Location: New Orleans-Metairie, LA | Metro: New Orleans-Metairie, LA HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
25.5% of the residents in ZIP code 70084 are renters, indicating a moderate demand for rental properties in the area. Given the $1070 Fair Market Rent (FMR) set for zip code 70084 for fiscal year 2024, landlords can expect to receive this amount as a maximum subsidy for Section 8 tenants. This figure is slightly below the $1,231 average market rent reported by the Census Bureau's American Community Survey, suggesting that properties participating in the Section 8 program might be priced competitively.
The median home value in ZIP 70084 is $166,962, which is relatively low compared to other areas, making it an attractive market for first-time homebuyers and investors looking to purchase property at a lower cost. However, the median income of $62,047 indicates that many residents may struggle to afford market rents, increasing their reliance on affordable housing options such as those offered through the Section 8 program.
Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the lower median income and the competitive pricing of Section 8 against market rents suggest a steady occupancy rate and minimal need for price adjustments. The Section 8 program provides a reliable source of rental income, with payments guaranteed by the government, reducing the risk of vacancy and non-payment for landlords.
In conclusion, the data paints a picture of a stable rental market in ZIP 70084, where the Section 8 program can play a significant role in providing affordable housing while ensuring a consistent income stream for landlords. The $1070 FMR aligns closely with the economic realities of the area, making participation in the program a sound investment decision. Verdict: Accept Section 8 tenants.
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.