Location: St. Mary Parish, LA | Metro: St. Mary Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 70392 operate under specific parameters that directly affect a landlord's income. For a two-bedroom rental unit in this ZIP, the SAFMR (Small Area Fair Market Rent) is set at $890 per month for fiscal year 2024. This figure represents the maximum amount that the Housing Choice Voucher program will pay for a two-bedroom apartment in this area.
The local market rent, according to the Census ACS, stands at $861 for a similar two-bedroom unit. This means that the SAFMR is slightly higher than the average market rent, which can be beneficial for landlords who are participating in the Section 8 program.
A voucher payment to a landlord consists of the difference between the SAFMR and the tenant's portion of the rent, plus any utility allowances. The tenant is required to pay 30% of their adjusted income towards rent. If we assume an average adjusted income for a tenant, let's say $1,500 per month, the tenant would pay approximately $450 (30% of $1,500) towards the rent. The remaining balance, up to the SAFMR of $890, would be covered by the Section 8 program.
In ZIP 70392, the SAFMR is set specifically for this ZIP code, meaning it does not vary based on broader county or metropolitan averages. This localized approach ensures that the reimbursement rates reflect the actual costs of renting in this particular area.
To illustrate, if a tenant's portion of the rent is $450 and the SAFMR is $890, the Section 8 program would cover $440 ($890 - $450) of the monthly rent. Additionally, there are utility allowances that can add to the total reimbursement. For example, if the utility allowance is $200, then the landlord would receive a total of $640 ($440 + $200) per month from the Section 8 program.
This results in a reimbursement gap or surplus. In the case of ZIP 70392, where the local market rent is lower than the SAFMR, landlords typically see a surplus. With the local market rent at $861 and the potential reimbursement of $640 from the Section 8 program, landlords could expect a surplus of $251 per month for a two-bedroom unit. This surplus is calculated as the difference between the SAFMR and the local market rent, minus the tenant's contribution and utility allowances.
Landlords should be aware that these calculations are based on the provided figures and may vary depending on individual tenant circumstances and additional allowances. However, the overall trend indicates a positive financial outcome for landlords participating in the Section 8 program in ZIP 70392.
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.