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 | $1,010 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,750 | $238,804 | 0.73% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 70075 in fiscal year 2024 is set at $1070. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the same as the rent that tenants will pay; it's the benchmark used by the Housing Choice Voucher Program to ensure that rents are reasonable.
In comparison, the average rent for the area, according to the Census American Community Survey, is $1,130. This indicates that the FMR is slightly below the market rate, which could mean that landlords might need to adjust their expectations for rental income when participating in the Section 8 program.
The FMR also gives insight into the potential demand for rentals in ZIP 70075. With 15.9% of residents being renters, there is a steady demand for affordable housing options. However, the competition among landlords for Section 8 vouchers will be influenced by the number of eligible renters and the total number of available units.
When considering the acquisition cost of a property in this ZIP code, the median home value is around $233,821. This price point should be factored into your investment strategy if you're looking to purchase a new rental property specifically for Section 8 tenants.
Before making the decision to enter the Section 8 market, verify that your property meets all the necessary requirements for the Housing Choice Voucher Program. This includes ensuring that your unit passes a housing quality standards inspection and that the rent you propose is within the established FMR limits. These steps are crucial to avoid any delays or disqualifications that could affect your ability to participate in the program.
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.