I also show the share of income that these households would have spent if they rented a unit at the HUD 2 BR FMR.
- NOTE that in this post the share of income for rent and affordability are all calculated at the TOP END of the 50% MFI 3 person income LIMIT; the vast majority of low income families are BELOW the TOP END of that income limit and will therefore experience bigger problems with affordability than this data indicates.
- In FY 2015 the HUD published 2 BR FMR for Portland ($944) is $117 above the rent that would be affordable to a 3 person family at the HUD published 50% MFI limit. ($828).
- As a percentage the 14.1% FY 2015 gap between the HUD 2 BR FMR and the rent affordable to a 50% MFI 3 person household at the income limit in FY 2015 is less than the 18% percentage gap in FY 2014. This is because HUD published median family incomes went up significantly from FY 2014 to FY 2015.
- As recently as FY 2008, the HUD 2 BR Portland metro FMR was $7 below the rent affordable to a 3 person household at the HUD published 50% MFI income limit.
- In 2015 the share of income that a 3 person 50% MFI family at the income limit would spend to rent a unit at the HUD 2 BR FMR would be 34.2%. This is only marginally higher than the 33.6% that family would have paid 25 years ago in 1991.
- The only years in the last 25 where the share of income spent by this family type for the HUD 2 BR rent would have been LESS than 30% were 2005-2008.
- Looking at the recent period from 2015 to 2005 HUD 2 BR FMR's increased MUCH faster than the HUD 50% 3 Person MFI income limit: 31.7% vs 8.3%.
- Looked at from the 2015 to 2000 period, the HUD 2 BR FMR increased LESS than the HUD's 50% 3 Person MFI income limit: 34.5% vs 37.1%.
- Looked at from 2015 to 1991 period, HUD 2 BR FMR's increased MORE than the HUD 50% 3 Person MFI income limit: 91.9% vs 88.6%.
Originally created and posted on the Oregon Housing Blog.