Section 8 Fair Market Rent (FMR) for ZIP 70062 - 2027

Location: New Orleans-Metairie, LA | Metro: New Orleans-Metairie, LA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,090
1 Bedroom	$1,220
2 Bedrooms	$1,470
3 Bedrooms	$1,890
4 Bedrooms	$2,220
5 Bedrooms	$2,575
6 Bedrooms	$2,884
7 Bedrooms	$3,115
8 Bedrooms	$3,271

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

17,771

Median Household Income

$51,477

Housing Units

6,587

Renter Percentage

45.1%

Occupancy Rate

93.8%

Renter Occupied

2,784

Housing Authorities Serving ZIP 70062

Parish of Jefferson (Harvey, LA) - 4,960 Section 8 vouchers
Housing Authority of the City of Kenner (Kenner, LA) - 1,438 Section 8 vouchers
Pilgrim Rest Community Development Agency (Harvey, LA) - 169 Section 8 vouchers
Housing Authority of Westwego (Westwego, LA)
Housing Authority of Jefferson Parish (Marrero, LA)

To determine if you should invest in ZIP 70062 (Kenner, LA) for Section 8 properties, follow this decision tree based on the specific data points provided:

Step 1: Calculate if the Fair Market Rent (FMR) of $1260 can cover the debt service on a property valued at $234,042.

Yes: If the FMR of $1260 is sufficient to clear the debt service, proceed to Step 2.
No: If the FMR of $1260 cannot cover the debt service, investing in this ZIP code for Section 8 is not advisable.

Step 2: Compare the FMR of $1260 to the market rent, which is $1,469 (ZORI).

FMR is below market rent: The FMR of $1260 is lower than the ZORI of $1,469, indicating that market conditions favor higher rents. This means Section 8 tenants might struggle to find properties within their budget, reducing demand for Section 8 units.
FMR is equal to or above market rent: If the FMR were equal to or above the ZORI, it would suggest that Section 8 tenants could afford market rates, making investment more viable.

Step 3: Evaluate the rental demand in ZIP 70062.

Rental demand is high: With 45.1% of residents being renters, there is significant potential demand for rental properties. However, the "N/A-day DOM" indicates incomplete data on days on market, which is crucial for understanding how quickly properties are rented out.
Rental demand is low: If the percentage of renters were significantly lower, it would suggest less demand for rental properties. Given the available data, this scenario does not apply.
It depends: The high percentage of renters (45.1%) suggests strong demand, but without knowing the days on market (DOM), it's unclear how competitive the rental market is. A high DOM could indicate that properties are taking longer to rent, reducing the attractiveness of the area for Section 8 investments.

In summary, the FMR of $1260 is below the market rent of $1,469, suggesting that Section 8 tenants might face challenges finding affordable housing. Despite the high percentage of renters, the lack of data on days on market makes it difficult to fully assess the rental market's competitiveness. Therefore, the decision to invest in ZIP 70062 for Section 8 properties hinges on whether the FMR can cover your debt service and an additional analysis of rental market 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.