Final FY2012 FMRs By Unit Bedrooms | |||||
---|---|---|---|---|---|

Efficiency | One-Bedroom | Two-Bedroom | Three-Bedroom | Four-Bedroom | |

Final FY2012 FMR | $788 |
$899 |
$1,075 |
$1,315 |
$1,586 |

FY2012 FMR areas continue to use the revised Office of Management and Budget (OMB) area definitions that were first issued in 2003 along with HUD defined Metropolitan areas (HMFAs) as described in the FY2011 FMR documentation which can be found at (Bucks%20County FY2011 FMR Documentation system). No changes have been made to these OMB-defined areas since the publication of Final FY2011 FMRs

**NOTE:** This is a 50^{th} Percentile Final FY2012 FMR area as established by HUD regulations. To see the Final 40^{th} Percentile Rents for Bucks%20County please click here.

Fair Market Rents for metropolitan areas and non-metropolitan FMR areas are developed as follows:

- 2005-2009 5-year ACS estimates of 2-bedroom adjusted standard quality rents calculated for each FMR area are used as the new basis for FY2012.
- In areas where the 2009 5-year ACS estimates are smaller than the reported margin of error, the state non-metro estimate of 2-bedroom adjusted standard quality rent is used.
- HUD calculates a recent-mover adjustment factor by comparing a 2009 1-year adjusted recent-mover 2-bedrooom rent to the 5-year adjusted standard quality rent for the same area in the following manner:
- In areas where there are at least 100 observations included in the 2009 1-year ACS estimate of 2-bedroom recent-mover rents, a statistical comparison is made between the 5-year 2-bedroom adjusted standard quality rent and the 1-year 2-bedroom recent-mover rent available from the ACS.
- If the 1-year data are statistically different than the 5-year data, HUD calculates a recent-mover adjustment factor between the 5-year data and the 1-year data and applies this to the 5-year data. This recent-mover adjustment factor is floored at 1.0.
- If the 1-year data are not statistically different than the 5-year data, HUD applies a recent-mover adjustment factor of 1 to the 5-year data.
- In areas where there are less than 100 observations of 2009 1-year ACS estimate of 2-bedroom recent-mover rent, a statistical comparison is made between the 5-year 2-bedroom adjusted standard quality rent and the 1-year 2-bedroom recent-mover rent for smallest geographic area containing the FMR area with at least 100 available observations of 2009 1-year ACS estimate of 2-bedroom recent-mover rent. For metropolitan areas, the order of geographies examined is: Entire Metropolitan Area (for Metropolitan Sub-Areas), State Metropolitan Portion, Entire State, and Entire US; for non-metropolitan areas, the order of geographies examined is: State Non-Metropolitan Portion, Entire State, and Entire US.
- If the 1-year data are statistically different than the 5-year data, HUD calculates a recent-mover adjustment factor between the 5-year data and the 1-year data and applies this to the 5-year data.
- If the 1-year data are not statistically different than the 5-year data, HUD applies a recent-mover adjustment factor of 1 to the 5-year data.
- Rents are calculated as of December 2010 using one half of the relevant (regional or local) 2008-2009 CPI change and all of the relevant (regional or local) 2009-2010 CPI change.
- All estimates are then trended from December 2010 to April 2012 (15 months) with a trending factor of 3 percent per year.
- FY2012 FMRs are then compared to a state minimum rent, and any area whose preliminary FMR falls below this value is raised to the level of the state minimum.

- The following are the 2009 American Community Survey 5-year 2-Bedroom Adjusted Standard Quality Rent estimate and margin of error for
**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**. The following calculations are based on data for the entirety of the OMB-defined metropolitan area of**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**. For additional information on area definitions please see the Bucks%20County FY2011 FMR Documentation system.Area ACS _{2009}5-Year

2-Bedroom Adjusted

Standard Quality RentACS _{2009}5-Year

2-Bedroom Adjusted

Standard Quality Rent

Margin of ErrorRatio Result **Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**$958 $4 $4 / $958

=

0.0040.004 < 1

**Use ACS**_{2009}5-Year

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA 2-Bedroom Adjusted Standard Quality Rent

Since the ACS_{2009}Margin of Error is less than 1, the ACS_{2009}Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA value is used for the estimate of 2-Bedroom Adjusted Standard Quality Rent:Area ACS _{2009}Rent**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA****$958** - A recent-mover adjustment factor is applied to the smallest area of geography which contains
**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**and has at least 100 Adjusted Standard Quality Recent-Mover observations in the ACS_{2009}1-year estimate:Geography 100 ACS _{2009}1-Year Adjusted

Standard Quality Recent-Mover Observations?**Metropolitan Area****Yes**The smallest area of geography which contains

**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**and has at least 100 Adjusted Standard Quality Recent-Mover observations in the ACS_{2009}1-year estimate is**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**. - The calculation of the relevant Recent-Mover Adjustment Factor for
**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**is as follows:ACS _{2009}5-Year

AreaACS _{2009}5-Year

2-Bedroom Adjusted

Standard Quality RentACS _{2009}5-Year

2-Bedroom Adjusted

Standard Quality Rent

Margin of ErrorACS _{2009}1-Year

2-Bedroom Adjusted

Standard Quality

Recent-Mover RentACS _{2009}1-Year

2-Bedroom Adjusted

Standard Quality

Recent-Mover Rent

Margin of Error**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**$958 $4 $1,027 $28

Area Z Score Result Recent-Mover

Adjustment Factor**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**Z = $1,027 - $958

($28^{2}+ $4^{2})Z = $69

($784 + $16)Z = $69

$800Z = $69

$28Z = 2.440 2.440 >= 1.645 **ACS**_{2009}1-Year Significant$1,027 / $958

=

**1.072** - The calculation of the relevant 2009-to-2012 Update Factors for
**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**is as follows: HUD updates the 2009 intermediate rent (as of June 2009) with the appropriate CPI change (local or regional) to establish rents as of December 2010. HUD then applies additional trending or results of Random Digit Dialing (RDD) surveys to update rents to April, 2012, the mid-point of FY 2012.

Year Update Factor Type June 2009 to 2010 **1.008512**Local CPI 2010 to April 2012 **1.03764**Trending

3.0% for 1.25 years - The FY2012 2-Bedroom Fair Market Rent for
**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**is calculated as follows:Area ACS _{2009}5-Year EstimateRecent-Mover

Adjustment FactorCPI Adjustment Trending

3.0% for 1.25 yearsFY2012 2-Bedroom FMR **Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**$958 1.072 1.008512 1.03764 $958 * 1.07202 * 1.00851 * 1.03764

=**$1,075** - In keeping with HUD policy, the preliminary FY2012 FMR is checked to ensure that is does not fall below the state minimum; since
**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**is a multistate metropolitan area, the highest state minimum of the states comprising**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**is used:State FY2012

State Minimum**DELAWARE**$584 **MARYLAND**$584 **NEW JERSEY**$584 **PENNSYLVANIA**$563 **DELAWARE**at $584.Area Preliminary FY2012

2-Bedroom FMRFY2012 DELAWARE

State MinimumFinal FY2012

2-Bedroom FMR**Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA**$1,075 $584 $1,075 >= $584 **Use Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA FMR**

$1,075

The following table shows the Final FY 2012 FMRs by bedroom sizes.

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 2012 2-Bedroom FMR
to determine the Final FY 2012 FMRs
for the different size units.

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

Final FY2012 FMRs By Unit Bedrooms | |||||
---|---|---|---|---|---|

Efficiency | One-Bedroom | Two-Bedroom | Three-Bedroom | Four-Bedroom | |

Final FY2012 FMR | $788 | $899 | $1,075 | $1,315 | $1,586 |

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.

**NOTE:** This is a 50^{th} Percentile Final FY2012 FMR area as established by HUD regulations. Under current regulations, the
50^{th} percent status of **Bucks%20County** will be re-evaluated in **2013**. To see the Final 40^{th} Percentile Rents for Bucks%20County please click here.

or