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Rental Market Conditions by Metropolitan Area
In 2009, median gross rent in the metro areas in the United States ranged from $495 in the Johnstown, PA Metro Area and the Wheeling, WV-OH Metro to $1,414 in the San Jose-Sunnyvale- Santa Clara, CA Metro compared with the national median of $842. Rental housing is advancing to the top of the national housing agenda. The past 30 years have witnessed a housing policy that has been focused on promoting homeownership. The large gap between the number of renting households and the units that they can afford will only grow as foreclosures persist and home mortgages become increasingly scarce for all but the most qualified buyers. As a result, rental housing is getting a second look as an important component of a national housing policy.
This section builds on the related Census Bureau brief and provides an interactive ranking table to examine characteristics of the rental housing market for individual and among metropolitan statistical areas. This section will update in fall 2011 with 2010 characteristics. Portions of the ACS 2009 DP4 dataset have been integrated into the Metro GIS Toolset. Download and use the Metro GIS Toolset; optionally combine your own data; examine your markets. The thematic map, above and to right, shows the rental vacancy rate by metro. The thematic pattern map was prepared using the CommunityViewer GIS with the Metro GIS Toolset. Compare metros of interest to the national RVR of 8.4%. Data presented in the ranking table are part of a broader set of demographic-economic profiles. Use the pick-from list tables to view profiles for individual states, congressional districts, metro areas. Rental Housing Market Measures
Housing Costs
In 2009, median gross rent in the metro areas in the United States ranged from $495 in the Johnstown, PA Metro Area and the Wheeling, WV-OH Metro Area to $1,414 in the San Jose-Sunnyvale- Santa Clara, CA Metro Area compared with the national median of $842. Among the 366 metro areas, 247 (67.5 percent) had a median gross rent below the national median, 68 (18.6 percent) had a median gross rent above the national median and 51 (13.9 percent) were not statistically different from the national median. A comparison of all metro areas to the national median masks the tighter rental conditions faced by renters living in higher density metro areas. Renter Burden Nationwide, nearly 2 in 5 renter households (42.5 percent) were burdened by housing costs consuming 35 percent or more of their incomes. Housing cost burdens ranged from a low of 23.2 percent of renting households in the Casper, WY Metro Area to a high of 62.7 percent of renting households in the College Station-Bryan, TX Metro Area. Many of the metros with the higher cost burden is due to a relatively large student population. Renters living in 196 of the 366 metro areas (53.6 percent) mirrored the nation, with no statistical difference between their shares of burdened renters and the national 42.5 percent share. Rental Vacancy Rate Nationwide, the rental vacancy rate was 8.4 percent. The rates in the nation’s metro areas ranged from 0.5 percent in the Logan, UT-ID Metro Area to 33.4 percent in the Myrtle Beach-North Myrtle Beach- Conway, SC Metro Area. Excess rental inventory was less likely to plague metro areas than the national rental housing market as a whole, with 107 (29.2 percent) of all metro areas having a rental vacancy rate below the national rental vacancy rate and 72 (19.7 percent) having vacancy rates above the national rate. Rental Market Conditions by Metro Interactive Ranking Table ... rank by column Click column header to sort; click again to sort other direction. See related Ranking Tables Main Page Usage Notes • Click on a column header to sort on that column; click column header again to sort in other direction. • Click ShowAll button to show all areas and restore full set of data view. • Click State to view metros in a selected state (click ShowAll between selections). • Find by Name: key in partial area name in text box to right of Find-in-Name button then click button to locate all matches (case sensitive). • See related ranking tables. Column Headers All items are for calendar years 2009 • CBSA - Core-Based Statistical Area Code • State - dominant MSA state • $MHI - median household income • OccHU09 - Occupied Housing Units • HUOwn09 - Occupied Housing Units, Owner Occupied • HURent09 - Occupied Housing Units, Renter Occupied • %HURent09 - Percent Renter Occupied Housing Units • $MdRent09 - Median Gross Rent • RentPd09 - Occupied Housing Units, Renter Occupied with paid rent • >35Pct - Renters spending 35% or more of income for gross rent • %>35Pct - Renters spending 35% or more of income for gross rent (percent) • RVacRate - Rental Vacancy Rate Terms and Definitions Gross rent. The monthly amount of rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuels (oil, coal, kerosene, wood, etc.). Gross rent as a percentage of income. The ratio of gross rent to household income. It is used as a measure of housing aff ordability by policymakers and as a determinant of eligibility for federal housing programs and is often referred to as housing cost burden. A renting household is considered “burdened” if the household is required to spend 35 percent or more of its income on housing costs. Rental vacancy rate. The proportion of the rental inventory that is vacant “for rent.” It is computed by dividing the number of vacant units “for rent” by the sum of renter-occupied units, vacant units “for rent,” and vacant units that have been rented but not yet occupied, and then multiplying by 100. Additional Information Proximity develops geographic-demographic-economic data and analytical tools and helps organizations knit together and use diverse data in a decision-making and analytical framework. We develop custom demographic/economic estimates and projections, develop geographic and geocoded address files, and assist with impact and geospatial analyses. Wide-ranging organizations use our tools (software, data, methodologies) to analyze their own data integrated with other data. Contact Proximity (888-364-7656) with questions about data covered in this section or to discuss custom estimates, projections or analyses for your areas of interest. |
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