U.S. Dept. of Housing & Urban Development releases Fair Market Rents
SPOKANE, Wash. — The U.S. Department of Housing and Urban Development published Fair Market Rents (FMRs) for Fiscal Year 2023.
FMRs are the estimated amount of money renters will have to pay to cover rent and utilities.
In Washington, FMRs will increase by approximately 10 percent.
In Spokane, it will increase roughly 16 percent.
While the cost of living is more expensive, this actually enables more households with housing vouchers to access affordable, stable housing.
“One of the reasons that housing voucher holders are unable to use those vouchers is because the value of their vouchers has not kept up with rapid rent increases,” said HUD Secretary Marcia L. Fudge. “These new FMRs will make it easier for voucher holders facing this challenge to access affordable housing in most housing markets, while expanding the range of housing opportunities available to households.”
Because rents have risen so quickly recently, voucher holders are increasingly unable to find units available to rent within HUD payment standards.
To qualify for housing assistance, residents must fall under one of the following categories:
- Live in sub-standard condition housing
- Pay more than 50% of household income on rent and utilities
- Have household income at or below the area median income
For more information, contact ‘Snap’ at 509-456-7627 or Spokane Housing Authority at 509-328-2953.
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