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What's FMR? "Housing wage for two bedroom FMR" Also what does this all mean? What percentage of their income is this representing to afford this house? The a
by nickonline 13y ago
What's FMR?
"Housing wage for two bedroom FMR"
Also what does this all mean? What percentage of their income is this representing to afford this house?
The article was surprisingly short of this information even though it was 4 pages long.
- dmoy 13y agoIn this context it is probably referring to Fair Market Rent: http://en.wikipedia.org/wiki/Fair_market_rent http://en.wikipedia.org/wiki/Fair_market_rent
- jacobolus 13y agoThe linked PDF has a detailed explanation of their definitions in the appendix at the back: http://nlihc.org/sites/default/files/oor/OOR2014.pdf http://nlihc.org/sites/default/files/oor/OOR2014.pdf The number for “fair market rent” in each market is provided by the US Dept of Housing and Urban Development, and: > Out of Reach is consistent with federal housing policy in the assumption that no more than 30% of a household’s gross income should be consumed by gross housing costs. Spending more than 30% of income on housing is considered “unaffordable.”
- sliverstorm 13y agoWhich, in this tax bracket, corresponds to roughly 40% of net income