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 70354 presents a dynamic rental market, with the Fair Market Rent (FMR) set at $1140 for fiscal year 2024, indicating the government's benchmark for affordability. In contrast, the actual market rent reported by the Census Bureau's American Community Survey stands at $877. This suggests that while landlords might aim for higher rents to match the FMR, the current demand is supporting a slightly lower market rate, implying some room for negotiation.
The median home value in the area is $102,081, which is relatively low compared to national averages, potentially attracting first-time buyers and those looking for affordable homeownership options. However, the significant gap between the FMR and market rent indicates that rental properties are likely to be more attractive to residents, given the economic realities and possibly due to limited access to mortgage financing.
A 22.5% renter share points towards a community where a considerable portion of residents prefer or are compelled to rent rather than buy. This figure can be indicative of several factors including young professionals, students, or individuals who cannot afford to purchase homes. Over the long term, this trend could exert upward pressure on rental rates as demand remains steady or grows, especially if job creation or population influx continues to support the need for rental housing.
The lack of specific data on price-cut share and days on market (DOM) limits a detailed analysis of the supply-demand balance. Nonetheless, the overall picture suggests a market where demand for rentals is strong enough to keep vacancy rates low but not so high as to push rents significantly above the FMR. For landlords and small-portfolio investors, this means that while there is a stable tenant base, pricing must remain competitive to attract and retain renters.
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.