Friday, August 19, 2011

Oregon FY 2012 FMR's vs FY 2011: Turns Out 78% of Counties WILL Have Decreases.

HUD has this morning posted the proposed FY 2012 Fair Market Rents. 
  • The main HUD FMR web page is HERE
  • The formal Federal Register publication is HERE.  
  • To see documentation for how changes were calculated you can start HERE, and then select geography of interest.

I did an analysis of Oregon FMR's and have constructed tables HERE that show Oregon FY 2011 and proposed FY 2012 FMR's for 4 different bedroom sizes, with a focus on 2 BR FMR's.

The tables on second page show comparison between current FY 2011 FMR's and proposed FY 2012 FMR's.

Some observations:
  1. 78% of Oregon Counties (28 out of 36) would see reductions in FY 2012 FMR's.
  2. The median change in 2 BR FMR's for all Oregon counties is a 6.3%/ $44 per month reduction in 2 bedroom Fair Market Rents.
  3. Hood River county would see the largest reduction, 21.1% /$158 per month reduction in their 2 BR FMR.
  4. Curry county would have the largest increase in their 2 BR FMR; 4.6%/$32 per month. (Clatsop, Deschutes, Gilliam, Jackson, Marion, Lane,and Polk are the other counties with increased FMR's).
  5. Counties in the Portland metro area would see a 1.5%, $14 reduction in their 2 BR FMR.
     I am not aware of any hold harmless policy related to FMR's, and I don't completely understand how they will apply to individual circumstances as we move into the new FY. If anyone knows that information, feel free to add as a comment on this post.
HUD has not yet published a national Excel file that I can compare to FY 2011 to see whether more areas received decreases this year compared to last. I suspect that is true, but don't have any current way to check that suspicion.

Note: On page 2 of the tables I created I added text "NOTE: Revised as of Friday AM, August 19, 2011; yesterday I had posted an earlier table with some errors and subsequently removed it from my web space, and renamed the table. To insure you are using the corrected version look for this note at bottom of page 2. 

Originally created and posted on the Oregon Housing Blog.

1 comment:

  1. Looking at proposed changes for Corvallis makes me wonder where someone got their data. Rents have been on the increase the past couple of years, and in the past 2-3 months have increased anywhere from 5% to 50%. One could find a two bedroom unit in Corvallis for $774, but very few. A two bedroom will likely be closer to $900 (apartment); $1100 (house).