Burke County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Burke County NC was $643 in 2019 according to the Census ACS survey.1 Average gross rent in Burke County was $603 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 Burke County median and average rent data will be released in September of 2021.
Data is also available below for Burke County rental vacancy rates, Burke County rent as a percent of median income and the fraction of renters in Burke County.
Real Gross Rent in Burke County North Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| North Carolina Median Gross Rent | $931 | +1.64% | +5.92% |
| Burke County NC Median Gross Rent | $643 | -1.53% | -3.16% |
Burke County NC Real Gross Rent Trends
Median gross rent for Burke County peaked in real terms in 2010 at $694 and is now $51 (7.35%) lower. From a recent low of 611.0 in 2012, real median gross rent has now increased by $32 (5.24%). Average gross rent for Burke County peaked in real terms in 2017 at $646 and is now $43 (6.66%) lower.
Real Gross Rent: Burke County NC Median, Burke County NC Average, North Carolina Median, US Median
Real Gross Rent History for Burke County
| Date | US Median |
North Carolina Median |
Burke County NC Median |
Burke County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $643 | $603 |
| 2018 | $1,077 | $916 | $653 | $609 |
| 2017 | $1,043 | $888 | $678 | $646 |
| 2016 | $1,027 | $879 | $664 | $592 |
| 2015 | $1,017 | $877 | $621 | $575 |
| 2014 | $986 | $848 | $666 | $572 |
| 2013 | $953 | $819 | $637 | $527 |
| 2012 | $940 | $804 | $611 | $508 |
| 2011 | $941 | $805 | $647 | $607 |
| 2010 | $955 | $817 | $694 | $616 |
| 2009 | $960 | $821 | $654 | $561 |
| 2007 | $927 | $797 | $639 | $542 |
| 2005 | $910 | $794 | $663 | $610 |
Burke 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 Burke County North Carolina was 5.94% according to Census ACS data.
Rental Vacancy Rate in Burke County North Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Carolina | 6.60% | -0.43% | -0.39% |
| Burke County NC | 5.94% | — | — |
Trends in Burke County NC Rental Vacancy Rate
The rental vacancy rate in Burke County peaked in 2009 at 12.68%. Since then it has fallen by 6.74% to 5.94%. Data records for this series originated in 2005.
Rental Vacancy Rate: Burke County NC, North Carolina, US
Historical Rental Vacancy Rate data for Burke County
| Date | US | North Carolina | Burke County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 5.94% |
| 2018 | 6.15% | 7.03% | — |
| 2017 | 6.18% | 6.77% | 7.86% |
| 2016 | 5.89% | 6.99% | — |
| 2015 | 5.85% | 7.02% | 7.84% |
| 2014 | 6.32% | 7.29% | — |
| 2013 | 6.49% | 7.46% | — |
| 2012 | 6.77% | 8.00% | 9.95% |
| 2011 | 7.40% | 9.31% | — |
| 2010 | 8.17% | 9.97% | 12.09% |
| 2009 | 8.43% | 10.10% | 12.68% |
| 2007 | 7.87% | 9.26% | — |
| 2005 | 7.74% | 9.99% | 10.13% |
Rent as a Fraction of Income
Using median household income data for Burke County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Burke County, median monthly gross rent as a fraction of median household income was 16.29% in 2019 according to the ACS.
Burke County North Carolina Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| North Carolina | 19.48% | -0.57% | -0.42% |
| Burke County NC | 16.29% | -1.32% | -2.57% |
Trends in Burke County NC Rent as a Fraction of Income
The fraction of median Burke County household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 21.75%. Since then it has fallen by 5.46% to 16.29%.
Fraction of Income towards Rent: Burke County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Burke County North Carolina
| Date | US | North Carolina | Burke County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 16.29% |
| 2018 | 20.50% | 20.05% | 17.62% |
| 2017 | 20.13% | 19.59% | 19.61% |
| 2016 | 20.43% | 19.90% | 18.86% |
| 2015 | 20.63% | 20.75% | 16.34% |
| 2014 | 20.89% | 20.70% | 20.42% |
| 2013 | 20.78% | 20.34% | 21.75% |
| 2012 | 20.65% | 20.09% | 18.47% |
| 2011 | 20.70% | 20.36% | 19.58% |
| 2010 | 20.50% | 20.25% | 19.54% |
| 2009 | 20.12% | 19.78% | 19.68% |
| 2007 | 18.66% | 18.21% | 19.40% |
| 2005 | 18.89% | 18.71% | 19.29% |
Renter Fraction in Burke County North Carolina
You can calculate the renter fraction in Burke 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 Burke County as a fraction of total Burke County households. In 2019 24.76% of households were renters according to Census ACS data.
Burke County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| North Carolina | 34.69% | -0.17% | -1.09% |
| Burke County NC | 24.76% | +0.61% | -7.01% |
Trends in the Burke County NC Renter Fraction
The Burke County household renter fraction peaked in in 2016 at 31.77% and is now 7.01% below that level. From a recent low of 24.15% in 2018, the household based renter fraction has now grown by 0.61%. The origin year for the series is 2005.
Fraction of Renting Households: Burke County NC, North Carolina, US
History of Burke County Renter Fraction
| Date | US | North Carolina | Burke County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 24.76% |
| 2018 | 36.05% | 34.86% | 24.15% |
| 2017 | 36.13% | 34.60% | 25.93% |
| 2016 | 36.88% | 35.78% | 31.77% |
| 2015 | 36.97% | 36.13% | 27.00% |
| 2014 | 36.90% | 35.75% | 31.01% |
| 2013 | 36.50% | 35.74% | 30.56% |
| 2012 | 36.09% | 34.56% | 28.96% |
| 2011 | 35.42% | 33.49% | 28.03% |
| 2010 | 34.65% | 32.83% | 26.14% |
| 2009 | 34.13% | 32.81% | 28.34% |
| 2007 | 32.80% | 31.70% | 26.87% |
| 2005 | 33.10% | 31.81% | 28.20% |
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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