Location: Houma-Bayou Cane-Thibodaux, LA | Metro: Houma-Bayou Cane-Thibodaux, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
The Fair Market Rent (FMR) for ZIP code 70371 in Louisiana for fiscal year 2024 is set at $1070. This figure provides a benchmark for rental prices in the area but lacks context without knowing the market rent. The absence of market rent data suggests that there might be limited recent transactions or listings available, which could indicate either a lack of activity or an underreported market. Given the current FMR, landlords and small-portfolio investors should consider setting their rents close to this amount to remain competitive.
The percentage of price-cut share and days on market (DOM) are also not available, which typically signifies a stable market. In a volatile market, these metrics would likely show significant fluctuations, indicating either a surplus of properties or rapid changes in demand. Since these indicators are missing, it's reasonable to assume that the market in ZIP 70371 is steady, neither experiencing a glut of unsold properties nor a shortage of available units.
The median home value being N/A implies that there isn't sufficient data to calculate an average, possibly due to a low number of sales or a diverse range of property values. This ambiguity can be a challenge for investors looking to gauge the overall health of the real estate market in the area. However, it also suggests that the housing market may have unique characteristics that make it difficult to generalize.
The N/A% renter share indicates that the majority of residents in ZIP 70371 own their homes rather than renting. This can point to a situation where there is less immediate pressure on the rental market, but it also means that any shift towards renting could create significant housing pressure in the future. Landlords should be aware of demographic trends that could influence the balance between homeownership and renting.
In summary, ZIP 70371 presents a market with clear benchmarks for rental pricing but lacking in other key metrics. The stability implied by the missing price-cut share and DOM figures suggests that demand and supply are relatively balanced. However, the high proportion of homeowners hints at a potential for future shifts in housing dynamics, particularly if economic conditions change, prompting more residents to seek rental options.
Data Sources: FMR data from HUD (2027).
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.