Appendix E: Fair Market Rents/Area Median Income in Oakland County

Fair Market Rent is a term used in real estate that indicates the amount of money that a given property would command, if it were open for leasing at the current time. Fair Market Rent is also an important concept used by HUD to determine how much of the rent is covered by the government for tenants who have a Section 8, Housing Choice Voucher Program subsidy and for tenants in other government housing programs.

Area Median Income	$66,800
60% of Median	$40,080
80% of Median	$33,400
40% of Median	$26,720
30% of Median	$20,040
20% of Median	$13,360

Fair Market Rents for HUD Detroit Metro Area (including Oakland County)
0 bedroom
1 bedroom	$673
2 bedroom	$805
3 bedroom	$963
4 bedroom	$993