Location: New Orleans-Metairie, LA | Metro: New Orleans-Metairie, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
U.S. Census Bureau data (2024)
The market in ZIP code 70083 is currently characterized by a Fixed Monthly Rent (FMR) of $1120 for the fiscal year 2024. This figure stands alone without comparative historical data, but it provides insight into the rental landscape. The absence of recent market rent figures and the percentage of price-cut shares suggests that the rental market may be less active or stable compared to other areas. However, the lack of Days on Market (DOM) data makes it challenging to gauge the speed at which properties are being leased.
The median home value in ZIP 70083 is $147,081. This relatively low median home value could indicate an area with a high concentration of affordable housing options, which might appeal to first-time buyers and those seeking cost-effective living solutions. The dynamics of the housing market in this area suggest that there is a significant balance between affordability and the rental sector, given the FMR.
A notable feature of ZIP 70083 is the 11.8% renter share. This percentage is indicative of a community where a majority of residents own their homes, rather than renting. A lower renter share can signal a market where homeownership is more prevalent, potentially due to the affordability of the area. However, this also means that there is a smaller segment of the population that relies on rental housing, which can create long-term housing pressure if the supply of rental units does not keep pace with demand.
In markets with a smaller renter share, any increase in demand for rental properties can lead to rapid changes in rental rates and availability. Landlords and small-portfolio investors should closely monitor trends in homeowner-to-renter transitions and the influx of new residents who might prefer renting over buying. Additionally, the presence of Section 8 housing in the area indicates a need for affordable rental options, which could be a consistent source of demand.
The interplay between homeownership and rental demand in ZIP 70083 creates a unique market environment. Investors should consider the potential for shifts in the balance between renters and owners, particularly in light of economic changes or policy adjustments that affect housing affordability and accessibility.
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.