Department of Numbers

Howard County Indiana Residential Rent and Rental Statistics

The median monthly gross residential rent in Howard County IN was $688 in 2017 according to the Census ACS survey.1 Average gross rent in Howard County was $700 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Howard County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Howard County Indiana (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Indiana Median Gross Rent $793 +1.67% +2.85%
Howard County IN Median Gross Rent $688 -1.29% -2.13%

Howard County IN Real Gross Rent Trends

Median gross rent for Howard County peaked in real terms in 2008 at $758 and is now $70 (9.23%) lower. From a recent low of 601.0 in 2011, real median gross rent has now increased by $87 (14.48%). Average gross rent for Howard County peaked in real terms in 2005 at $732 and is now $32 (4.37%) lower. From a recent low of 575.0 in 2013, real average gross rent has now increased by $125 (21.74%).

Real Gross Rent: Howard County IN Median, Howard County IN Average, Indiana Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Howard County

Date US
Median
Indiana
Median
Howard County IN
Median
Howard County IN
Average
2017 $1,012 $793 $688 $700
2016 $996 $780 $697 $659
2015 $987 $780 $658 $663
2014 $956 $771 $703 $680
2013 $924 $746 $604 $575
2012 $912 $738 $671 $618
2011 $912 $741 $601 $638
2010 $927 $740 $658 $658
2009 $931 $759 $713 $637
2008 $947 $770 $758 $674
2007 $899 $727 $657 $578
2006 $909 $760 $728 $648

Howard County 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 Howard County Indiana was 9.36% according to Census ACS data.

Rental Vacancy Rate in Howard County Indiana

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Indiana 7.14% +0.18% -0.95%
Howard County IN 9.36% +2.02%

Trends in Howard County IN Rental Vacancy Rate

At 9.36%, Howard County residential rental vacancy rate in 2017 is at the highest point since 2005, the beginning of our reporting for this series.

Rental Vacancy Rate: Howard County IN, Indiana, US

Rental vacancy rate in Indiana

Historical Rental Vacancy Rate data for Howard County

Date US Indiana Howard County IN
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% 8.23%
2008 7.86% 9.02%
2007 7.87% 9.72%
2006 7.70% 11.17%

Rent as a Fraction of Income

Using median household income data for Howard County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Howard County, median monthly gross rent as a fraction of median household income was 16.73% in 2017 according to the ACS.

Howard County Indiana Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Indiana 17.56% -0.05% -0.71%
Howard County IN 16.73% -1.28% -0.75%

Trends in Howard County IN Rent as a Fraction of Income

The fraction of median Howard County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 20.08%. Since then it has fallen by 3.35% to 16.73%.

Fraction of Income towards Rent: Howard County IN, Indiana, US

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

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

Date US Indiana Howard County IN
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% 20.08%
2011 20.70% 18.27% 18.32%
2010 20.50% 18.37% 19.83%
2009 20.12% 18.15% 16.24%
2008 19.00% 16.76% 16.46%
2007 18.66% 16.14% 15.61%
2006 18.90% 16.87% 17.43%

Renter Fraction in Howard County Indiana

You can calculate the renter fraction in Howard County 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 Howard County as a fraction of total Howard County households. In 2017 28.53% of households were renters according to Census ACS data.

Howard County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Indiana 30.96% -0.69% -0.46%
Howard County IN 28.53% -5.06% -6.07%

Trends in the Howard County IN Renter Fraction

The Howard County household renter fraction peaked in in 2014 at 34.60% and is now 6.07% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Howard County IN, Indiana, US

Fraction of renters in Howard County

History of Howard County Renter Fraction

Date US Indiana Howard County IN
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% 30.07%
2011 35.42% 30.28% 31.10%
2010 34.65% 29.71% 31.28%
2009 34.13% 29.57% 28.78%
2008 33.36% 28.17% 31.85%
2007 32.80% 28.37% 28.74%
2006 32.73% 27.88% 30.92%

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.