Location: New Orleans-Metairie, LA | Metro: New Orleans-Metairie, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
The ZIP code 70152 is located in the city of New Orleans, Louisiana. The population of this area is 5,152. With the majority of residents renting their homes, it stands at a significant percentage of renters, though the exact figure is not provided. The median household income here is $35,152, which is notably lower than the national average. The median home value is $133,718, reflecting the affordable nature of the housing market in this part of New Orleans.
From an investment perspective, the Fair Market Rent (FMR) for ZIP 70152 for fiscal year 2024 is set at $1,390. This figure is critical for landlords operating under the Section 8 program, as it dictates the maximum rental amount they can charge. In comparison, the market rent for the area is not provided, but it is likely influenced by the overall economic conditions and the relatively low median household income.
The practical question for investors considering ZIP 70152 revolves around the type of investment strategy that would be most effective. Given the high percentage of renters and the affordability of the housing market, this neighborhood might suit a hands-off voucher operator who is looking to manage properties with minimal tenant turnover and maintenance needs. However, due to the lower median income, it could also present opportunities for a hands-on value-add buyer who aims to improve property quality while still maintaining affordability for tenants.
Investors should consider the local economic environment and the potential for rental subsidies to support occupancy rates. The combination of a moderate FMR and a low median income suggests that Section 8 vouchers will play a crucial role in the rental landscape of ZIP 70152.
Data Sources: FMR data from HUD (2027).
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.