Basic Needs
Fair Market Rent and Utility Expenses on a 3-bedroom rental unit (house or apartment)
Definition: The Fair Market rent on an average 3-bedroom rental unit (house or apartment) as subsidized through the HUD Section 8 Housing Choice Voucher Program. This represents the HUD calculation of the Fair Market Rent for a 3-bedroom rental unit (house or apartment) that are priced at 40% level of the current 3-bedroom units available on the market during the given year.
Utility allowances are an estimate of utility costs for a family of moderate income with moderate energy consumption. Local energy prices, the specific type of housing and appliances used are taken into account when making the calculation.
Rationale: This statistic meets most Boone County Indicators criteria and shows the burden of high rent and utility costs on low-income families.
Data Source: Data Source: The Housing Authority of the City of Columbia’s Section 8 Housing Choice Voucher Program. The Fair Market Rent is determined on an annual basis by the U.S. Department of Housing and Urban Development for the Metropolitan Statistical Area that includes the City of Columbia, Missouri. Utility allowances are calculated annually based on local energy prices costs, the specific type of housing and appliances used.
