Corvallis rent question (rental, purchase, college)

[esya]

Median contract rent in 2007: $685 (lower quartile is $552, upper quartile is $891)

Median rent asked for vacant for-rent units in 2007: $654

Median gross rent in Corvallis, OR in 2007: $779

What is the meaning of all these different figures, esp the last one: median gross rent?

[karlsch]

Originally Posted by esya

Median contract rent in 2007: $685 (lower quartile is $552, upper quartile is $891)

Median rent asked for vacant for-rent units in 2007: $654

Median gross rent in Corvallis, OR in 2007: $779

What is the meaning of all these different figures, esp the last one: median gross rent?

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Definition

[akck]

Median means that half the units are above that amount and half the units are below that amount. Median gross rent means that half paid above and half paid below that amount.

[esya]

Thanks, I got those off city data but did not see the definition. I knew "median" but the "median gross rent" is a very helpful number as one always wants to know the utilities portion.

This tells me that a job I saw posted, while low paying, is not that low paying compared to the cost of a rental in Corvallis. One can expect that a college town has higher purchase prices for the most part.