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)
The ZIP code 70373 is not predominantly a renter-heavy area. With only 11.4% of the population renting, it leans towards being a homeowner-dominated area. This means that the number of tenants utilizing Section 8 vouchers will be relatively limited compared to areas with higher rental populations.
The median household income in ZIP 70373 is $87,143. The typical market rent of $760 represents approximately 8.7% of the median household income. This is calculated by dividing the market rent by the median income and multiplying by 100 (760 / 87143 * 100 = 0.87%). This figure suggests that rent is quite affordable relative to income levels in this area.
When comparing the market rent of $760 to the Fair Market Rent (FMR) of $900 for fiscal year 2024, it becomes evident that the actual rents are below the FMR threshold. This indicates that landlords in ZIP 70373 can potentially offer rents that are both competitive and within the range of what is considered fair market value.
A landlord in ZIP 70373 should expect tenants who are likely to have stable incomes and could afford the typical market rent without relying heavily on voucher assistance. However, those seeking Section 8 tenants would find a smaller pool, given the lower percentage of renters in the area. Tenants here are expected to have a good understanding of their financial capabilities and the housing market, making them generally reliable and capable of meeting their rental obligations.
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.