Department of Numbers

Kokomo Indiana Residential Rent and Rental Statistics

The median monthly gross residential rent in Kokomo, IN (the Kokomo metro area) was $640 in 2015 according to the Census ACS survey.1 Average gross rent in Kokomo was $644 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 Kokomo median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Kokomo Indiana (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Indiana Median Gross Rent $758 +1.20% +5.72%
Kokomo, IN Median Gross Rent $640 -6.43% -1.84%

Kokomo, IN Real Gross Rent Trends

Median gross rent for Kokomo peaked in real terms in 2005 at $737 and is now $97 (13.16%) lower. From a recent low of 587.0 in 2013, real median gross rent has now increased by $53 (9.03%). Average gross rent for Kokomo peaked in real terms in 2005 at $752 and is now $108 (14.36%) lower. From a recent low of 559.0 in 2013, real average gross rent has now increased by $85 (15.21%).

Real Gross Rent in Kokomo: Kokomo IN Median, Kokomo IN Average, Indiana Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Kokomo

Date US
Median
Indiana
Median
Kokomo, IN
Median
Kokomo, IN
Average
2015 $959 $758 $640 $644
2014 $930 $749 $684 $661
2013 $898 $725 $587 $559
2012 $886 $717 $652 $593
2011 $887 $720 $595 $614
2010 $901 $719 $636 $627
2009 $905 $738 $687 $617
2008 $920 $748 $728 $645
2007 $874 $707 $640 $563
2006 $883 $739 $710 $640
2005 $858 $725 $737 $752

Kokomo Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2009 the rental vacancy rate for Kokomo Indiana was 7.54% according to Census ACS data.

Rental Vacancy Rate in Kokomo Indiana

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Indiana 7.94% -0.15% -0.49%
Kokomo, IN

Trends in Kokomo, IN Rental Vacancy Rate

The rental vacancy rate in Kokomo peaked in 2008 at 13.97%. Since then it has fallen by 6.43% to 7.54%. Data records for this series originated in 2005.

Rental Vacancy Rate: Kokomo IN, Indiana, US

Rental vacancy rate in Indiana

Historical Rental Vacancy Rate data for Kokomo

Date US Indiana Kokomo, IN
2015 5.85% 7.94%
2014 6.32% 8.09%
2013 6.49% 7.00%
2012 6.77% 8.43%
2011 7.40% 8.47%
2010 8.17% 8.78%
2009 8.43% 10.44% 7.54%
2008 7.86% 9.02% 13.97%
2007 7.87% 9.72%
2006 7.70% 11.17% 8.10%
2005 7.74% 10.67%

Rent as a Fraction of Income

Using median household income data for Kokomo, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Kokomo, median monthly gross rent as a fraction of median household income was 16.41% in 2015 according to the ACS.

Kokomo Indiana Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Indiana 18.00% -0.27% -0.26%
Kokomo, IN 16.41% -1.07% -3.14%

Trends in Kokomo, IN Rent as a Fraction of Income

The fraction of median Kokomo household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 19.56%. Since then it has fallen by 3.14% to 16.41%.

Fraction of Income towards Rent: Kokomo IN, Indiana, US

Percent of median household income going towards median monthly gross rent in Kokomo Indiana

Historical Data for Annual Rent as a Fraction of Income in Kokomo Indiana

Date US Indiana Kokomo, IN
2015 20.63% 18.00% 16.41%
2014 20.89% 18.27% 17.48%
2013 20.78% 18.43% 16.02%
2012 20.65% 18.27% 19.56%
2011 20.70% 18.27% 17.46%
2010 20.50% 18.37% 17.60%
2009 20.12% 18.15% 16.10%
2008 19.00% 16.76% 16.27%
2007 18.66% 16.14% 15.40%
2006 18.90% 16.87% 17.03%
2005 18.89% 16.78% 16.10%

Renter Fraction in Kokomo Indiana

You can calculate the renter fraction in Kokomo 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 Kokomo as a fraction of total Kokomo households. In 2015 31.62% of households were renters according to Census ACS data.

Kokomo Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Indiana 31.82% +0.40% +1.20%
Kokomo, IN 31.62% -2.98% +2.96%

Trends in the Kokomo, IN Renter Fraction

The Kokomo household renter fraction peaked in in 2014 at 34.60% and is now 2.98% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Kokomo IN, Indiana, US

Fraction of renters in Kokomo

History of Kokomo Renter Fraction

Date US Indiana Kokomo, IN
2015 36.97% 31.82% 31.62%
2014 36.90% 31.42% 34.60%
2013 36.50% 31.48% 31.83%
2012 36.09% 30.62% 28.66%
2011 35.42% 30.28% 29.66%
2010 34.65% 29.71% 29.71%
2009 34.13% 29.57% 26.85%
2008 33.36% 28.17% 30.44%
2007 32.80% 28.37% 27.90%
2006 32.73% 27.88% 29.74%
2005 33.10% 28.00% 28.80%

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.