Madison County Kentucky Residential Rent and Rental Statistics
The median monthly gross residential rent in Madison County KY was $685 in 2019 according to the Census ACS survey.1 Average gross rent in Madison County was $659 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 Kentucky (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Kentucky Median Gross Rent | $773 | -2.52% | +4.46% |
| Madison County KY Median Gross Rent | $685 | -9.51% | -3.66% |
Madison County KY Real Gross Rent Trends
Median gross rent for Madison County peaked in real terms in 2018 at $757 and is now $72 (9.51%) lower. Average gross rent for Madison County peaked in real terms in 2013 at $743 and is now $84 (11.31%) lower.
Real Gross Rent: Madison County KY Median, Madison County KY Average, Kentucky Median, US Median
Real Gross Rent History for Madison County
| Date | US Median |
Kentucky Median |
Madison County KY Median |
Madison County KY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $773 | $685 | $659 |
| 2018 | $1,077 | $793 | $757 | $718 |
| 2017 | $1,043 | $747 | $693 | $741 |
| 2016 | $1,027 | $740 | $711 | $721 |
| 2015 | $1,017 | $745 | $715 | $731 |
| 2014 | $986 | $716 | $683 | $686 |
| 2013 | $953 | $703 | $711 | $743 |
| 2012 | $940 | $677 | $662 | $646 |
| 2011 | $941 | $676 | $638 | $622 |
| 2010 | $955 | $685 | $656 | $691 |
| 2009 | $960 | $699 | $659 | $651 |
| 2007 | $927 | $661 | $591 | $537 |
| 2005 | $910 | $659 | $625 | $610 |
Madison 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 Madison County Kentucky was 5.00% according to Census ACS data.
Rental Vacancy Rate in Madison County Kentucky
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Kentucky | 6.36% | +0.18% | +0.54% |
| Madison County KY | — | — | — |
Trends in Madison County KY Rental Vacancy Rate
The rental vacancy rate in Madison County peaked in 2012 at 6.42%. Since then it has fallen by 1.42% to 5.00%. Data records for this series originated in 2005.
Rental Vacancy Rate: Madison County KY, Kentucky, US
Historical Rental Vacancy Rate data for Madison County
| Date | US | Kentucky | Madison County KY |
|---|---|---|---|
| 2019 | 5.97% | 6.36% | — |
| 2018 | 6.15% | 6.18% | — |
| 2017 | 6.18% | 5.49% | 5.00% |
| 2016 | 5.89% | 5.82% | — |
| 2015 | 5.85% | 6.01% | — |
| 2014 | 6.32% | 6.23% | — |
| 2013 | 6.49% | 6.72% | — |
| 2012 | 6.77% | 5.52% | 6.42% |
| 2011 | 7.40% | 7.90% | — |
| 2010 | 8.17% | 7.53% | — |
| 2009 | 8.43% | 9.83% | — |
| 2007 | 7.87% | 9.86% | — |
| 2005 | 7.74% | 7.99% | — |
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 16.63% in 2019 according to the ACS.
Madison County Kentucky Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Kentucky | 17.74% | -0.87% | -0.45% |
| Madison County KY | 16.63% | -0.52% | -1.95% |
Trends in Madison County KY Rent as a Fraction of Income
The fraction of median Madison County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 19.64%. Since then it has fallen by 3.01% to 16.63%.
Fraction of Income towards Rent: Madison County KY, Kentucky, US
Historical Data for Annual Rent as a Fraction of Income in Madison County Kentucky
| Date | US | Kentucky | Madison County KY |
|---|---|---|---|
| 2019 | 20.03% | 17.74% | 16.63% |
| 2018 | 20.50% | 18.60% | 17.15% |
| 2017 | 20.13% | 17.96% | 15.85% |
| 2016 | 20.43% | 18.18% | 18.59% |
| 2015 | 20.63% | 18.63% | 17.82% |
| 2014 | 20.89% | 18.94% | 17.66% |
| 2013 | 20.78% | 18.47% | 17.87% |
| 2012 | 20.65% | 18.29% | 19.64% |
| 2011 | 20.70% | 18.26% | 18.37% |
| 2010 | 20.50% | 18.36% | 16.77% |
| 2009 | 20.12% | 18.36% | 17.52% |
| 2007 | 18.66% | 16.78% | 15.57% |
| 2005 | 18.89% | 16.92% | 16.23% |
Renter Fraction in Madison County Kentucky
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 40.56% 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% |
| Kentucky | 32.99% | +0.38% | -0.17% |
| Madison County KY | 40.56% | -0.77% | +3.55% |
Trends in the Madison County KY Renter Fraction
The Madison County household renter fraction peaked in in 2014 at 43.25% and is now 2.69% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Madison County KY, Kentucky, US
History of Madison County Renter Fraction
| Date | US | Kentucky | Madison County KY |
|---|---|---|---|
| 2019 | 35.89% | 32.99% | 40.56% |
| 2018 | 36.05% | 32.61% | 41.33% |
| 2017 | 36.13% | 33.53% | 43.10% |
| 2016 | 36.88% | 33.16% | 37.01% |
| 2015 | 36.97% | 33.67% | 42.36% |
| 2014 | 36.90% | 33.93% | 43.25% |
| 2013 | 36.50% | 32.62% | 39.33% |
| 2012 | 36.09% | 32.96% | 39.19% |
| 2011 | 35.42% | 31.14% | 40.75% |
| 2010 | 34.65% | 31.35% | 39.87% |
| 2009 | 34.13% | 31.35% | 38.76% |
| 2007 | 32.80% | 29.28% | 38.65% |
| 2005 | 33.10% | 29.38% | 42.18% |
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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