Location: Washington Parish, 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 | $229,144 | 0.68% | D |
| 4BR | $1,800 | $308,782 | 0.58% | F |
U.S. Census Bureau data (2024)
The ZIP code 70438 stands out within its county due to a unique mix of demographic and economic characteristics. With a population of 19,349, it has a rental rate of 21.8%, which is slightly above the national average. The median income in this area is $52,864, while the median home value is notably higher at $184,683. This suggests that homeownership is relatively expensive compared to the average income, potentially driving some residents towards rental properties.
The voucher economics in ZIP 70438 present a significant opportunity for landlords and small-portfolio investors. The Fair Market Rent (FMR) for Section 8 vouchers in this ZIP code for fiscal year 2024 is set at $1140, whereas the typical market rent is lower at $824 according to Census ACS data. This means that landlords accepting Section 8 vouchers can potentially receive rents above the market average, providing a financial advantage.
Given the current data, ZIP 70438 appears to be in a transitional phase. While the rental rate is steady, the disparity between median income and median home value indicates an evolving housing market. Landlords should monitor local economic trends closely, as changes in employment and income levels could impact the demand for rental properties and the effectiveness of Section 8 vouchers.
Summary:
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.