The FY 2001/2002 final Fair Market Rates (FMR) at the 50th percentile, published January 2, 2001/October 1, 2001, for the 7-county metro area (not anecdotal: statistically accurate by federal standards):
Greg's numbers: Studios: 94 listings * Avg. Rent: $547 * Median: $535 1 BR: 342 listings * Avg. Rent: $666 * Median: $656 2 BR: 270 listings * Avg. Rent: $839 * Median: $835 3 BR: 69 listings * Avg. Rent: $1,182 * Median: $1,200 4 BR: 11 listings * Avg. Rent: $1,445 * Median: $1,495 5 BR: 4 listings * Avg. Rent: $1,513 * Median: $1,550 HUD's numbers (first number = Jan., 2001; second number = Oct., 2001): Studios: $451 increased to $524 1 BR: $580 increased to $674 2 BR: $742 increased to $862 3 BR: 1004 increased to $1156 4 BR: $1137 increased to $1321 If $524 is 30% of annual income, annual income = $21,400 or $10.29/hr If $674 is 30% of annual income, annual income = $26,240 or $12.62/hr If $862 is 30% of annual income, annual income = $33,400 or $16.06/hr If $1156 is 30% of annual income, annual income = $48,000 or $23.08/hr If $1321 is 30% of annual income, annual income = $59,800 or $28.75/hr When the US Census income figures become available, we'll see how well these federal benchmarks match actual income profiles - the 30% ideal is way below FMR for many low-income folks and short supply of multi-bedroom apartments drives FMR into the ozone unless income reaches 80% of MMI ($59,800 = 80% of $74,750). Small wonder both parents work and schlep their kids off to day care! This isn't just stressing out single heads of household with children under 18. Add in seniors and near-seniors whose incomes are flat and the supply shortfall is very great indeed. Fred Markus Horn Terrace Ward Ten _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
