Location: Houma-Bayou Cane-Thibodaux, LA | Metro: Houma-Bayou Cane-Thibodaux, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The ZIP code 70353 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, as the market rent stands at $600, which is notably lower than the $920 Fair Market Rent (FMR) for fiscal year 2024. This discrepancy suggests that tenants might be more likely to leave once they secure higher-paying jobs or find alternative housing options, leading to frequent vacancies. The vacancy exposure is heightened due to the lack of data on days on market (DOM), indicating potential unpredictability in how quickly units can be filled. Additionally, the area's median income of $35,500 and the absence of typical home values make it difficult to assess the financial health of potential tenants and the overall condition of the properties they may occupy. Landlords must be prepared for the possibility of deferred maintenance costs, as lower incomes may correlate with less investment in property upkeep.
However, these risks are tempered by the high concentration of renters in the area, with 18.1% of residents being renters. High renter density often translates into greater demand for housing vouchers, which can provide a steady stream of rental income for landlords willing to participate in the Section 8 program. The reliance on voucher programs can help mitigate some of the risks associated with tenant turnover and vacancy exposure, as voucher holders typically have a more stable source of rental funding.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). 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.