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 | $1,140 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,980 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,280 | $279,694 | 0.46% | F |
| 2BR | $1,540 | $331,435 | 0.46% | F |
| 3BR | $1,980 | $315,984 | 0.63% | D |
| 4BR | $2,320 | $284,541 | 0.82% | C |
U.S. Census Bureau data (2024)
1490 is the Fair Market Rent (FMR) for ZIP code 70116 in New Orleans, LA, for fiscal year 2024. 1591 represents the market rent (ZORI), indicating a slight premium over the FMR. 302603 is the median home value, showing a significant gap between homeownership and rental costs. 52.5% is the share of renters in this area, highlighting a robust demand for rental properties. 52306 is the median income, which suggests that many residents might find it challenging to afford market rents without assistance. N/A-day DOM indicates that the data on days on market for listings is unavailable, possibly due to rapid turnover or limited data. 0.2% is the price-cut share, suggesting that once a property is listed at the right price, it rarely needs to be reduced to sell. Given these numbers, the Section 8 program offers a stable income source for landlords in ZIP 70116, where the FMR is slightly below the market rent, and there's a high renter share with median incomes lower than required to cover market rents comfortably. Landlords can expect consistent occupancy and avoid the volatility associated with unassisted tenants. The verdict on Section 8 for ZIP 70116 is positive, especially considering the high demand for affordable housing and the program's alignment with local rental prices.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.