Success in Economic Well-Being and Security
Apartment Rent Affordability in Allen County, Indiana
| HUD PUBLISHED FAIR MARKET RATES (FMR) FOR ALLEN COUNTY, 2005: | ||||
0 BR |
1 BR |
2 BR |
3 BR |
4 BR |
$427 |
$460 |
$567 |
$711 |
$731 |
Source: U.S. Department of Housing and Urban Development (HUD). Section 8 of the US Housing Act of 1937 authorizes housing assistance to aid lower-income families in renting safe and decent housing. Housing assistance payments are limited by FMRs established by HUD (i.e table above pertains to the Fort Wayne MSA). The level at which FMRs are set is expressed as a percentile point within the rent distribution of standard-quality rental housing units. The current definition used is the 40th percentile rent, the dollar amount below which 40 percent of the standard-quality rental housing units are rented. Section 8 Rental Certificate program participants cannot rent units whose rents exceed the FMRs. Amount includes the cost of all utilities, except phone.
| Maximum Affordable Monthly Housing Cost for Allen County for 2006, 2BR | |
| For an extremely low income family (defined as earning no more than 30 percent of the area median family income): |
$401 |
For a very low income family |
$669 |
| For a moderately low income family (earning 80 percent of the area median family income |
$1,070 |
Calculated using NLIHC (National Low Income Housing Coalition) methodology with data supplied by HUD, based on generally accepted standard of spending not more than 30% of income on housing expenses.
2002 |
2003 |
2004 |
2005 |
2006 |
|
Hourly Rate/Annual Income Needed |
$10.25 |
$10.42 |
$10.50 |
$10.90 |
$11.38 |
$21,320 |
$21,680 |
$21,840 |
$22,680 |
$23,680 |
Calculated using NLIHC methodology with data supplied by HUD.
Definitions, Sources, and Caveats:
The Self-Sufficiency Study recommends an annual income of $38,502 in 2005 to cover the costs of housing, food, childcare, taxes, medical care etc. without aid or welfare.
