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 | $1,190 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,060 | $263,293 | 0.78% | D |
U.S. Census Bureau data (2024)
The ZIP code 70057 has a population of 4,122 residents, with only 3.4% identified as renters. This indicates that the area is predominantly homeowner-dominated rather than renter-heavy. The median household income in this ZIP is $90,236, which suggests that those who do rent are likely to be financially stable.
Given the low percentage of renters, it can be inferred that the demand for housing vouchers under the Section 8 program is relatively scarce. However, landlords should still consider the potential for Section 8 tenants as part of their rental pool, especially if they aim to cater to lower-income families who might benefit from such assistance.
The Fair Market Rent (FMR) for ZIP 70057, as determined by HUD for FY 2024, is set at $1,070. Since the market rent figures are not available, we will use the FMR as a benchmark. With a median household income of $90,236, the FMR represents approximately 13.2% of the annual income when considering a single-bedroom unit. This calculation provides insight into how much of the local income would typically go towards rent.
Landlords in ZIP 70057 should expect tenants who are likely to be financially responsible, given the higher median income levels. However, the scarcity of renters means that attracting and retaining tenants could be challenging without offering competitive amenities and services. For those interested in Section 8 tenants, the voucher amount of $1,070 is sufficient to cover the FMR, making it feasible for landlords to accept these vouchers without subsidizing the difference between the voucher amount and the market rate.
In summary, while ZIP 70057 is not heavily populated with renters, landlords can still find a niche market among those who qualify for Section 8 assistance. The expected tenant profile includes individuals and families who are financially stable but may require some level of rental subsidy to afford housing in this area.
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.