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 | $940 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,270 | $198,041 | 0.64% | D |
| 3BR | $1,630 | $224,524 | 0.73% | D |
| 4BR | $1,920 | $289,117 | 0.66% | D |
U.S. Census Bureau data (2024)
The ZIP code 70053, located in Gretna, Louisiana, stands out within Jefferson Parish County due to several key demographic and economic factors. With a population of 16,621, 53.4% of residents are renters, indicating a significant demand for rental properties. The median income here is $39,950, which is notably lower than the national average, but the median home value of $210,066 suggests that homeownership remains attainable despite the income level.
For landlords and small-portfolio investors, the most critical aspect of ZIP 70053 is its voucher economics. The Fair Market Rent (FMR) for the area, set at $1,200 for fiscal year 2024, is substantially below the market rate, measured by ZORI (Zillow Observed Rent Index) at $1,573. This gap presents an opportunity for landlords who can leverage Section 8 vouchers to fill vacancies while still achieving a reasonable profit margin over the FMR. However, it also means that tenants relying on vouchers might struggle to find housing within their budget, creating a potential challenge for landlords seeking to attract these tenants.
The data signature of ZIP 70053 reads as stable. Despite the lower median income, the relatively high median home value and the substantial number of renters suggest a community where rental housing plays a crucial role. The consistent demand for rental properties, combined with the availability of Section 8 vouchers, provides a predictable environment for real estate investment. Landlords should be aware of the economic realities faced by many in the area and the importance of understanding local housing assistance programs to effectively manage their properties and meet tenant needs.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.