Location: Hammond, LA | Metro: Hammond, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The ZIP code 70402 in Hammond, LA, has a total population of 1,634. There is insufficient data to provide a precise percentage of renters versus homeowners. However, the median household income is listed as $0, which suggests that income levels are likely below the national average. Median market rent is also reported as $0, but for analysis, we can use the Fair Market Rent (FMR) figure of $1,050 for FY 2024.
Given the low income levels, it is reasonable to conclude that the rental market in ZIP code 70402 is heavily dependent on government assistance programs such as Section 8. The FMR of $1,050 represents a significant portion of local income, indicating that many residents rely on housing vouchers to afford living spaces.
A landlord in ZIP code 70402 should expect tenants who are primarily reliant on Section 8 vouchers. These tenants will be subject to income limits and will require proof of eligibility for housing assistance. The area is likely to have a high demand for subsidized housing units, making Section 8 a crucial part of the rental market. Tenants will typically be families or individuals with limited financial resources, seeking stable and affordable housing solutions.
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.