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)
18.1% of residents in ZIP code 70356 are renters, indicating a significant but not overwhelming rental market presence. The $890 Fair Market Rent (FMR) for zip code 70356, as of fiscal year 2024, provides a benchmark for landlords and investors looking to set competitive rental rates. This figure is notably higher than the $693 average market rent reported by the Census Bureau's American Community Survey, suggesting that landlords can potentially charge above the average market rate without violating HUD guidelines. However, the median income in the area stands at $32,756, which is relatively low and may limit the pool of eligible tenants who can afford the higher rents. Despite the lack of data on days on market (DOM) and the percentage of listings that require price cuts, these missing metrics would be crucial for understanding the local real estate market's dynamics and the ease of renting out properties. Given the disparity between the FMR and the market rent, coupled with the modest median income, landlords in ZIP 70356 should carefully consider their pricing strategies to attract and retain tenants while adhering to Section 8 guidelines. The absence of information on DOM and price-cut shares leaves a gap in assessing the overall health and responsiveness of the rental market to price adjustments. In conclusion, while there is potential to leverage the higher FMR for rental income, the limited financial capacity of the tenant population must be taken into account. For Section 8 participation, landlords should expect to adjust their expectations and be prepared to work within the subsidy limits.
Section 8 Verdict: ZIP 70356 is viable for Section 8 participation, but landlords must set realistic expectations regarding rental income.
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.