HUD has published FY 2022 fair market rents (FMR's) that will be effective October 1st. HUD FMR's are used for a variety of purposes, including use for the housing voucher program with about 35,000 units currently under lease in Oregon.
I extracted the 2 Bedroom FY 2022 FMR's for Oregon counties and made comparisons to previous FMR's for selected time periods, including a comparison to the FY 1983 2 BR FMR's. (The earliest date where information is available).
The 2 page PDF table HERE and embedded below shows those comparisons.
For example for the Portland metro area these are the changes over time.
- Since 1983 HUD 2 BR FMR's increased by $1,098/298% from $369 to $1,467.
- Since 2000 HUD 2 BR FMR's increased by $765/109% from $702 to $1,467. [ I looked up HUD Median Family income for Portland metro and it increased by a lesser percentage--80%-- from 2000 to 2021 (from $53,700 to $96,900)].
- Since 2010 HUD 2 BR FMR's increased by $628/75% from $369 to $1,467.
- From 2021 to 2022 HUD 2 BR FMR's are SCHEDULED to DECREASE by $69/4% from $1,536 to $1,467. In the past local housing agencies have commissioned a market study that has been used to support higher FMR's; I expect that will happen again this year.
- Note that Columbia and Yamhill counties were not added into the Portland Metro area until 2000 so their earlier FMR rents and rent changes differ from Clackamas, Multnomah, and Washington counties.
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