Department of Numbers

Hanford California Residential Rent and Rental Statistics

The median monthly gross residential rent in Hanford, CA (the Hanford-Corcoran metro area) was $892 in 2015 according to the Census ACS survey.1 Average gross rent in Hanford was $899 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Hanford median and average rent data will be released in September of 2017.

Data is also available below for Hanford rental vacancy rates, Hanford rent as a percent of median income and the fraction of renters in Hanford.

Show dollars as: Nominal Real

Real Gross Rent in Hanford California (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
California Median Gross Rent $1,311 +3.88% +8.98%
Hanford, CA Median Gross Rent $892 +4.82% +11.92%

Hanford, CA Real Gross Rent Trends

Median gross rent for Hanford peaked in real terms in 2008 at $977 and is now $85 (8.70%) lower. Average gross rent for Hanford peaked in real terms in 2008 at $934 and is now $35 (3.75%) lower.

Real Gross Rent in Hanford: Hanford CA Median, Hanford CA Average, California Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Hanford

Date US
Median
California
Median
Hanford, CA
Median
Hanford, CA
Average
2015 $959 $1,311 $892 $899
2014 $930 $1,262 $851 $870
2013 $898 $1,215 $819 $852
2012 $886 $1,203 $797 $863
2011 $887 $1,195 $933 $895
2010 $901 $1,225 $868 $847
2009 $905 $1,241 $915 $870
2008 $920 $1,267 $977 $934
2007 $874 $1,194 $793 $755
2006 $883 $1,191 $815 $727
2005 $858 $1,147 $810 $746

Historical Rental Vacancy Rate data for Hanford

Date US California Hanford, CA
2015 5.85% 3.33%
2014 6.32% 3.90%
2013 6.49% 4.22%
2012 6.77% 4.51%
2011 7.40% 4.94%
2010 8.17% 5.86%
2009 8.43% 5.76% 4.60%
2008 7.86% 4.71%
2007 7.87% 4.72%
2006 7.70% 4.67%
2005 7.74% 4.61%

Rent as a Fraction of Income

Using median household income data for Hanford, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hanford, median monthly gross rent as a fraction of median household income was 23.40% in 2015 according to the ACS.

Hanford California Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
California 24.39% -0.18% -0.30%
Hanford, CA 23.40% -0.58% +2.63%

Trends in Hanford, CA Rent as a Fraction of Income

The fraction of median Hanford household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 23.98%. Since then it has fallen by 0.58% to 23.40%.

Fraction of Income towards Rent: Hanford CA, California, US

Percent of median household income going towards median monthly gross rent in Hanford California

Historical Data for Annual Rent as a Fraction of Income in Hanford California

Date US California Hanford, CA
2015 20.63% 24.39% 23.40%
2014 20.89% 24.57% 23.98%
2013 20.78% 24.40% 21.63%
2012 20.65% 24.69% 20.77%
2011 20.70% 24.59% 21.83%
2010 20.50% 24.18% 22.17%
2009 20.12% 23.52% 22.97%
2008 19.00% 22.32% 20.60%
2007 18.66% 21.58% 18.38%
2006 18.90% 21.80% 19.57%
2005 18.89% 21.77% 20.06%

Renter Fraction in Hanford California

You can calculate the renter fraction in Hanford 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 Hanford as a fraction of total Hanford households. In 2015 51.81% of households were renters according to Census ACS data.

Hanford Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
California 46.41% +0.14% +0.44%
Hanford, CA 51.81% +3.22% +0.79%

Trends in the Hanford, CA Renter Fraction

At 51.81%, the 2015 household based renter fraction in Hanford was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Hanford CA, California, US

Fraction of renters in Hanford

History of Hanford Renter Fraction

Date US California Hanford, CA
2015 36.97% 46.41% 51.81%
2014 36.90% 46.27% 48.59%
2013 36.50% 46.21% 49.56%
2012 36.09% 45.97% 51.02%
2011 35.42% 45.12% 44.06%
2010 34.65% 44.36% 48.67%
2009 34.13% 43.43% 49.36%
2008 33.36% 42.95% 44.66%
2007 32.80% 42.00% 39.68%
2006 32.73% 41.55% 43.65%
2005 33.10% 41.56% 44.29%

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.