Final FY 2009 Fair Market Rent Documentation System

The Final FY 2009 Island County FMRs for All Bedroom Sizes

The following table shows the Final FY 2009 FMRs by unit bedrooms.

Final FY 2009 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
Final FY 2009 FMR	$748	$749	$904	$1,315	$1,587

The remainder of this page provides complete documentation of the development of the Final FY 2009 Fair Market Rents (FMRs) for Island County, Washington. This page provides a summary of how the Final FY 2009 FMRs were developed and updated starting with the formation of the FY 2009 FMR Areas from the metropolitan Core-Based Statistical Areas (CBSAs) as established by the Office of Management and Budget and incorporating newly available 2006 American Community Survey (ACS) Data. FY 2009 FMRs include information from local Random Digit Dialing (RDD) surveys conducted during the first quarter of 2008. Aspects of the derivation of Final FY 2009 rents exlusive to FY 2009 are made explicit in the following text. Aspects unchanged from FY 2008 can be reviewed by clicking on the associated link.

Island County FMR Area Derivation (RECAP)

Island County, WA is a non-metropolitan county under the new metropolitan area definitions used for the Final FY 2009 FMRs.

Final FY 2009 FMRs

A Random Digit Dialing (RDD) Survey was conducted in 2006 for Island County, WA. Since the data from this survey is more current than the data from the 2006 ACS survey, the RDD result is used as the basis for the FY 2009 FMR.

Final FY 2009 2-Bedroom FMR

To generate the Final FY 2009 2-bedroom FMR, the 2006 RDD result is inflated to the end of 2007 using CPI data and trended to April 2009, the mid-point of FY 2009. The Island County survey was conducted in June, 2006. Therefore six months of the locally based CPI update factor of 1.0223 (please see the Island County FY 2008 FMR Documentation system for the derivation) is used to update the RDD result to the end of 2006, and all of the Locally Based CPI update factor of 1.0650 is used to update the rent to December of 2007.

Multiplying the RDD result by the CPI based update factors, and then by the standard trend factor of 1.0376 (3 percent annually for 1.25 years) yields a Final FY 2009 2-Bedroom FMR of:

$800 x 1.0223 x 1.0650 x 1.0376

$818 x 1.0650 x 1.0376

$871 x 1.0376

$904

The Final FY 2009 Rents for All Bedroom Sizes

The following table shows the Final FY 2009 FMRs by unit bedrooms. The FMRs for units with different numbers of bedrooms are computed from the ratio of the 2005 Revised Final FMRs (based on 2000 Decennial Census Data) for the different unit sizes to the 2005 2-Bedroom Revised Final FMRs. These Rent Ratios are applied to the Final FY 2009 2-Bedroom FMR to determine the Final FY 2009 FMRs for the different size units.

Click on the links in the table to see how the bedroom rents were derived.

Final FY 2009 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
Final FY 2009 FMR	$748	$749	$904	$1,315	$1,587

The FMRs for unit sizes larger than four bedrooms are calculated by adding 15 percent to the four bedroom FMR, for each extra bedroom. For example, the FMR for a five bedroom unit is 1.15 times the four bedroom FMR, and the FMR for a six bedroom unit is 1.30 times the four bedroom FMR. FMRs for single-room occupancy units are 0.75 times the zero bedroom (efficiency) FMR.

Related Final FY 2009 FMR Areas

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