Department of Numbers

Hickory North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in Hickory, NC (the Hickory-Lenoir-Morganton metro area) was $656 in 2016 according to the Census ACS survey.1 Average gross rent in Hickory was $612 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Hickory median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Hickory North Carolina (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
North Carolina Median Gross Rent $839 +0.12% +7.29%
Hickory, NC Median Gross Rent $656 +5.30% +3.63%

Hickory, NC Real Gross Rent Trends

Median gross rent for Hickory peaked in real terms in 2010 at $665 and is now $9 (1.35%) lower. From a recent low of 596.0 in 2012, real median gross rent has now increased by $60 (10.07%). Average gross rent for Hickory peaked in real terms in 2008 at $618 and is now $6 (0.97%) lower. From a recent low of 546.0 in 2012, real average gross rent has now increased by $66 (12.09%).

Real Gross Rent in Hickory: Hickory NC Median, Hickory NC Average, North Carolina Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Hickory

Date US
Median
North Carolina
Median
Hickory, NC
Median
Hickory, NC
Average
2016 $981 $839 $656 $612
2015 $972 $838 $623 $581
2014 $942 $810 $657 $595
2013 $910 $782 $633 $570
2012 $898 $768 $596 $546
2011 $898 $768 $645 $598
2010 $912 $780 $665 $609
2009 $916 $784 $648 $588
2008 $932 $785 $654 $618
2007 $885 $761 $616 $559
2006 $895 $769 $651 $609
2005 $869 $758 $634 $572

Hickory Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Hickory North Carolina was 3.54% according to Census ACS data.

Rental Vacancy Rate in Hickory North Carolina

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
North Carolina 6.99% -0.03% -0.47%
Hickory, NC 3.54% -3.79% -4.52%

Trends in Hickory, NC Rental Vacancy Rate

The rental vacancy rate in Hickory peaked in 2010 at 16.86%. Since then it has fallen by 13.32% to 3.54%. Data records for this series originated in 2005.

Rental Vacancy Rate: Hickory NC, North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for Hickory

Date US North Carolina Hickory, NC
2016 5.89% 6.99% 3.54%
2015 5.85% 7.02% 7.33%
2014 6.32% 7.29% 6.54%
2013 6.49% 7.46% 8.06%
2012 6.77% 8.00% 7.66%
2011 7.40% 9.31% 8.87%
2010 8.17% 9.97% 16.86%
2009 8.43% 10.10% 15.01%
2008 7.86% 9.58% 8.36%
2007 7.87% 9.26% 8.49%
2006 7.70% 9.98% 8.13%
2005 7.74% 9.99% 9.39%

Rent as a Fraction of Income

Using median household income data for Hickory, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hickory, median monthly gross rent as a fraction of median household income was 18.49% in 2016 according to the ACS.

Hickory North Carolina Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
North Carolina 19.90% -0.84% -0.43%
Hickory, NC 18.49% +0.21% -1.35%

Trends in Hickory, NC Rent as a Fraction of Income

The fraction of median Hickory household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 19.84%. Since then it has fallen by 1.35% to 18.49%.

Fraction of Income towards Rent: Hickory NC, North Carolina, US

Percent of median household income going towards median monthly gross rent in Hickory North Carolina

Historical Data for Annual Rent as a Fraction of Income in Hickory North Carolina

Date US North Carolina Hickory, NC
2016 20.43% 19.90% 18.49%
2015 20.63% 20.75% 18.28%
2014 20.89% 20.70% 19.03%
2013 20.78% 20.34% 19.84%
2012 20.65% 20.09% 18.85%
2011 20.70% 20.36% 19.27%
2010 20.50% 20.25% 18.98%
2009 20.12% 19.78% 19.12%
2008 19.00% 17.89% 16.77%
2007 18.66% 18.21% 16.72%
2006 18.90% 18.47% 16.98%
2005 18.89% 18.71% 17.04%

Renter Fraction in Hickory North Carolina

You can calculate the renter fraction in Hickory 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 Hickory as a fraction of total Hickory households. In 2016 31.97% of households were renters according to Census ACS data.

Hickory Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
North Carolina 35.78% -0.35% +0.04%
Hickory, NC 31.97% +2.26% +1.70%

Trends in the Hickory, NC Renter Fraction

At 31.97%, the 2016 household based renter fraction in Hickory was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Hickory NC, North Carolina, US

Fraction of renters in Hickory

History of Hickory Renter Fraction

Date US North Carolina Hickory, NC
2016 36.88% 35.78% 31.97%
2015 36.97% 36.13% 29.71%
2014 36.90% 35.75% 30.60%
2013 36.50% 35.74% 30.27%
2012 36.09% 34.56% 30.27%
2011 35.42% 33.49% 28.06%
2010 34.65% 32.83% 26.59%
2009 34.13% 32.81% 26.06%
2008 33.36% 31.82% 27.91%
2007 32.80% 31.70% 26.07%
2006 32.73% 31.94% 25.65%
2005 33.10% 31.81% 26.46%

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.