Department of Numbers

Owensboro Kentucky Residential Rent and Rental Statistics

The median monthly gross residential rent in Owensboro, KY (the Owensboro metro area) was $623 in 2015 according to the Census ACS survey.1 Average gross rent in Owensboro was $599 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 Owensboro median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Owensboro Kentucky (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Kentucky Median Gross Rent $702 +4.00% +10.03%
Owensboro, KY Median Gross Rent $623 -2.81% +0.81%

Owensboro, KY Real Gross Rent Trends

Median gross rent for Owensboro peaked in real terms in 2009 at $651 and is now $28 (4.30%) lower. Average gross rent for Owensboro peaked in real terms in 2013 at $628 and is now $29 (4.62%) lower.

Real Gross Rent in Owensboro: Owensboro KY Median, Owensboro KY Average, Kentucky Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Owensboro

Date US
Median
Kentucky
Median
Owensboro, KY
Median
Owensboro, KY
Average
2015 $959 $702 $623 $599
2014 $930 $675 $641 $621
2013 $898 $663 $622 $628
2012 $886 $638 $618 $553
2011 $887 $637 $611 $574
2010 $901 $646 $591 $586
2009 $905 $659 $651 $569
2008 $920 $645 $574 $520
2007 $874 $624 $585 $536
2006 $883 $634 $576 $543
2005 $858 $621 $544 $514

Owensboro Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Owensboro Kentucky was 9.37% according to Census ACS data.

Rental Vacancy Rate in Owensboro Kentucky

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Kentucky 6.01% -0.22% +0.49%
Owensboro, KY 9.37% +5.58% +5.73%

Trends in Owensboro, KY Rental Vacancy Rate

The rental vacancy rate in Owensboro peaked in 2009 at 13.71%. Since then it has fallen by 4.34% to 9.37%. Data records for this series originated in 2005. From a 2012 post peak low of 3.64%, the rental vacancy rate has increased by 5.73%.

Rental Vacancy Rate: Owensboro KY, Kentucky, US

Rental vacancy rate in Kentucky

Historical Rental Vacancy Rate data for Owensboro

Date US Kentucky Owensboro, KY
2015 5.85% 6.01% 9.37%
2014 6.32% 6.23% 3.79%
2013 6.49% 6.72% 4.45%
2012 6.77% 5.52% 3.64%
2011 7.40% 7.90% 11.30%
2010 8.17% 7.53% 12.29%
2009 8.43% 9.83% 13.71%
2008 7.86% 8.03% 4.74%
2007 7.87% 9.86% 13.02%
2006 7.70% 9.78% 8.36%
2005 7.74% 7.99%

Rent as a Fraction of Income

Using median household income data for Owensboro, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Owensboro, median monthly gross rent as a fraction of median household income was 15.66% in 2015 according to the ACS.

Owensboro Kentucky Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Kentucky 18.63% -0.31% +0.34%
Owensboro, KY 15.66% -2.82% -1.13%

Trends in Owensboro, KY Rent as a Fraction of Income

The fraction of median Owensboro household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.48%. Since then it has fallen by 2.82% to 15.66%.

Fraction of Income towards Rent: Owensboro KY, Kentucky, US

Percent of median household income going towards median monthly gross rent in Owensboro Kentucky

Historical Data for Annual Rent as a Fraction of Income in Owensboro Kentucky

Date US Kentucky Owensboro, KY
2015 20.63% 18.63% 15.66%
2014 20.89% 18.94% 18.48%
2013 20.78% 18.47% 16.26%
2012 20.65% 18.29% 16.79%
2011 20.70% 18.26% 15.81%
2010 20.50% 18.36% 16.41%
2009 20.12% 18.36% 17.21%
2008 19.00% 16.70% 14.81%
2007 18.66% 16.78% 15.18%
2006 18.90% 16.70% 14.73%
2005 18.89% 16.92% 14.91%

Renter Fraction in Owensboro Kentucky

You can calculate the renter fraction in Owensboro 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 Owensboro as a fraction of total Owensboro households. In 2015 28.57% of households were renters according to Census ACS data.

Owensboro Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Kentucky 33.67% -0.26% +0.71%
Owensboro, KY 28.57% -4.84% -0.26%

Trends in the Owensboro, KY Renter Fraction

The Owensboro household renter fraction peaked in in 2014 at 33.41% and is now 4.84% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Owensboro KY, Kentucky, US

Fraction of renters in Owensboro

History of Owensboro Renter Fraction

Date US Kentucky Owensboro, KY
2015 36.97% 33.67% 28.57%
2014 36.90% 33.93% 33.41%
2013 36.50% 32.62% 28.80%
2012 36.09% 32.96% 28.83%
2011 35.42% 31.14% 25.80%
2010 34.65% 31.35% 29.65%
2009 34.13% 31.35% 32.43%
2008 33.36% 30.47% 30.60%
2007 32.80% 29.28% 30.18%
2006 32.73% 29.35% 26.79%
2005 33.10% 29.38% 29.46%

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.