Broome County New York Residential Rent and Rental Statistics
The median monthly gross residential rent in Broome County NY was $779 in 2019 according to the Census ACS survey.1 Average gross rent in Broome County was $832 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 Broome County median and average rent data will be released in September of 2021.
Data is also available below for Broome County rental vacancy rates, Broome County rent as a percent of median income and the fraction of renters in Broome County.
Real Gross Rent in Broome County New York (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New York Median Gross Rent | $1,309 | +0.93% | +4.72% |
| Broome County NY Median Gross Rent | $779 | +0.52% | -0.13% |
Broome County NY Real Gross Rent Trends
Median gross rent for Broome County peaked in real terms in 2016 at $780 and is now $1 (0.13%) lower. At $832, real average gross rent in Broome County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Broome County NY Median, Broome County NY Average, New York Median, US Median
Real Gross Rent History for Broome County
| Date | US Median |
New York Median |
Broome County NY Median |
Broome County NY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,309 | $779 | $832 |
| 2018 | $1,077 | $1,297 | $775 | $783 |
| 2017 | $1,043 | $1,264 | $768 | $790 |
| 2016 | $1,027 | $1,250 | $780 | $803 |
| 2015 | $1,017 | $1,244 | $742 | $816 |
| 2014 | $986 | $1,212 | $777 | $806 |
| 2013 | $953 | $1,168 | $673 | $704 |
| 2012 | $940 | $1,148 | $723 | $755 |
| 2011 | $941 | $1,143 | $728 | $763 |
| 2010 | $955 | $1,140 | $723 | $736 |
| 2009 | $960 | $1,121 | $723 | $725 |
| 2007 | $927 | $1,066 | $684 | $693 |
| 2005 | $910 | $1,051 | $671 | $696 |
Broome County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Broome County New York was 10.32% according to Census ACS data.
Rental Vacancy Rate in Broome County New York
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New York | 4.00% | -0.20% | -0.42% |
| Broome County NY | 10.32% | +1.19% | +6.09% |
Trends in Broome County NY Rental Vacancy Rate
The rental vacancy rate in Broome County peaked in 2017 at 11.01%. Since then it has fallen by 0.69% to 10.32%. Data records for this series originated in 2005.
Rental Vacancy Rate: Broome County NY, New York, US
Historical Rental Vacancy Rate data for Broome County
| Date | US | New York | Broome County NY |
|---|---|---|---|
| 2019 | 5.97% | 4.00% | 10.32% |
| 2018 | 6.15% | 4.20% | 9.13% |
| 2017 | 6.18% | 4.19% | 11.01% |
| 2016 | 5.89% | 4.42% | 4.23% |
| 2015 | 5.85% | 4.41% | 6.52% |
| 2014 | 6.32% | 4.34% | 8.95% |
| 2013 | 6.49% | 4.17% | 9.41% |
| 2012 | 6.77% | 4.34% | — |
| 2011 | 7.40% | 4.48% | 5.62% |
| 2010 | 8.17% | 5.03% | 8.14% |
| 2009 | 8.43% | 4.78% | 5.69% |
| 2007 | 7.87% | 4.70% | 8.38% |
| 2005 | 7.74% | 4.80% | 7.22% |
Rent as a Fraction of Income
Using median household income data for Broome County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Broome County, median monthly gross rent as a fraction of median household income was 17.97% in 2019 according to the ACS.
Broome County New York Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New York | 21.78% | -0.75% | -0.99% |
| Broome County NY | 17.97% | +0.11% | +0.26% |
Trends in Broome County NY Rent as a Fraction of Income
The fraction of median Broome County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.88%. Since then it has fallen by 0.91% to 17.97%.
Fraction of Income towards Rent: Broome County NY, New York, US
Historical Data for Annual Rent as a Fraction of Income in Broome County New York
| Date | US | New York | Broome County NY |
|---|---|---|---|
| 2019 | 20.03% | 21.78% | 17.97% |
| 2018 | 20.50% | 22.53% | 17.86% |
| 2017 | 20.13% | 22.67% | 18.72% |
| 2016 | 20.43% | 22.78% | 17.72% |
| 2015 | 20.63% | 23.13% | 18.17% |
| 2014 | 20.89% | 23.40% | 18.88% |
| 2013 | 20.78% | 23.20% | 16.83% |
| 2012 | 20.65% | 22.94% | 18.06% |
| 2011 | 20.70% | 22.98% | 18.32% |
| 2010 | 20.50% | 22.60% | 17.46% |
| 2009 | 20.12% | 21.60% | 17.57% |
| 2007 | 18.66% | 20.34% | 15.87% |
| 2005 | 18.89% | 20.40% | 17.71% |
Renter Fraction in Broome County New York
You can calculate the renter fraction in Broome 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 Broome County as a fraction of total Broome County households. In 2019 35.95% of households were renters according to Census ACS data.
Broome County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New York | 46.48% | +0.15% | -0.24% |
| Broome County NY | 35.95% | +0.10% | +0.12% |
Trends in the Broome County NY Renter Fraction
At 35.95%, the 2019 household based renter fraction in Broome County was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Broome County NY, New York, US
History of Broome County Renter Fraction
| Date | US | New York | Broome County NY |
|---|---|---|---|
| 2019 | 35.89% | 46.48% | 35.95% |
| 2018 | 36.05% | 46.33% | 35.85% |
| 2017 | 36.13% | 46.20% | 34.94% |
| 2016 | 36.88% | 46.72% | 35.83% |
| 2015 | 36.97% | 46.93% | 35.73% |
| 2014 | 36.90% | 47.02% | 35.57% |
| 2013 | 36.50% | 46.35% | 32.06% |
| 2012 | 36.09% | 46.35% | 33.96% |
| 2011 | 35.42% | 46.41% | 33.97% |
| 2010 | 34.65% | 45.75% | 32.96% |
| 2009 | 34.13% | 44.97% | 34.09% |
| 2007 | 32.80% | 44.48% | 32.45% |
| 2005 | 33.10% | 44.67% | 34.78% |
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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