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 | $2,010 |
| 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 Fair Market Rent (FMR) for ZIP code 70091 in fiscal year 2024 is set at $1260. This figure represents the payment standard for landlords participating in the Section 8 program, not the actual rent that tenants will pay. The government will cover up to this amount for eligible households, but it does not mean your property's rent will be exactly $1260.
In ZIP 70091, the local market rent is currently listed as N/A, which makes direct comparison challenging. However, the 0.0% renter share indicates there is no data on the proportion of renters in the area relative to homeowners. This suggests that demand data for Section 8 rentals specifically is not available, making it harder to gauge interest levels directly.
The acquisition cost for properties in this ZIP code is also listed as N/A, meaning there is insufficient data to determine an average cost for purchasing a rental property here. Without specific acquisition costs, it’s difficult to assess whether the $1260 FMR would provide a reasonable return on investment compared to the purchase price of a property.
Before you decide to participate in Section 8 with a rental property in ZIP 70091, one clear thing to verify is the condition of the property against HUD's Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary. A thorough inspection and any necessary repairs must be completed before the property can be approved for the program. This is crucial because failing to meet these standards can result in penalties and loss of income.
To summarize, the $1260 FMR provides a benchmark for landlords, but without local market rent data and specific acquisition costs, it's essential to focus on ensuring your property meets the required quality standards. This will safeguard your investment and compliance with the program.
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.