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 Fair Market Rent (FMR) for ZIP code 70156 in Unknown, Louisiana, for fiscal year 2024 is set at $1390. This figure represents the payment standard used by the Housing Choice Voucher Program, commonly known as Section 8. It's important to note that this is not the amount you will receive as rent; it's the maximum amount the government will pay towards a tenant's rent. Landlords can charge up to this amount, but the actual rent paid by the tenant and the government together cannot exceed $1390.
In ZIP 70156, the median market rent is currently listed as N/A, which means there isn't enough data available to provide a clear comparison between the FMR and typical market rents. However, the lack of detailed local market data doesn't necessarily mean there won't be demand for your property. The percentage of renters in the area is N/A%, indicating a significant portion of the population relies on renting for housing. This suggests that there could be a strong demand for affordable housing options under the Section 8 program.
The average home price in ZIP 70156 is also noted as N/A, which might affect your decision on whether to purchase an existing property or build a new one for Section 8 tenants. Regardless of the exact figures, it's crucial to understand that the FMR is designed to reflect the local rental market conditions and ensure that voucher holders have access to decent and safe housing without paying more than 40% of their income in rent.
Before proceeding with your first Section 8 rental in ZIP 70156, you should verify that your property meets all the necessary requirements for the program. These include passing a housing quality standards inspection and ensuring the rent is reasonable compared to similar properties in the area. Given the limited data available, checking these specifics will help you make an informed decision about the viability of your investment.
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.