Wednesday, June 1, 2011

HUD Income Limits for FY 2011 are Out.

Hmm....8 months into the Fiscal Year HUD has finally released its FY 2011 income limits. 

Main page is HERE, lots of downloading options, read carefully to view income limit data appropriate for each program of interest. If you're a glutton for punishment, documentation of the FY 2011 MFI for each area can be reviewed in great detail; start your search HERE.

To keep it simple, I prepared HERE an Oregon county table of HUD Median Family Incomes, including one year and 10 year comparisons. 

Some observations: 
  1. Several counties got one year median family increases of 10% or more: Baker (12%), Curry (18.6%), Hood River (12.5%), Lincoln (10.4%).
  2. Only one county saw a one year decrease of 10% or more: Sherman County (17.1%).
  3. Benton Count has the largest FY 2011 MFI ($73,200) while Wheeler has the lowest ($43,100).
  4. The Portland metro MFI increased by 1.1% to $72,000.
  5. Not on table: FY 2010-FY 2011, Oregon statewide MFI went up from $61,800 to $63,100, a 2.1% increase. I calculate 120% of FY 2011 statewide MFI (used for Hardest Hit program) as $75,720, but I would check with OHSI to confirm any income limit change for HH program.
  6. Future reference:  A $400 annual increase in annual income means that a monthly rent increase of $10 would use 30% of the increased monthly income. Said differently, monthly rent increases of more than $10 would be a cost burden if income went up $400 a year. 
  7. Over last 10 [fiscal] years the Portland metro HUD MFI has increased by 25.9%; the largest increase over those 10 years was in Wheeler County (71.7%), while the lowest  was in Lake County (15.1%).
  8. Will be interesting to see how HUD reported FY 2010 and FY 2011 median family incomes compare to Census 2010 data--my guess is that HUD median family incomes will be higher than Census. 
Originally created and posted on the Oregon Housing Blog.

No comments:

Post a Comment