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FY 2022 Fair Market Rent Documentation System

The FY 2022 Valdez-Cordova Census Area, AK FMRs for All Bedroom Sizes

Final FY 2022 & Final FY 2021 FMRs By Unit Bedrooms
Year Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
FY 2022 FMR $764 $987 $1,150 $1,422 $1,968
FY 2021 FMR $740 $983 $1,121 $1,394 $1,675

Valdez-Cordova Census Area, AK is a non-metropolitan county.

Fair Market Rent Calculation Methodology

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

  1. 2015-2019 5-year American Community Survey (ACS) estimates of 2-bedroom adjusted standard quality gross rents calculated for each FMR area are used as the new basis for FY2022 provided the estimate is statistically reliable. For FY2022, the test for reliability is whether the margin of error for the estimate is less than 50% of the estimate itself and whether the ACS estimate is based on at least 100 survey cases. HUD does not receive the exact number of survey cases, but rather a categorical variable known as the count indicator indicating a range of cases. An estimate based on at least 100 cases corresponds to a count indicator of 4 or higher.

    If an area does not have a reliable 2015-2019 5-year, HUD checks whether the area has had at least minimally reliable estimate in any of the past 3 years, or estimates that meet the 50% margin of error test described above. If so, the FY2022 base rent is the average of the inflated ACS estimates.

    If an area has not had a minimally reliable estimate in the past 3 years, the estimate State for the area's corresponding metropolitan area (if applicable) or State non-metropolitan area is used as the basis for FY2022.

  2. HUD calculates a recent mover adjustment factor by comparing a 2019 1-year 40th percentile recent mover 2-bedrooom rent to the 2015-2019 5-year 40th percentile adjusted standard quality gross rent. If either the recent mover and non-recent mover rent estimates are not reliable, HUD uses the recent mover adjustment for a larger geography. For metropolitan areas, the order of geographies examined is: FMR Area, 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: FMR Area, State Non-Metropolitan Portion, Entire State, and Entire US. The recent mover adjustment factor is floored at one.

  3. HUD calculates the appropriate recent mover adjustment factor between the 5-year data and the 1-year data.

  4. In order to calculate rents that are "as of" 2020, HUD calculates the relevant (regional or local) change in gross rent Consumer Price Index (CPI) from annual 2019 to annual 2020.

  5. To further inflate rents from 2020 to FY2022, HUD uses a "trend factor" based on the forecast of gross rent changes through FY2022.

  6. HUD multiplies the base rent by the recent mover factor, the gross rent CPI, and the trend factor to produce a rent that is "as of" the current fiscal year.

  7. FY2022 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.

  8. HUD calculates "bedroom ratios" and multiplies these by the two-bedroom rent to produce preliminary FMRs for unit sizes other than two bedrooms.

  9. FY2022 FMRs may not be less than 90% of FY2021 FMRs. Therefore, HUD applies "floors" based on the prior year's FMRs.

The results of the Fair Market Rent Step-by-Step Process

  1. The following are the 2019 American Community Survey 5-year 2-Bedroom Adjusted Standard Quality Gross Rent estimate and margin of error for Valdez-Cordova Census Area, AK.
    Area ACS2019 5-Year 2-Bedroom Adjusted Standard Quality Gross Rent ACS2019 5-Year 2-Bedroom Adjusted Standard Quality Gross Rent Margin of Error Ratio Sample Size Category Result
    Valdez-Cordova Census Area, AK $1,098 $26 $26 / $1,098=0.024 1 1 < 4
    Check for reliable local ACS estimates from previous years
    ACS2019 5-year Estimate ACS2019 5-year Error ACS2019 5-year Estimate Minimally Reliable? ACS2018 5-year Estimate ACS2018 5-year Error ACS2018 5-year Estimate Minimally Reliable? ACS2017 5-year Estimate ACS2017 5-year Error ACS2017 5-year Estimate Minimally Reliable?
    $1,098 $26 $26 / $1,098=0.024 $1,054 $125 $125 / $1,054=0.119 $891 $296 $296 / $891=0.332
    Since 3 of 3 ACS estimates are minimally reliable, the base rent is the average of those estimates, with each estimate first inflated to 2019 dollars (not shown).
    Area FY2022 Base Rent
    Valdez-Cordova Census Area, AK $1,057
  2. A recent mover adjustment factor is applied based on the smallest area of geography which contains Valdez-Cordova Census Area, AK and has an ACS2019 1-year Adjusted Standard Quality Recent-Mover estimate with a Margin of Error Ratio that is less than .5.
    Area ACS2019 1-Year Adjusted Standard Quality Recent-Mover Gross Rent ACS2019 1-Year Adjusted Standard Quality Recent-Mover Gross Rent Margin of Error Ratio Sample Size Category Result
    Valdez-Cordova Census Area, AK – 2 Bedroom N/A N/A N/A N/A No ACS2019 1-Year 2-Bedroom Adjusted Standard Quality Recent-Mover Gross Rent Produced For Valdez-Cordova Census Area, AK
    Valdez-Cordova Census Area, AK – All Bedroom N/A N/A N/A N/A No ACS2019 1-Year All Bedroom Adjusted Standard Quality Recent-Mover Gross Rent Produced For Valdez-Cordova Census Area, AK
    Alaska Non-metropolitan Portion – 2 Bedroom $1,107 $111 0.1 4 0.1 < .5
    4 ≥ 4
    Use ACS2019 1-Year Non-metropolitan Portion 2-Bedroom Adjusted Standard Quality Recent-Mover Gross Rent

    The smallest area of geography which contains Valdez-Cordova Census Area, AK and has an ACS2019 1-year Adjusted Standard Quality Recent-Mover estimate with a Margin of Error Ratio that is less than .5 and with a sufficient number of sample cases is the Alaska Non-metropolitan Portion.

  3. The calculation of the relevant Recent-Mover Adjustment Factor for Valdez-Cordova Census Area, AK is as follows:
    ACS2019 5-Year Area ACS2019 5-Year 40th Percentile Adjusted Standard Quality Gross Rent ACS2019 1-Year 40th Percentile Adjusted Standard Quality Recent-Mover Gross Rent
    Alaska Non-metropolitan Portion – 2 Bedroom $1,159 $1,107
    Area Ratio Recent-Mover Adjustment Factor
    Valdez-Cordova Census Area, AK $1,107 / $1,159
    =0.955    		 0.9551 < 1.0 Recent-Mover Adjustment Factor floored at 1.0
  4. The calculation of the relevant CPI Update Factors for Valdez-Cordova Census Area, AK is as follows: HUD updates the 2019 intermediate rent with the ratio of the annual 2020 local or regional CPI to the annual 2019 local or regional CPI to establish rents as of 2020.
    Update Factor Type
    CPI Update Factor 1.0345 Region CPI
  5. The calculation of the Trend Factor is as follows: HUD forecasts the change in national gross rents from 2020 to 2022 for each CPI area and Census Region. This makes Fair Market Rents "as of" FY2022.
    Trend Factor Trend Factor Type
    1.0517 Region
  6. The FY 2022 2-Bedroom Fair Market Rent for Valdez-Cordova Census Area, AK is calculated as follows:
    Area ACS2019 5-Year Estimate Recent-Mover Adjustment Factor Annual 2019 to 2020 CPI Adjustment Trending 1.0517 to FY2022 FY 2022 2-Bedroom FMR
    Valdez-Cordova Census Area, AK $1,057 1.00000 1.03450 1.05175 $1,057 * 1. * 1.03450 * 1.05175=$1,150

  7. In keeping with HUD policy, the preliminary FY 2022 FMR is checked to ensure that is does not fall below the state minimum.

    Area Preliminary FY2022 2-Bedroom FMR FY 2022 Alaska State Minimum Final FY2022 2-Bedroom FMR
    Valdez-Cordova Census Area, AK $1,150 $757 $1,150 ≥ $757 Use Valdez-Cordova Census Area, AK FMR of $1,150

  8. Bedroom ratios are applied to calculate FMRs for unit sizes other than two bedrooms.

    Click on the links in the table to see how the bedroom ratios are calculated.

    FY 2022 FMRs By Unit Bedrooms
      Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
    FY 2022 FMR $764 $987 $1,150 $1,422 $1,968

  9. The FY2022 FMR must not be below 90% of the FY2021 FMR.

      Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
    FY2021 FMR $740 $983 $1,121 $1,394 $1,675
    FY2021 floor $666 $885 $1,009 $1,255 $1,508
    FY 2022 FMR $764 $987 $1,150 $1,422 $1,968
    Use FY2021 floor for FY2022? No No No No No

Final FY2022 Rents for All Bedroom Sizes for Valdez-Cordova Census Area, AK

The following table shows the Final FY 2022 FMRs by bedroom sizes.

Final FY 2022 FMRs By Unit Bedrooms
  Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
Final FY 2022 FMR $764 $987 $1,150 $1,422 $1,968

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.

Permanent link to this page: http://www.huduser.gov/portal/datasets/fmr/fmrs/FY2022_code/2022summary.odn?&year=2022&fmrtype=Final&selection_type=county&fips=0226199999

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Prepared by the Program Parameters and Research Division, HUD. Technical problems or questions? Contact Us.