Location: New Orleans-Metairie, LA | Metro: New Orleans-Metairie, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The ZIP code 70148 is a renter-heavy area with 100.0% of the population renting their homes. This indicates a strong demand for rental properties, particularly those that cater to tenants using Section 8 vouchers. The median household income is $2,499, which is significantly lower than the Fair Market Rent (FMR) of $1,390 for FY 2024, suggesting that many residents rely on financial assistance to cover housing costs.
In the context of the $945 market rent, typical rent consumes approximately 37.8% of the local median income. This percentage is calculated by dividing the market rent by the median income ($945 / $2,499 = 0.378), highlighting that the majority of residents' income goes towards housing expenses. However, the FMR of $1,390 is notably higher than the current market rent, indicating that there could be potential for rent increases if the market adjusts to match the FMR.
A landlord in ZIP 70148 should expect tenants who are heavily reliant on government assistance due to the low median income. These tenants will likely have a Section 8 voucher, which covers a significant portion of their rent. The voucher amount is tied to the FMR, meaning it can help bridge the gap between the actual market rent and what the tenant can afford based on their income. Given the high concentration of renters and the low median income, landlords must ensure their properties meet the necessary standards to qualify for Section 8 participation and be prepared to manage a tenant base that requires additional support and possibly more frequent maintenance.
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.