Location: New Orleans-Metairie, LA | Metro: New Orleans-Metairie, LA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,450 | $180,722 | 0.8% | C |
| 3BR | $1,860 | $277,069 | 0.67% | D |
| 4BR | $2,190 | $350,795 | 0.62% | D |
| 5BR | $2,540 | $505,605 | 0.5% | F |
U.S. Census Bureau data (2024)
The dynamics of ZIP code 70003, located in Metairie, Louisiana, reveal a market in motion. The Fair Market Rent (FMR) for the area stands at $1240 for fiscal year 2024, significantly lower than the market rent, which is measured at $1,822 using Zillow's ZORI index. This disparity suggests that there is strong demand for rental properties, as the market rent exceeds the government-set FMR, indicating a robust rental sector.
The 0.3% price-cut share implies that few landlords are willing to reduce their asking rents, which can be interpreted as a sign of confidence in the local rental market. A low percentage of price cuts often correlates with a steady demand for rental units, as landlords do not feel pressured to lower their rates to attract tenants.
The days on market (DOM) for rental listings is 50 days, which is relatively short, suggesting that properties are being leased quickly once they become available. This quick turnover rate is indicative of a healthy rental market where demand meets supply efficiently.
The median home value in ZIP 70003 is $267,745. While this figure alone does not directly indicate whether supply outpaces demand, it can be used alongside other metrics to gauge the overall health of the housing market. In conjunction with the high market rent, it points towards a scenario where demand for housing, both rented and owned, remains strong.
A 22.6% renter share indicates that nearly one-quarter of the households in Metairie are renters. This percentage is significant because it suggests ongoing pressure on the rental market. As the renter share increases, it often signals a growing population or economic conditions that favor renting over buying. Over the long term, a high renter share can lead to increased competition among renters, potentially driving up rental prices further.
In summary, ZIP 70003 presents a market where demand appears to be strong relative to supply, especially in the rental sector. The high market rent compared to FMR, the low price-cut share, and the quick DOM all point to a dynamic environment where rental properties are in high demand. The substantial renter share adds another layer of insight into the ongoing pressures on housing costs, making it clear that Metairie's rental market is active and likely to remain so.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.