The 3-Bedroom FMR for Valdez-Cordova Census Area, AK is computed as a function of the ratio of the 2010 5-Year 3-Bedroom American Community Survey Rent to the 2010 5-Year 2-Bedroom American Community Survey Rent. This 3-Bedroom Rent Ratio is applied to the $fmrtype$ FY 2013 2-Bedroom FMR to determine the 3-Bedroom FMR.
For $fmrtype$ FY 2013 FMRs the bedroom ratio calculations have been updated from those used in the Final FY 2012 FMR process.
The tables below provide the relevant steps for computing the $fmrtype$ FY 2013 3-Bedroom FMR:
Check the Margin of Error Ratios for Valdez-Cordova Census Area, AK. If either Margin of Error Ratio is greater than 1 or if there is not sufficient data to calculate the ratio, then the bedroom ratio is determined using data for the smallest geographic area encompassing Valdez-Cordova Census Area, AK for which there is acceptable data.
| Check Margin of Error Ratios for Valdez-Cordova Census Area, AK | ||||||
|---|---|---|---|---|---|---|
| Area | 2006-2010 5-Year ACS 3-Bedroom Adjusted Standard Quality Rent Estimate |
2006-2010 5-Year ACS 3-Bedroom Adjusted Standard Quality Rent Margin of Error |
3-Bedroom Margin of Error Ratio |
2006-2010 5-Year ACS 2-Bedroom Adjusted Standard Quality Rent Estimate |
2006-2010 5-Year ACS 2-Bedroom Adjusted Standard Quality Rent Margin of Error |
2-Bedroom Margin of Error Ratio |
| Valdez-Cordova Census Area, AK | $1,005 | $324 | $324 / $1,005 = 0.322 |
$776 | $141 | $141 / $776 = 0.182 |
The smallest geographic area for which both Margin of Error Ratios can be computed and are less than 1 is Valdez-Cordova Census Area, AK.
The Preliminary 3-Bedroom Rent Ratio for Valdez-Cordova Census Area, AK is caluclated by dividing the 2006-2010 5-Year ACS 3-Bedroom Adjusted Standard Quality Rent Estimate for Valdez-Cordova Census Area, AK by the 2006-2010 5-Year ACS 2-Bedroom Adjusted Standard Quality Rent Estimate for Valdez-Cordova Census Area, AK.
| Preliminary Computation of 3-Bedroom Rent Ratio for Valdez-Cordova Census Area, AK | ||||
|---|---|---|---|---|
| 2006-2010 5-Year ACS 3-Bedroom Adjusted Standard Quality Rent Estimate |
2006-2010 5-Year ACS 2-Bedroom Adjusted Standard Quality Rent Estimate |
Preliminary 3-Bedroom Rent Ratio |
||
| $1,005 | $776 | $1,005 / $776 = 1.295 |
||
The Preliminary 3-Bedroom Rent Ratio is checked against the caps and floors for that bedroom size. The floor is set at the 10th percentile of the national distribution of geographic areas with at least 100 2006-2010 5-Year ACS Adjusted Standard Quality observations, while the cap is set at the 90th percentile of the same distribution.
| Check Caps and Floors | |||
|---|---|---|---|
| Valdez-Cordova Census Area, AK Preliminary 3-Bedroom Rent Ratio |
3-Bedroom Rent Ratio Floor |
3-Bedroom Rent Ratio Cap |
Valdez-Cordova Census Area, AK Preliminary 3-Bedroom Rent Ratio |
| 1.295 | 1.146 | 1.356 | Ratio of 1.295 is subject to neither caps nor floors |
In order to more easily house large families, 3-Bedroom Rent Ratios receive an additional 8.7 percent increase, per HUD regulation.
| 3-Bedroom Rent Bonus | ||
|---|---|---|
| Valdez-Cordova Census Area, AK Preliminary 3-Bedroom Rent Ratio |
3-Bedroom Rent Bonus |
Valdez-Cordova Census Area, AK Preliminary 3-Bedroom Rent Ratio |
| 1.295 | 1.087 | 1.295 * 1.087 = 1.408 |
Multiply the 3-Bedroom Rent Ratio by the 2-Bedroom Fair Market Rent to determine the 3-Bedroom Fair Market Rent for Valdez-Cordova Census Area, AK.
| Final Computation of 3-Bedroom FMR for Valdez-Cordova Census Area, AK | ||
|---|---|---|
| Final 3-Bedroom Rent Ratio |
$fmrtype$ FY 2013 2-Bedroom FMR |
$fmrtype$ FY 2013 3-Bedroom FMR |
| 1.408 | $905 | $905 * 1.408 = $1,274 |
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