Location: Houma-Bayou Cane-Thibodaux, LA | Metro: Houma-Bayou Cane-Thibodaux, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
U.S. Census Bureau data (2024)
A skeptical investor looking into ZIP code 70355 might have several concerns regarding the feasibility of renting properties under the Section 8 program. The first objection is whether the Fair Market Rent (FMR) of $1210 for the fiscal year 2024 will be sufficient to cover the mortgage payments on a property in this area. Unfortunately, the data does not provide specific median home values or average mortgage costs for ZIP 70355, making it impossible to definitively state if the FMR will cover these expenses. However, it's important to consider that the FMR is set to ensure affordability and may not always align perfectly with the mortgage costs of individual homes.
The second concern is the level of renter demand in ZIP 70355, which stands at 8.9%. This figure represents the percentage of households that are renters, indicating a moderate presence of potential Section 8 tenants. While 8.9% may seem low, it is crucial to understand that the demand for affordable housing can often exceed the supply, especially in areas with limited options for low-income families. Therefore, the demand for Section 8 rental units could still be robust despite the relatively low overall rental rate.
A third objection is whether voucher amounts will keep up with the market rents in ZIP 70355. The data does not specify the current market rents or the historical trend of voucher adjustments in this particular ZIP code. However, it's worth noting that the Housing Choice Voucher Program adjusts its payment standards annually to reflect changes in the local housing market. If the FMR of $1210 accurately reflects the local market conditions, then the voucher amounts should be adjusted accordingly to cover the rent without placing an undue burden on landlords.
In conclusion, while some data points are missing, such as the exact mortgage costs and current market rents, the available information suggests that ZIP 70355 has a viable environment for Section 8 rentals. The FMR is designed to be a reasonable estimate of what landlords can expect to receive, and the annual adjustments to voucher amounts aim to support both tenants and landlords in maintaining affordable housing.
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.