Location: Assumption Parish, LA | Metro: Assumption Parish, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The situation in ZIP code 70393 presents a unique challenge for both renters and landlords alike. Given the median income of $19,256, it's evident that the financial landscape is quite constrained. The absence of a specified market rate suggests either limited rental activity or a lack of comprehensive data, which aligns with the reported population of just 117 individuals and an occupancy rate of 0.0% for renters.
In contrast to the undefined market rate, the Fair Market Rent (FMR) for the area, as determined by HUD for fiscal year 2024, is set at $1080. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their rent, making it a critical benchmark for affordability. Considering the median income, it becomes clear that the majority of households would struggle to afford even this subsidized rate without assistance.
The extremely low number of renters indicates minimal competition among landlords for tenants. However, the reliance on Section 8 vouchers due to the economic conditions means that landlords must be prepared to accept government-set rates if they wish to attract residents. This scenario creates a significant affordability gap where potential renters cannot cover the costs of market-rate rentals, emphasizing the importance of Section 8 vouchers in enabling housing access.
For landlords considering their strategy, the takeaway is straightforward: focusing on accepting Section 8 vouchers is essential given the economic realities of the area. While the FMR of $1080 might seem lower than expected market rates, it ensures a steady stream of tenants who can reliably pay their rent through the voucher program. In ZIP 70393, the choice between voucher and cash-pay strategies should lean heavily towards accommodating Section 8 vouchers to fill units and maintain occupancy.
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.