Kokomo Indiana Residential Rent and Rental Statistics
The median monthly gross residential rent in Kokomo, IN (the Kokomo metro area) was $685 in 2019 according to the Census ACS survey.1 Average gross rent in Kokomo was $671 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 Kokomo median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Kokomo Indiana (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Indiana Median Gross Rent | $840 | +0.60% | +4.48% |
| Kokomo, IN Median Gross Rent | $685 | -2.97% | -4.60% |
Kokomo, IN Real Gross Rent Trends
Median gross rent for Kokomo peaked in real terms in 2005 at $781 and is now $96 (12.29%) lower. From a recent low of 622.0 in 2013, real median gross rent has now increased by $63 (10.13%). Average gross rent for Kokomo peaked in real terms in 2005 at $798 and is now $127 (15.91%) lower. From a recent low of 593.0 in 2013, real average gross rent has now increased by $78 (13.15%).
Real Gross Rent in Kokomo: Kokomo IN Median, Kokomo IN Average, Indiana Median, US Median
Real Gross Rent History for Kokomo
| Date | US Median |
Indiana Median |
Kokomo, IN Median |
Kokomo, IN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $840 | $685 | $671 |
| 2018 | $1,077 | $835 | $706 | $752 |
| 2017 | $1,043 | $818 | $709 | $722 |
| 2016 | $1,027 | $804 | $718 | $680 |
| 2015 | $1,017 | $804 | $679 | $683 |
| 2014 | $986 | $795 | $725 | $701 |
| 2013 | $953 | $769 | $622 | $593 |
| 2012 | $940 | $761 | $691 | $629 |
| 2011 | $941 | $764 | $631 | $651 |
| 2010 | $955 | $763 | $675 | $665 |
| 2009 | $960 | $783 | $728 | $654 |
| 2007 | $927 | $750 | $679 | $597 |
| 2005 | $910 | $769 | $781 | $798 |
Kokomo 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 Kokomo Indiana was 9.36% according to Census ACS data.
Rental Vacancy Rate in Kokomo Indiana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Indiana | 6.89% | +0.30% | -0.07% |
| 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 4.61% to 9.36%. Data records for this series originated in 2005. From a 2016 post peak low of 7.34%, the rental vacancy rate has increased by 2.02%.
Rental Vacancy Rate: Kokomo IN, Indiana, US
Historical Rental Vacancy Rate data for Kokomo
| Date | US | Indiana | Kokomo, IN |
|---|---|---|---|
| 2019 | 5.97% | 6.89% | — |
| 2018 | 6.15% | 6.59% | — |
| 2017 | 6.18% | 7.14% | 9.36% |
| 2016 | 5.89% | 6.96% | 7.34% |
| 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% |
| 2007 | 7.87% | 9.72% | — |
| 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 15.38% in 2019 according to the ACS.
Kokomo Indiana Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Indiana | 17.50% | -0.15% | -0.12% |
| Kokomo, IN | 15.38% | +0.50% | -2.63% |
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 4.17% to 15.38%. From a 2018 low of 14.89%, the fraction of income going to rent has increased by 0.50%.
Fraction of Income towards Rent: Kokomo IN, Indiana, US
Historical Data for Annual Rent as a Fraction of Income in Kokomo Indiana
| Date | US | Indiana | Kokomo, IN |
|---|---|---|---|
| 2019 | 20.03% | 17.50% | 15.38% |
| 2018 | 20.50% | 17.65% | 14.89% |
| 2017 | 20.13% | 17.56% | 16.73% |
| 2016 | 20.43% | 17.62% | 18.01% |
| 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% |
| 2007 | 18.66% | 16.14% | 15.40% |
| 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 2019 27.03% of households were renters according to Census ACS data.
Kokomo Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Indiana | 30.69% | -0.37% | -0.96% |
| Kokomo, IN | 27.03% | -5.03% | -6.56% |
Trends in the Kokomo, IN Renter Fraction
The Kokomo household renter fraction peaked in in 2014 at 34.60% and is now 7.57% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Kokomo IN, Indiana, US
History of Kokomo Renter Fraction
| Date | US | Indiana | Kokomo, IN |
|---|---|---|---|
| 2019 | 35.89% | 30.69% | 27.03% |
| 2018 | 36.05% | 31.06% | 32.06% |
| 2017 | 36.13% | 30.96% | 28.53% |
| 2016 | 36.88% | 31.65% | 33.59% |
| 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% |
| 2007 | 32.80% | 28.37% | 27.90% |
| 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. ↩
