Craven County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Craven County NC was $961 in 2019 according to the Census ACS survey.1 Average gross rent in Craven County was $928 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 Craven County median and average rent data will be released in September of 2021.
Data is also available below for Craven County rental vacancy rates, Craven County rent as a percent of median income and the fraction of renters in Craven County.
Real Gross Rent in Craven County North Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| North Carolina Median Gross Rent | $931 | +1.64% | +5.92% |
| Craven County NC Median Gross Rent | $961 | +1.91% | +12.93% |
Craven County NC Real Gross Rent Trends
Median gross rent for Craven County peaked in real terms in 2012 at $965 and is now $4 (0.41%) lower. At $928, real average gross rent in Craven County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Craven County NC Median, Craven County NC Average, North Carolina Median, US Median
Real Gross Rent History for Craven County
| Date | US Median |
North Carolina Median |
Craven County NC Median |
Craven County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $961 | $928 |
| 2018 | $1,077 | $916 | $943 | $868 |
| 2017 | $1,043 | $888 | $855 | $848 |
| 2016 | $1,027 | $879 | $851 | $831 |
| 2015 | $1,017 | $877 | $940 | $905 |
| 2014 | $986 | $848 | $886 | $908 |
| 2013 | $953 | $819 | $934 | $900 |
| 2012 | $940 | $804 | $965 | $905 |
| 2011 | $941 | $805 | $960 | $899 |
| 2010 | $955 | $817 | $858 | $851 |
| 2009 | $960 | $821 | $846 | $834 |
| 2007 | $927 | $797 | $738 | $678 |
| 2005 | $910 | $794 | $755 | $756 |
Craven 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 Craven County North Carolina was 8.00% according to Census ACS data.
Rental Vacancy Rate in Craven County North Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Carolina | 6.60% | -0.43% | -0.39% |
| Craven County NC | — | — | — |
Trends in Craven County NC Rental Vacancy Rate
The rental vacancy rate in Craven County peaked in 2011 at 12.58%. Since then it has fallen by 4.58% to 8.00%. Data records for this series originated in 2005.
Rental Vacancy Rate: Craven County NC, North Carolina, US
Historical Rental Vacancy Rate data for Craven County
| Date | US | North Carolina | Craven County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | — |
| 2018 | 6.15% | 7.03% | — |
| 2017 | 6.18% | 6.77% | 8.00% |
| 2016 | 5.89% | 6.99% | 6.39% |
| 2015 | 5.85% | 7.02% | 6.53% |
| 2014 | 6.32% | 7.29% | 7.50% |
| 2013 | 6.49% | 7.46% | 7.83% |
| 2012 | 6.77% | 8.00% | 5.60% |
| 2011 | 7.40% | 9.31% | 12.58% |
| 2010 | 8.17% | 9.97% | — |
| 2009 | 8.43% | 10.10% | 5.14% |
| 2007 | 7.87% | 9.26% | — |
| 2005 | 7.74% | 9.99% | 10.32% |
Rent as a Fraction of Income
Using median household income data for Craven County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Craven County, median monthly gross rent as a fraction of median household income was 21.83% in 2019 according to the ACS.
Craven County North Carolina Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| North Carolina | 19.48% | -0.57% | -0.42% |
| Craven County NC | 21.83% | -0.17% | +2.29% |
Trends in Craven County NC Rent as a Fraction of Income
The fraction of median Craven County household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 23.67%. Since then it has fallen by 1.85% to 21.83%.
Fraction of Income towards Rent: Craven County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Craven County North Carolina
| Date | US | North Carolina | Craven County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 21.83% |
| 2018 | 20.50% | 20.05% | 22.00% |
| 2017 | 20.13% | 19.59% | 19.21% |
| 2016 | 20.43% | 19.90% | 19.54% |
| 2015 | 20.63% | 20.75% | 22.08% |
| 2014 | 20.89% | 20.70% | 23.21% |
| 2013 | 20.78% | 20.34% | 23.67% |
| 2012 | 20.65% | 20.09% | 22.49% |
| 2011 | 20.70% | 20.36% | 20.80% |
| 2010 | 20.50% | 20.25% | 22.92% |
| 2009 | 20.12% | 19.78% | 23.06% |
| 2007 | 18.66% | 18.21% | 16.55% |
| 2005 | 18.89% | 18.71% | 17.50% |
Renter Fraction in Craven County North Carolina
You can calculate the renter fraction in Craven 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 Craven County as a fraction of total Craven County households. In 2019 31.12% of households were renters according to Census ACS data.
Craven County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| North Carolina | 34.69% | -0.17% | -1.09% |
| Craven County NC | 31.12% | -9.26% | -3.46% |
Trends in the Craven County NC Renter Fraction
The Craven County household renter fraction peaked in in 2018 at 40.38% and is now 9.26% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Craven County NC, North Carolina, US
History of Craven County Renter Fraction
| Date | US | North Carolina | Craven County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 31.12% |
| 2018 | 36.05% | 34.86% | 40.38% |
| 2017 | 36.13% | 34.60% | 38.01% |
| 2016 | 36.88% | 35.78% | 34.58% |
| 2015 | 36.97% | 36.13% | 38.77% |
| 2014 | 36.90% | 35.75% | 38.81% |
| 2013 | 36.50% | 35.74% | 36.77% |
| 2012 | 36.09% | 34.56% | 35.93% |
| 2011 | 35.42% | 33.49% | 35.48% |
| 2010 | 34.65% | 32.83% | 36.65% |
| 2009 | 34.13% | 32.81% | 38.77% |
| 2007 | 32.80% | 31.70% | 34.37% |
| 2005 | 33.10% | 31.81% | 32.23% |
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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