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 | $1,150 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,550 | $147,447 | 1.05% | B |
| 3BR | $1,990 | $209,823 | 0.95% | C |
| 4BR | $2,340 | $250,528 | 0.93% | C |
U.S. Census Bureau data (2024)
ZIP code 70068, located in La Place, LA, falls within the larger New Orleans-Metairie, LA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 70068 in fiscal year 2024 is set at $1310, which is notably lower than the average market rent of $1,746. This indicates that landlords in 70068 can potentially attract tenants who qualify for Section 8 assistance, as the subsidized rents would be below the market rate.
The median home value in ZIP 70068 is $214,927, which is relatively modest compared to other areas within the metro. A significant portion of residents are renters, with 22.6% of households renting their homes. This combination of below-average market rents and a substantial renter population suggests that 70068 could serve as a value pocket for Section 8 participants, offering more affordable housing options within the metro area.
To further contextualize, let's examine how these figures stack up against typical ZIP codes in the New Orleans-Metairie, LA HUD Metro FMR Area. The FMR of $1310 is below the average for the region, making it easier for Section 8 tenants to find suitable housing. Additionally, the lower home values and higher renter share point towards an area where rental properties are likely to be in higher demand, especially among those relying on government subsidies for housing.
Based on the provided data, ZIP 70068 stands out as a potential sweet spot for Section 8 tenants due to its lower FMR and market rent figures, coupled with a sizeable renter population and moderate home values. This positioning makes it an attractive option for landlords looking to cater to this demographic without facing the higher costs associated with more expensive sub-markets within the metro 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.