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 |
ZIP code 70158, located within the New Orleans-Metairie, LA HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1390 for fiscal year 2024. This figure is crucial for understanding the rental dynamics within the area, especially for landlords and small-portfolio investors involved in Section 8 housing.
To contextualize this, let's compare it to the typical ZIP codes within the New Orleans-Metairie, LA HUD Metro FMR Area. The average FMR for a one-bedroom apartment in this metro area is around $920, while for a two-bedroom apartment, it is approximately $1,160. Given that the FMR for ZIP 70158 is higher at $1390, it suggests that the area likely caters to larger units or is slightly above the average cost for similar-sized properties.
The absence of market rent and home value data for ZIP 70158 indicates that there might be limited data available or the area could be less developed compared to other parts of the metro. However, the lack of these figures does not necessarily mean that the area is underperforming; it could simply reflect a niche market that is not widely reported.
Without a specific percentage of renter share, we cannot definitively classify 70158 as a value pocket, mid-tier neighborhood, or premium sub-market. However, based on the FMR alone, 70158 appears to be a mid-tier neighborhood within the New Orleans-Metairie, LA HUD Metro FMR Area. It is not among the lowest FMRs, which would suggest a value pocket, nor is it significantly higher, indicating a premium sub-market.
A high renter share with below-average home values can signal a potential sweet spot for Section 8 investments due to increased demand for affordable housing. Since we do not have the exact renter share for ZIP 70158, we cannot confirm if this is a Section 8 sweet spot. However, the higher FMR suggests that it might attract a mix of renters who benefit from the Section 8 program and those who pay market rates, making it a balanced investment opportunity within the metro area.
In conclusion, ZIP 70158 stands out with an FMR of $1390, positioning it as a mid-tier neighborhood within the broader New Orleans-Metairie, LA HUD Metro FMR Area. While it lacks detailed market rent and home value data, the existing figures suggest a moderate rental environment suitable for various types of investors.
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.