Boone County Kentucky Residential Rent and Rental Statistics
The median monthly gross residential rent in Boone County KY was $964 in 2019 according to the Census ACS survey.1 Average gross rent in Boone County was $950 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 Boone County median and average rent data will be released in September of 2021.
Data is also available below for Boone County rental vacancy rates, Boone County rent as a percent of median income and the fraction of renters in Boone County.
Real Gross Rent in Boone County Kentucky (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Kentucky Median Gross Rent | $773 | -2.52% | +4.46% |
| Boone County KY Median Gross Rent | $964 | -3.31% | -3.50% |
Boone County KY Real Gross Rent Trends
Median gross rent for Boone County peaked in real terms in 2016 at $999 and is now $35 (3.50%) lower. Average gross rent for Boone County peaked in real terms in 2016 at $1,061 and is now $111 (10.46%) lower.
Real Gross Rent: Boone County KY Median, Boone County KY Average, Kentucky Median, US Median
Real Gross Rent History for Boone County
| Date | US Median |
Kentucky Median |
Boone County KY Median |
Boone County KY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $773 | $964 | $950 |
| 2018 | $1,077 | $793 | $997 | $1,054 |
| 2017 | $1,043 | $747 | $931 | $969 |
| 2016 | $1,027 | $740 | $999 | $1,061 |
| 2015 | $1,017 | $745 | $990 | $1,060 |
| 2014 | $986 | $716 | $906 | $945 |
| 2013 | $953 | $703 | $913 | $990 |
| 2012 | $940 | $677 | $931 | $951 |
| 2011 | $941 | $676 | $876 | $874 |
| 2010 | $955 | $685 | $942 | $1,035 |
| 2009 | $960 | $699 | $953 | $969 |
| 2007 | $927 | $661 | $851 | $962 |
| 2005 | $910 | $659 | $896 | $949 |
Boone County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2010 the rental vacancy rate for Boone County Kentucky was 8.31% according to Census ACS data.
Rental Vacancy Rate in Boone County Kentucky
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Kentucky | 6.36% | +0.18% | +0.54% |
| Boone County KY | — | — | — |
Trends in Boone County KY Rental Vacancy Rate
The rental vacancy rate in Boone County peaked in 2007 at 12.46%. Since then it has fallen by 4.15% to 8.31%. Data records for this series originated in 2005.
Rental Vacancy Rate: Boone County KY, Kentucky, US
Historical Rental Vacancy Rate data for Boone County
| Date | US | Kentucky | Boone County KY |
|---|---|---|---|
| 2019 | 5.97% | 6.36% | — |
| 2018 | 6.15% | 6.18% | — |
| 2017 | 6.18% | 5.49% | — |
| 2016 | 5.89% | 5.82% | — |
| 2015 | 5.85% | 6.01% | — |
| 2014 | 6.32% | 6.23% | — |
| 2013 | 6.49% | 6.72% | — |
| 2012 | 6.77% | 5.52% | — |
| 2011 | 7.40% | 7.90% | — |
| 2010 | 8.17% | 7.53% | 8.31% |
| 2009 | 8.43% | 9.83% | — |
| 2007 | 7.87% | 9.86% | 12.46% |
| 2005 | 7.74% | 7.99% | — |
Rent as a Fraction of Income
Using median household income data for Boone County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Boone County, median monthly gross rent as a fraction of median household income was 15.13% in 2019 according to the ACS.
Boone County Kentucky Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Kentucky | 17.74% | -0.87% | -0.45% |
| Boone County KY | 15.13% | -0.04% | -0.68% |
Trends in Boone County KY Rent as a Fraction of Income
The fraction of median Boone County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 16.70%. Since then it has fallen by 1.57% to 15.13%.
Fraction of Income towards Rent: Boone County KY, Kentucky, US
Historical Data for Annual Rent as a Fraction of Income in Boone County Kentucky
| Date | US | Kentucky | Boone County KY |
|---|---|---|---|
| 2019 | 20.03% | 17.74% | 15.13% |
| 2018 | 20.50% | 18.60% | 15.17% |
| 2017 | 20.13% | 17.96% | 13.82% |
| 2016 | 20.43% | 18.18% | 15.82% |
| 2015 | 20.63% | 18.63% | 16.70% |
| 2014 | 20.89% | 18.94% | 15.66% |
| 2013 | 20.78% | 18.47% | 16.15% |
| 2012 | 20.65% | 18.29% | 15.93% |
| 2011 | 20.70% | 18.26% | 15.31% |
| 2010 | 20.50% | 18.36% | 15.80% |
| 2009 | 20.12% | 18.36% | 14.67% |
| 2007 | 18.66% | 16.78% | 12.92% |
| 2005 | 18.89% | 16.92% | 15.88% |
Renter Fraction in Boone County Kentucky
You can calculate the renter fraction in Boone 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 Boone County as a fraction of total Boone County households. In 2019 23.24% of households were renters according to Census ACS data.
Boone County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Kentucky | 32.99% | +0.38% | -0.17% |
| Boone County KY | 23.24% | -4.14% | -3.97% |
Trends in the Boone County KY Renter Fraction
The Boone County household renter fraction peaked in in 2005 at 32.06% and is now 8.82% below that level. From a recent low of 20.43% in 2011, the household based renter fraction has now grown by 2.81%. The origin year for the series is 2005.
Fraction of Renting Households: Boone County KY, Kentucky, US
History of Boone County Renter Fraction
| Date | US | Kentucky | Boone County KY |
|---|---|---|---|
| 2019 | 35.89% | 32.99% | 23.24% |
| 2018 | 36.05% | 32.61% | 27.38% |
| 2017 | 36.13% | 33.53% | 24.33% |
| 2016 | 36.88% | 33.16% | 27.21% |
| 2015 | 36.97% | 33.67% | 30.30% |
| 2014 | 36.90% | 33.93% | 27.60% |
| 2013 | 36.50% | 32.62% | 28.25% |
| 2012 | 36.09% | 32.96% | 27.89% |
| 2011 | 35.42% | 31.14% | 20.43% |
| 2010 | 34.65% | 31.35% | 24.13% |
| 2009 | 34.13% | 31.35% | 21.50% |
| 2007 | 32.80% | 29.28% | 23.96% |
| 2005 | 33.10% | 29.38% | 32.06% |
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. ↩
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