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 70185, located within the New Orleans-Metairie, LA HUD Metro FMR Area, has a fair market rent (FMR) of $1390 for fiscal year 2024. To contextualize this figure, the typical FMR for a 2-bedroom apartment in the New Orleans-Metairie area is $1478 for the same period. This suggests that ZIP 70185 is slightly below the metro-wide average in terms of FMR.
However, the lack of data on market rent and home value for ZIP 70185 makes it difficult to definitively categorize it as a value pocket, mid-tier neighborhood, or premium sub-market within the larger metro area. The absence of a specific renter share percentage also limits our ability to make precise comparisons.
Inferences can still be drawn from the available data. Given that the FMR is lower than the metro-wide average, ZIP 70185 could potentially be a value pocket for landlords and small-portfolio investors looking for more affordable entry points. However, this would depend on the actual market conditions which are currently unknown due to the lack of market rent and home value data.
A high renter share with below-metro home values typically indicates a sweet spot for Section 8 properties, but without knowing the specific figures for ZIP 70185, such an inference cannot be made. For example, if the renter share were indeed high and the home values were significantly below the metro average, then it would be a strong candidate for a Section 8 sweet spot.
To provide a more comprehensive analysis, additional data on market rent and home values for ZIP 70185 would be necessary. Until then, it stands out primarily for having a defined FMR below the typical range for the New Orleans-Metairie area.
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.