Hickory North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Hickory, NC (the Hickory-Lenoir-Morganton metro area) was $681 in 2019 according to the Census ACS survey.1 Average gross rent in Hickory was $632 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 Hickory median and average rent data will be released in September of 2021.
Data is also available below for Hickory rental vacancy rates, Hickory rent as a percent of median income and the fraction of renters in Hickory.
Real Gross Rent in Hickory 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% |
| Hickory, NC Median Gross Rent | $681 | -2.01% | -0.87% |
Hickory, NC Real Gross Rent Trends
Median gross rent for Hickory peaked in real terms in 2017 at $698 and is now $17 (2.44%) lower. Average gross rent for Hickory peaked in real terms in 2018 at $681 and is now $49 (7.20%) lower.
Real Gross Rent in Hickory: Hickory NC Median, Hickory NC Average, North Carolina Median, US Median
Real Gross Rent History for Hickory
| Date | US Median |
North Carolina Median |
Hickory, NC Median |
Hickory, NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $681 | $632 |
| 2018 | $1,077 | $916 | $695 | $681 |
| 2017 | $1,043 | $888 | $698 | $670 |
| 2016 | $1,027 | $879 | $687 | $641 |
| 2015 | $1,017 | $877 | $652 | $608 |
| 2014 | $986 | $848 | $688 | $623 |
| 2013 | $953 | $819 | $662 | $597 |
| 2012 | $940 | $804 | $624 | $571 |
| 2011 | $941 | $805 | $675 | $626 |
| 2010 | $955 | $817 | $696 | $638 |
| 2009 | $960 | $821 | $678 | $615 |
| 2007 | $927 | $797 | $645 | $585 |
| 2005 | $910 | $794 | $664 | $599 |
Hickory 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 Hickory North Carolina was 5.46% according to Census ACS data.
Rental Vacancy Rate in Hickory North Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Carolina | 6.60% | -0.43% | -0.39% |
| Hickory, NC | 5.46% | -0.83% | +1.92% |
Trends in Hickory, NC Rental Vacancy Rate
The rental vacancy rate in Hickory peaked in 2010 at 16.86%. Since then it has fallen by 11.40% to 5.46%. Data records for this series originated in 2005. From a 2016 post peak low of 3.54%, the rental vacancy rate has increased by 1.92%.
Rental Vacancy Rate: Hickory NC, North Carolina, US
Historical Rental Vacancy Rate data for Hickory
| Date | US | North Carolina | Hickory, NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 5.46% |
| 2018 | 6.15% | 7.03% | 6.29% |
| 2017 | 6.18% | 6.77% | 6.61% |
| 2016 | 5.89% | 6.99% | 3.54% |
| 2015 | 5.85% | 7.02% | 7.33% |
| 2014 | 6.32% | 7.29% | 6.54% |
| 2013 | 6.49% | 7.46% | 8.06% |
| 2012 | 6.77% | 8.00% | 7.66% |
| 2011 | 7.40% | 9.31% | 8.87% |
| 2010 | 8.17% | 9.97% | 16.86% |
| 2009 | 8.43% | 10.10% | 15.01% |
| 2007 | 7.87% | 9.26% | 8.49% |
| 2005 | 7.74% | 9.99% | 9.39% |
Rent as a Fraction of Income
Using median household income data for Hickory, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hickory, median monthly gross rent as a fraction of median household income was 16.14% in 2019 according to the ACS.
Hickory 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% |
| Hickory, NC | 16.14% | -1.10% | -2.35% |
Trends in Hickory, NC Rent as a Fraction of Income
The fraction of median Hickory household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 19.84%. Since then it has fallen by 3.70% to 16.14%.
Fraction of Income towards Rent: Hickory NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Hickory North Carolina
| Date | US | North Carolina | Hickory, NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 16.14% |
| 2018 | 20.50% | 20.05% | 17.24% |
| 2017 | 20.13% | 19.59% | 16.90% |
| 2016 | 20.43% | 19.90% | 18.49% |
| 2015 | 20.63% | 20.75% | 18.28% |
| 2014 | 20.89% | 20.70% | 19.03% |
| 2013 | 20.78% | 20.34% | 19.84% |
| 2012 | 20.65% | 20.09% | 18.85% |
| 2011 | 20.70% | 20.36% | 19.27% |
| 2010 | 20.50% | 20.25% | 18.98% |
| 2009 | 20.12% | 19.78% | 19.12% |
| 2007 | 18.66% | 18.21% | 16.72% |
| 2005 | 18.89% | 18.71% | 17.04% |
Renter Fraction in Hickory North Carolina
You can calculate the renter fraction in Hickory 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 Hickory as a fraction of total Hickory households. In 2019 25.79% of households were renters according to Census ACS data.
Hickory 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% |
| Hickory, NC | 25.79% | -1.70% | -6.18% |
Trends in the Hickory, NC Renter Fraction
The Hickory household renter fraction peaked in in 2016 at 31.97% and is now 6.18% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Hickory NC, North Carolina, US
History of Hickory Renter Fraction
| Date | US | North Carolina | Hickory, NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 25.79% |
| 2018 | 36.05% | 34.86% | 27.49% |
| 2017 | 36.13% | 34.60% | 28.14% |
| 2016 | 36.88% | 35.78% | 31.97% |
| 2015 | 36.97% | 36.13% | 29.71% |
| 2014 | 36.90% | 35.75% | 30.60% |
| 2013 | 36.50% | 35.74% | 30.27% |
| 2012 | 36.09% | 34.56% | 30.27% |
| 2011 | 35.42% | 33.49% | 28.06% |
| 2010 | 34.65% | 32.83% | 26.59% |
| 2009 | 34.13% | 32.81% | 26.06% |
| 2007 | 32.80% | 31.70% | 26.07% |
| 2005 | 33.10% | 31.81% | 26.46% |
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. ↩
Department of Numbers
The Department of Numbers contextualizes public data so that individuals can form independent opinions on everyday social and economic matters.
Here's where you are
- Home
- / Rent
- / North Carolina
- / Hickory
