Location: St. James Parish, LA | Metro: Baton Rouge, LA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,360 | $197,788 | 0.69% | D |
U.S. Census Bureau data (2024)
The ZIP code 70346 is situated in a neighborhood that is predominantly residential, with a population of 9,927 residents. Approximately 44.6% of these residents are renters, indicating a significant demand for rental properties. The median household income in this area is $35,280, which is relatively modest compared to national averages. However, the median home value stands at $169,269, suggesting that homeownership is accessible and affordable for many local residents.
Moving into the realm of rent economics, the Fair Market Rent (FMR) for ZIP 70346 as of the fiscal year 2024 is set at $980. This figure represents the benchmark rent amount established by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 housing voucher program. In contrast, the actual market rent, according to Census ACS data, is approximately $856. This discrepancy between the FMR and the market rent provides insight into the potential profitability for landlords who participate in the Section 8 program.
The difference between the FMR and the market rent suggests that ZIP 70346 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the guaranteed payment through the Section 8 program can offer a steady and reliable income stream, with rents slightly above the market average providing a margin of safety. Meanwhile, value-add buyers might find opportunities to improve properties and command higher rents closer to the FMR, thereby maximizing returns while still being competitive in the local rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.