Location: Slidell-Mandeville-Covington, LA | Metro: Hammond, LA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,560 | $325,864 | 0.48% | F |
| 4BR | $1,800 | $451,515 | 0.4% | F |
U.S. Census Bureau data (2024)
In ZIP code 70437, the median household income stands at $61,280. The market rate for rent, according to Census ACS data, is $734 per month. This means that even at the median income level, a significant portion of a household’s monthly budget would be dedicated to rent, making it challenging for residents to find affordable housing without financial assistance.
The Federal Market Rent (FMR) standard for voucher payments in ZIP 70437 for fiscal year 2024 is set at $1,340. This figure is notably higher than the market rate, indicating that households receiving vouchers have the potential to secure better quality or larger living spaces compared to those paying out-of-pocket. However, the disparity between the median income and both the market rate and voucher payment levels highlights a substantial affordability gap for renters in this area.
With only 9.5% of the population being renters and a total population of 8,030, the competition among landlords for tenants is likely to be intense. Given the limited number of rental units relative to the overall population, landlords must carefully consider their pricing strategies to attract and retain tenants. Offering units that fall within the voucher payment range could provide a competitive advantage, as it opens up the market to those who might otherwise struggle to afford the area's rents.
The takeaway for landlords is clear: focusing on voucher-friendly units can be a strategic move to ensure steady occupancy rates. While the $734 market rate may seem attractive, aligning with the $1,340 voucher standard allows landlords to tap into a broader pool of potential tenants, many of whom are guaranteed a stable source of income through the voucher program. This strategy not only helps fill vacancies but also supports the local community by providing accessible housing options.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.