Location: New Orleans-Metairie, LA | Metro: New Orleans-Metairie, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
U.S. Census Bureau data (2024)
The ZIP code 70358 stands as a market in motion, reflecting a balance between stability and change. With a Fair Market Rent (FMR) set at $1490 for the fiscal year 2024, it indicates a level playing field for both renters and owners. The absence of reported market rent figures suggests that the local rental market closely aligns with the FMR, minimizing significant fluctuations.
A key indicator of market dynamics is the low price-cut share of 0.1%. This figure implies that property values are relatively stable and that landlords and sellers are not feeling pressured to reduce prices to attract tenants or buyers. The median home value of $266,326 further supports this notion, showing a consistent valuation in the area.
The 12.7% renter share provides insight into the long-term housing pressure. A lower renter share typically means a higher owner-occupancy rate, which can suggest a strong sense of community and stability. However, it also points to potential challenges for renters, indicating that there might be limited rental units relative to the number of residents seeking them. This could lead to increased competition among renters and possibly upward pressure on rents over time.
The lack of days on the market (DOM) data is notable but doesn't detract from the overall picture. Generally, a lower DOM would signal a faster-moving market, where properties are quickly sold or rented. While we don't have that specific metric, the other indicators suggest that the market is neither overly saturated nor experiencing a severe shortage of supply.
In summary, ZIP 70358 appears to be a market where demand meets supply effectively, without either significantly outpacing the other. The stable property values and low price-cut share indicate a healthy real estate environment. The modest renter share suggests a predominantly owner-occupied area, which can offer long-term stability but may also imply some degree of housing pressure for those who rent.
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.