Location: Houma-Bayou Cane-Thibodaux, LA | Metro: Houma-Bayou Cane-Thibodaux, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 70374 is located in a neighborhood characterized by a relatively small population of 5,872 residents. Only 16.7% of these residents are renters, indicating a primarily owner-occupied community. The median household income here stands at $70,833, which is above the national average, suggesting a middle-class area. The median home value in the region is $168,752, reflecting an affordable housing market.
Turning to the rental economics, the Fair Market Rent (FMR) for ZIP 70374 in fiscal year 2024 is set at $1,040. This figure represents the government's assessment of what constitutes a fair rent for a unit in this area. In comparison, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), is slightly lower at $1,025. This indicates that the FMR is closely aligned with the local market conditions, making it a reliable benchmark for rental pricing in the area.
Given the data, ZIP 70374 would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the alignment between FMR and market rent means that properties can be rented at or near the voucher rate without significant risk of vacancy. However, the low percentage of renters suggests that there might be limited demand for rental units overall. On the other hand, for value-add buyers, the potential exists to renovate and reposition properties to command rents above the FMR, especially given the area's middle-class income levels and affordable home values. Such investments could lead to higher returns if executed correctly.
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.