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 | $990 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,720 | $228,173 | 0.75% | D |
U.S. Census Bureau data (2024)
ZIP code 70079, situated within the New Orleans-Metairie, LA HUD Metro FMR Area, exhibits some notable characteristics compared to the broader metro area. The Fair Market Rent (FMR) for a 2-bedroom unit in ZIP 70079 is set at $1370 for fiscal year 2024, whereas the typical FMR for the New Orleans-Metairie, LA HUD Metro FMR Area is $1,478/month. This indicates that the FMR in ZIP 70079 is slightly below the metro average, suggesting a potentially lower cost of rental assistance.
The market rent in ZIP 70079 is $1,081, which is significantly lower than the metro-wide FMR. This divergence suggests that actual rental prices in ZIP 70079 are more affordable than what the FMR predicts, indicating a possible value pocket for landlords. The median home value in ZIP 70079 stands at $207,638, which is likely below the metro average, further supporting the idea of a value pocket.
The renter share in ZIP 70079 is 19.7%. While this figure is not exceptionally high, it does suggest a moderate presence of renters. When combined with the below-average home values, it implies that there could be a decent concentration of Section 8 tenants who are looking for affordable housing options.
In summary, ZIP 70079 appears to be a value pocket within the New Orleans-Metairie, LA HUD Metro FMR Area. Its below-average FMR and market rent, coupled with moderate home values and a reasonable renter share, make it an attractive location for landlords interested in participating in the Section 8 program. The lower FMR and market rent figures indicate that landlords may find a balance between affordability and steady tenant income from the voucher 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.