Owensboro Kentucky Residential Rent and Rental Statistics
The median monthly gross residential rent in Owensboro, KY (the Owensboro metro area) was $788 in 2019 according to the Census ACS survey.1 Average gross rent in Owensboro was $760 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 Owensboro median and average rent data will be released in September of 2021.
Data is also available below for Owensboro rental vacancy rates, Owensboro rent as a percent of median income and the fraction of renters in Owensboro.
Real Gross Rent in Owensboro 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% |
| Owensboro, KY Median Gross Rent | $788 | +0.90% | +9.75% |
Owensboro, KY Real Gross Rent Trends
Median gross rent for Owensboro peaked in real terms in 2017 at $802 and is now $14 (1.75%) lower. Average gross rent for Owensboro peaked in real terms in 2017 at $789 and is now $29 (3.68%) lower.
Real Gross Rent in Owensboro: Owensboro KY Median, Owensboro KY Average, Kentucky Median, US Median
Real Gross Rent History for Owensboro
| Date | US Median |
Kentucky Median |
Owensboro, KY Median |
Owensboro, KY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $773 | $788 | $760 |
| 2018 | $1,077 | $793 | $781 | $734 |
| 2017 | $1,043 | $747 | $802 | $789 |
| 2016 | $1,027 | $740 | $718 | $708 |
| 2015 | $1,017 | $745 | $661 | $635 |
| 2014 | $986 | $716 | $680 | $659 |
| 2013 | $953 | $703 | $660 | $667 |
| 2012 | $940 | $677 | $655 | $586 |
| 2011 | $941 | $676 | $648 | $609 |
| 2010 | $955 | $685 | $627 | $621 |
| 2009 | $960 | $699 | $691 | $604 |
| 2007 | $927 | $661 | $620 | $569 |
| 2005 | $910 | $659 | $578 | $545 |
Owensboro 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 Owensboro Kentucky was 4.55% according to Census ACS data.
Rental Vacancy Rate in Owensboro Kentucky
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Kentucky | 6.36% | +0.18% | +0.54% |
| Owensboro, KY | 4.55% | -2.96% | -7.70% |
Trends in Owensboro, KY Rental Vacancy Rate
The rental vacancy rate in Owensboro peaked in 2009 at 13.71%. Since then it has fallen by 9.16% to 4.55%. Data records for this series originated in 2005. From a 2012 post peak low of 3.64%, the rental vacancy rate has increased by 0.91%.
Rental Vacancy Rate: Owensboro KY, Kentucky, US
Historical Rental Vacancy Rate data for Owensboro
| Date | US | Kentucky | Owensboro, KY |
|---|---|---|---|
| 2019 | 5.97% | 6.36% | 4.55% |
| 2018 | 6.15% | 6.18% | 7.51% |
| 2017 | 6.18% | 5.49% | 5.21% |
| 2016 | 5.89% | 5.82% | 12.25% |
| 2015 | 5.85% | 6.01% | 9.37% |
| 2014 | 6.32% | 6.23% | 3.79% |
| 2013 | 6.49% | 6.72% | 4.45% |
| 2012 | 6.77% | 5.52% | 3.64% |
| 2011 | 7.40% | 7.90% | 11.30% |
| 2010 | 8.17% | 7.53% | 12.29% |
| 2009 | 8.43% | 9.83% | 13.71% |
| 2007 | 7.87% | 9.86% | 13.02% |
| 2005 | 7.74% | 7.99% | — |
Rent as a Fraction of Income
Using median household income data for Owensboro, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Owensboro, median monthly gross rent as a fraction of median household income was 18.11% in 2019 according to the ACS.
Owensboro 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% |
| Owensboro, KY | 18.11% | +0.23% | +2.38% |
Trends in Owensboro, KY Rent as a Fraction of Income
The fraction of median Owensboro household income required to pay median monthly gross rent peaked in 2017 (relative to the 2005 series origin) at 19.23%. Since then it has fallen by 1.12% to 18.11%.
Fraction of Income towards Rent: Owensboro KY, Kentucky, US
Historical Data for Annual Rent as a Fraction of Income in Owensboro Kentucky
| Date | US | Kentucky | Owensboro, KY |
|---|---|---|---|
| 2019 | 20.03% | 17.74% | 18.11% |
| 2018 | 20.50% | 18.60% | 17.89% |
| 2017 | 20.13% | 17.96% | 19.23% |
| 2016 | 20.43% | 18.18% | 15.73% |
| 2015 | 20.63% | 18.63% | 15.66% |
| 2014 | 20.89% | 18.94% | 18.48% |
| 2013 | 20.78% | 18.47% | 16.26% |
| 2012 | 20.65% | 18.29% | 16.79% |
| 2011 | 20.70% | 18.26% | 15.81% |
| 2010 | 20.50% | 18.36% | 16.41% |
| 2009 | 20.12% | 18.36% | 17.21% |
| 2007 | 18.66% | 16.78% | 15.18% |
| 2005 | 18.89% | 16.92% | 14.91% |
Renter Fraction in Owensboro Kentucky
You can calculate the renter fraction in Owensboro 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 Owensboro as a fraction of total Owensboro households. In 2019 29.88% of households were renters according to Census ACS data.
Owensboro 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% |
| Owensboro, KY | 29.88% | -0.73% | +1.27% |
Trends in the Owensboro, KY Renter Fraction
The Owensboro household renter fraction peaked in in 2014 at 33.41% and is now 3.53% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Owensboro KY, Kentucky, US
History of Owensboro Renter Fraction
| Date | US | Kentucky | Owensboro, KY |
|---|---|---|---|
| 2019 | 35.89% | 32.99% | 29.88% |
| 2018 | 36.05% | 32.61% | 30.61% |
| 2017 | 36.13% | 33.53% | 31.06% |
| 2016 | 36.88% | 33.16% | 28.61% |
| 2015 | 36.97% | 33.67% | 28.57% |
| 2014 | 36.90% | 33.93% | 33.41% |
| 2013 | 36.50% | 32.62% | 28.80% |
| 2012 | 36.09% | 32.96% | 28.83% |
| 2011 | 35.42% | 31.14% | 25.80% |
| 2010 | 34.65% | 31.35% | 29.65% |
| 2009 | 34.13% | 31.35% | 32.43% |
| 2007 | 32.80% | 29.28% | 30.18% |
| 2005 | 33.10% | 29.38% | 29.46% |
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. ↩
