Chaves County New Mexico Residential Rent and Rental Statistics
The median monthly gross residential rent in Chaves County NM was $737 in 2019 according to the Census ACS survey.1 Average gross rent in Chaves County was $702 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 Chaves County median and average rent data will be released in September of 2021.
Data is also available below for Chaves County rental vacancy rates, Chaves County rent as a percent of median income and the fraction of renters in Chaves County.
Real Gross Rent in Chaves County New Mexico (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New Mexico Median Gross Rent | $847 | +0.24% | +0.59% |
| Chaves County NM Median Gross Rent | $737 | -7.53% | -3.79% |
Chaves County NM Real Gross Rent Trends
Median gross rent for Chaves County peaked in real terms in 2017 at $824 and is now $87 (10.56%) lower. Average gross rent for Chaves County peaked in real terms in 2017 at $793 and is now $91 (11.48%) lower.
Real Gross Rent: Chaves County NM Median, Chaves County NM Average, New Mexico Median, US Median
Real Gross Rent History for Chaves County
| Date | US Median |
New Mexico Median |
Chaves County NM Median |
Chaves County NM Average |
|---|---|---|---|---|
| 2019 | $1,097 | $847 | $737 | $702 |
| 2018 | $1,077 | $845 | $797 | $734 |
| 2017 | $1,043 | $838 | $824 | $793 |
| 2016 | $1,027 | $842 | $766 | $613 |
| 2015 | $1,017 | $831 | $760 | $729 |
| 2014 | $986 | $820 | $719 | $667 |
| 2013 | $953 | $813 | $723 | $681 |
| 2012 | $940 | $801 | $747 | $756 |
| 2011 | $941 | $787 | $669 | $572 |
| 2010 | $955 | $781 | $608 | $637 |
| 2009 | $960 | $775 | — | — |
| 2007 | $927 | $748 | — | — |
| 2005 | $910 | $734 | — | — |
Chaves 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 Chaves County New Mexico was 9.79% according to Census ACS data.
Rental Vacancy Rate in Chaves County New Mexico
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Mexico | 8.05% | -0.26% | -1.81% |
| Chaves County NM | 9.79% | — | — |
Trends in Chaves County NM Rental Vacancy Rate
The rental vacancy rate in Chaves County peaked in 2015 at 19.54%. Since then it has fallen by 9.75% to 9.79%. Data records for this series originated in 2010.
Rental Vacancy Rate: Chaves County NM, New Mexico, US
Historical Rental Vacancy Rate data for Chaves County
| Date | US | New Mexico | Chaves County NM |
|---|---|---|---|
| 2019 | 5.97% | 8.05% | 9.79% |
| 2018 | 6.15% | 8.31% | — |
| 2017 | 6.18% | 8.29% | 15.66% |
| 2016 | 5.89% | 9.86% | — |
| 2015 | 5.85% | 8.75% | 19.54% |
| 2014 | 6.32% | 8.41% | — |
| 2013 | 6.49% | 9.01% | — |
| 2012 | 6.77% | 8.62% | — |
| 2011 | 7.40% | 7.42% | — |
| 2010 | 8.17% | 7.31% | — |
| 2009 | 8.43% | 9.74% | — |
| 2007 | 7.87% | 9.64% | — |
| 2005 | 7.74% | 7.47% | — |
Rent as a Fraction of Income
Using median household income data for Chaves County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Chaves County, median monthly gross rent as a fraction of median household income was 21.06% in 2019 according to the ACS.
Chaves County New Mexico Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New Mexico | 19.57% | -1.55% | -1.07% |
| Chaves County NM | 21.06% | -0.33% | -0.39% |
Trends in Chaves County NM Rent as a Fraction of Income
The fraction of median Chaves County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2010 series origin) at 22.58%. Since then it has fallen by 1.53% to 21.06%.
Fraction of Income towards Rent: Chaves County NM, New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in Chaves County New Mexico
| Date | US | New Mexico | Chaves County NM |
|---|---|---|---|
| 2019 | 20.03% | 19.57% | 21.06% |
| 2018 | 20.50% | 21.12% | 21.38% |
| 2017 | 20.13% | 20.87% | 21.35% |
| 2016 | 20.43% | 20.64% | 21.45% |
| 2015 | 20.63% | 20.70% | 22.58% |
| 2014 | 20.89% | 20.81% | 20.59% |
| 2013 | 20.78% | 21.12% | 18.02% |
| 2012 | 20.65% | 21.23% | 19.88% |
| 2011 | 20.70% | 20.85% | 20.47% |
| 2010 | 20.50% | 19.93% | 19.02% |
| 2009 | 20.12% | 18.96% | — |
| 2007 | 18.66% | 18.44% | — |
| 2005 | 18.89% | 18.79% | — |
Renter Fraction in Chaves County New Mexico
You can calculate the renter fraction in Chaves 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 Chaves County as a fraction of total Chaves County households. In 2019 32.46% of households were renters according to Census ACS data.
Chaves County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New Mexico | 31.93% | -1.91% | -0.68% |
| Chaves County NM | 32.46% | -4.22% | -0.26% |
Trends in the Chaves County NM Renter Fraction
The Chaves County household renter fraction peaked in in 2014 at 36.96% and is now 4.50% below that level. From a recent low of 29.58% in 2017, the household based renter fraction has now grown by 2.88%. The origin year for the series is 2010.
Fraction of Renting Households: Chaves County NM, New Mexico, US
History of Chaves County Renter Fraction
| Date | US | New Mexico | Chaves County NM |
|---|---|---|---|
| 2019 | 35.89% | 31.93% | 32.46% |
| 2018 | 36.05% | 33.84% | 36.68% |
| 2017 | 36.13% | 32.08% | 29.58% |
| 2016 | 36.88% | 32.61% | 32.72% |
| 2015 | 36.97% | 32.55% | 29.66% |
| 2014 | 36.90% | 33.09% | 36.96% |
| 2013 | 36.50% | 32.09% | 34.76% |
| 2012 | 36.09% | 32.27% | 36.29% |
| 2011 | 35.42% | 31.84% | 30.14% |
| 2010 | 34.65% | 32.06% | 32.50% |
| 2009 | 34.13% | 30.67% | — |
| 2007 | 32.80% | 29.99% | — |
| 2005 | 33.10% | 30.70% | — |
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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