Location: St. Mary Parish, LA | Metro: St. Mary Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
The population data and percentage of renters are currently unavailable for ZIP code 70340. Similarly, the median household income figure is also missing. This makes it challenging to determine whether the area is predominantly rental or owner-occupied.
To understand the dynamics of the rental market, we would typically compare the median household income against the average market rent. Without these specific numbers, we cannot calculate the exact percentage of income that goes towards rent. However, we can use the Fair Market Rent (FMR) as a benchmark. The FMR for the metro area, which includes ZIP 70340, is set at $970 for fiscal year 2026. This figure represents the maximum amount that a Section 8 voucher holder could pay in rent, assuming they contribute 30% of their income toward housing costs.
In the absence of precise local rent figures, the FMR serves as a useful reference point. If the actual market rents in ZIP 70340 are significantly higher than $970, then landlords might find that Section 8 tenants represent a smaller portion of potential renters due to the limited financial resources of voucher holders. Conversely, if local rents are close to or below the FMR, the demand for Section 8 vouchers could be high, indicating a renter-heavy environment with strong voucher utilization.
A landlord in ZIP 70340 should expect tenants who rely on Section 8 vouchers to have incomes that align closely with the eligibility criteria for such assistance. This means that the majority of these tenants will likely earn at or below 50% of the area's median income, which is a key determinant for receiving a voucher. Given the FMR of $970, landlords should prepare to accept a payment structure where the government covers the difference between the tenant's contribution and the total rent, up to the FMR limit.
Without detailed local income and rent data, it's advisable to consult the latest HUD guidelines and local housing authorities for more specific insights into the tenant profile and rental market conditions in ZIP 70340.
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.