Location: Houma-Bayou Cane-Thibodaux, LA | Metro: Houma-Bayou Cane-Thibodaux, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
12.2% of the residents in ZIP code 70359 are renters, indicating a modest demand for rental properties. The Fair Market Rent (FMR) for the area, set at $1160 for zip FY 2024, provides a benchmark for pricing rental units to align with HUD guidelines. Landlords should note that the actual market rent, according to Census ACS data, stands at $1,123, suggesting a slight premium over the FMR for those who wish to maximize their returns.
$219,557 is the median home value in this region, which can be a key indicator for potential appreciation and property investment opportunities. However, the median income of $56,121 is relatively low, which might affect the ability of tenants to afford higher rents or maintain properties at a high standard. This income level also impacts the overall financial health of the tenant pool, making it essential for landlords to conduct thorough background checks.
The day DOM (days on market) figure is not available, but this is often due to a quick turnover rate in rental markets. Given the low percentage of price-cut share at 0.2%, it's clear that properties in this area are generally well-priced and attract tenants quickly without the need for significant adjustments. This stability can be beneficial for small-portfolio investors looking for consistent cash flow.
In conclusion, while the median income in ZIP 70359 is lower than the national average, the alignment between market rents and FMRs suggests a balanced opportunity for landlords. The low price-cut share and potentially quick turnover rates indicate a healthy rental market. For Section 8 housing, the $1160 FMR serves as a guideline for acceptance, making it a viable option for landlords seeking stable, government-backed rental income in this area.
Verdict: ZIP 70359 is suitable for Section 8 participation, offering a stable rental market with properties priced appropriately.
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.