Location: Assumption Parish, LA | Metro: Assumption Parish, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,120 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
U.S. Census Bureau data (2024)
In ZIP code 70372, the Section 8 economics are straightforward. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment is set at $1110 per month for fiscal year 2024. This figure is specific to this ZIP code, meaning it reflects the rental market conditions here and not elsewhere in the county or metro area.
The local market rent, as reported by the Census ACS, is slightly higher at $1163. This indicates that landlords in ZIP 70372 might face a small discrepancy between the market rates and what the Section 8 program will reimburse.
A voucher payment under Section 8 consists of two main parts: the tenant's portion and the government subsidy. The tenant typically pays 30% of their adjusted income towards rent, while the rest is covered by the Housing Choice Voucher Program. For a two-bedroom unit priced at $1110, if the tenant's income is such that they can afford $333 (30% of $1110), then the government would cover the remaining $777.
Utility allowances are also factored into the total compensation. However, these allowances vary based on the specific household needs and the type of utilities included in the lease. It's important to note that the utility allowance does not increase the base rent reimbursement; it's an additional payment made directly to the tenant to help cover utility costs.
Given the SAFMR of $1110 and the local market rent of $1163, landlords in ZIP 70372 can expect a reimbursement gap of $53 per month. This means that if you charge the market rate of $1163, the government will only reimburse up to $1110, leaving you with a shortfall of $53 unless the tenant's portion covers the difference.
To summarize, landlords in ZIP 70372 should be aware of the reimbursement gap when considering participation in the Section 8 program. The typical reimbursement for a two-bedroom unit is $1110, which is less than the local market rent of $1163, resulting in a monthly gap of $53. Adjustments must be made to ensure that this gap does not negatively impact your financial goals for property management.
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.