Section 8 Fair Market Rent (FMR) for ZIP 70031 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The ZIP code 70031, located in Ascension Parish, Louisiana, offers a stable real estate market with a mix of rental and homeownership opportunities. This suburban area is characterized by its moderate housing costs and a significant portion of renters who rely on government assistance programs.

• The Fair Market Rent (FMR) for ZIP 70031 in fiscal year 2024 is set at $1,530. This figure represents the maximum amount that a tenant receiving government assistance can pay for rent and utilities.
• The average market rent for properties in ZIP 70031, according to the latest Census American Community Survey (ACS), is $1,310. This indicates that the market rent is below the FMR, offering potential for landlords to attract tenants with subsidized housing benefits.
• The median home value in ZIP 70031 is $227,870, which is relatively affordable compared to other areas in the state, making it attractive for both rental and owner-occupied investments.
• Renters make up 13.5% of the total population in ZIP 70031, suggesting a smaller but still significant demand for rental properties. This percentage is crucial for understanding the local rental market's size and dynamics.
• The median household income in ZIP 70031 is $73,359, providing insight into the financial capacity of residents to afford housing. This income level aligns well with the FMR and market rent figures, indicating a viable tenant pool.
• The Days on Market (DOM) data is not available for ZIP 70031, which could be due to limited transaction records or recent changes in the local real estate market. This absence highlights the need for further investigation into property turnover rates and market liquidity.

In summary, ZIP 70031 presents a balanced investment opportunity with a fair market rent slightly above the current market rent, making it possible to leverage government assistance programs. The median home value is also favorable for those considering either rental or owner-occupied properties. However, the relatively low percentage of renters and the lack of DOM data suggest that while there is a market for rentals, it may require careful consideration of property management strategies and possibly additional research to fully understand the local real estate dynamics.

Data Sources: FMR data from HUD (2027). 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.