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 | $1,100 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,480 | $159,678 | 0.93% | C |
| 3BR | $1,900 | $229,977 | 0.83% | C |
| 4BR | $2,230 | $278,595 | 0.8% | C |
| 5BR | $2,587 | $418,403 | 0.62% | D |
U.S. Census Bureau data (2024)
ZIP code 70058, located in Harvey, Louisiana, is part of the larger New Orleans-Metairie, LA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 70058 in fiscal year 2024 is set at $1,370. This figure closely aligns with the area's average market rent of $1,301, indicating that the rental prices are fairly consistent with the broader metropolitan trends.
The median home value in ZIP 70058 stands at $229,261, which is relatively lower compared to other ZIP codes within the New Orleans-Metairie, LA HUD Metro FMR Area. Typically, home values in this metro range from $250,000 to over $400,000, suggesting that 70058 is a value pocket within the metro area. Lower home values can be indicative of an area where smaller portfolio investors might find opportunities to purchase properties at a more affordable rate, potentially increasing their investment yield.
Additionally, ZIP 70058 has a significant renter share of 36.2%, which is notably higher than the typical 30-35% renter share seen in many ZIP codes within the New Orleans-Metairie, LA HUD Metro FMR Area. This higher proportion of renters, combined with below-average home values, points towards a potential sweet spot for Section 8 investments. Landlords can benefit from a larger pool of potential tenants who qualify for housing assistance programs, thereby ensuring steady occupancy rates and stable cash flows.
In summary, ZIP 70058 is positioned as a value pocket within the New Orleans-Metairie, LA HUD Metro FMR Area. Its rental prices are in line with the metro average, but its home values are lower, making it attractive for investors looking to enter the market without the high capital outlay required for more expensive areas. The higher renter share further supports its appeal as a Section 8-friendly neighborhood, providing both affordability and demand stability for rental properties.
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.