in 2019 according to the ACS.
Madison 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% |
| Madison County IN | 17.43% | -1.34% | -1.90% |
Trends in Madison County IN Rent as a Fraction of Income
The fraction of median Madison County household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 20.53%. Since then it has fallen by 3.10% to 17.43%.
Fraction of Income towards Rent: Madison County IN, Indiana, US
Historical Data for Annual Rent as a Fraction of Income in Madison County Indiana
| Date | US | Indiana | Madison County IN |
|---|---|---|---|
| 2019 | 20.03% | 17.50% | 17.43% |
| 2018 | 20.50% | 17.65% | 18.77% |
| 2017 | 20.13% | 17.56% | 19.95% |
| 2016 | 20.43% | 17.62% | 19.33% |
| 2015 | 20.63% | 18.00% | 19.17% |
| 2014 | 20.89% | 18.27% | 20.42% |
| 2013 | 20.78% | 18.43% | 20.53% |
| 2012 | 20.65% | 18.27% | 18.70% |
| 2011 | 20.70% | 18.27% | 18.06% |
| 2010 | 20.50% | 18.37% | 20.37% |
| 2009 | 20.12% | 18.15% | 18.92% |
| 2007 | 18.66% | 16.14% | 16.24% |
| 2005 | 18.89% | 16.78% | 17.62% |
Renter Fraction in Madison County Indiana
You can calculate the renter fraction in Madison 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 Madison County as a fraction of total Madison County households. In 2019 31.21% of households were renters according to Census ACS data.
Madison 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% |
| Madison County IN | 31.21% | +1.52% | +1.00% |
Trends in the Madison County IN Renter Fraction
The Madison County household renter fraction peaked in in 2013 at 33.98% and is now 2.77% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Madison County IN, Indiana, US
History of Madison County Renter Fraction
| Date | US | Indiana | Madison County IN |
|---|---|---|---|
| 2019 | 35.89% | 30.69% | 31.21% |
| 2018 | 36.05% | 31.06% | 29.69% |
| 2017 | 36.13% | 30.96% | 31.37% |
| 2016 | 36.88% | 31.65% | 30.21% |
| 2015 | 36.97% | 31.82% | 30.38% |
| 2014 | 36.90% | 31.42% | 31.38% |
| 2013 | 36.50% | 31.48% | 33.98% |
| 2012 | 36.09% | 30.62% | 30.57% |
| 2011 | 35.42% | 30.28% | 29.51% |
| 2010 | 34.65% | 29.71% | 29.49% |
| 2009 | 34.13% | 29.57% | 26.26% |
| 2007 | 32.80% | 28.37% | 27.13% |
| 2005 | 33.10% | 28.00% | 25.57% |
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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