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FY 2023 Fair Market Rent Documentation System

The Final FY 2023 St. Croix Island, VI FMRs for All Bedroom Sizes

Final FY 2023 & Final FY 2023 FMRs By Unit Bedrooms
Year Efficiency One-Bedroom Two-Bedroom Three-Bedroom Four-Bedroom
FY 2023 FMR $935 $954 $1,165 $1,418 $1,565
FY 2022 FMR $868 $886 $1,082 $1,338 $1,467

Fair Market Rent Calculation Methodology

For the United States Territories of American Samoa, Guam, Northern Mariana Islands, and the U.S. Virgin Islands, HUD calculates Fair Market Rents based on custom tabulations of the 2010 Island Areas Census. These tabulations provide 40th percentile adjusted gross rents for all renters and recent mover renters. The greater of these two values is used as the base rent for FY 2023. This 2010 value is update to 2020 using the change in national 50th percentile gross rents from 2010 to 2020 according to the American Community Survey (ACS). This 2020 value is updated to 2021 using a Consumer Price Index-based regional update factor. Finally, the 2022 value is made "as of" 2023 using a "trend factor".

  1. Determine the appropriate base rent for St. Croix Island, VI:

    40th Percentile Adjusted Standard Quality Gross Rents 40th Percentile Adjusted Standard Quality Gross Rents - Recent Movers Base Rent
    $674 $780 $780 ≥ $674
    Use base rent of $780

  2. Update the base rent to 2020:

    2010 National 50th Percentile Gross Rents 2020 National 50th Percentile Gross Rents Updated Base Rent
    $855 $1,129 $780 *($1,129/$855)=$1,030

  3. The calculation of the relevant CPI Update Factors for St. Croix Island, VI is as follows: HUD updates the 2020 intermediate rent with the ratio of the annual 2021 local or regional CPI to the annual 2020 local or regional CPI to establish rents as of 2021.

    4. Update Factor Type
    CPI Update Factor 1.03192 Region CPI
  4. The calculation of the Trend Factor is as follows: HUD uses the forecasted change in gross rents from 2021 to 2023 for each CPI area and Census Region. This makes Fair Market Rents "as of" FY2023.
    Trend Factor Trend Factor Type
    1.0963 Region

  5. The FY 2023 2-Bedroom Fair Market Rent for St. Croix Island, VI is calculated as follows:

    Updated Base Rent CPI Update Factor Trend Factor FY2023 2 Bedroom Fair Market Rent
    $1,030* 1.03192* 1.09628= $1,165

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