Location: Slidell-Mandeville-Covington, LA | Metro: Slidell-Mandeville-Covington, 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 | $1,610 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,030 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $2,990 |
| 5 Bedrooms | $3,468 |
| 6 Bedrooms | $3,884 |
| 7 Bedrooms | $4,195 |
| 8 Bedrooms | $4,405 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,030 | $240,634 | 0.84% | C |
| 3BR | $2,620 | $317,210 | 0.83% | C |
| 4BR | $2,990 | $446,966 | 0.67% | D |
| 5BR | $3,468 | $657,593 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 70447, located in Madisonville, LA, within Saint Tammany Parish County, stands out due to its relatively low rental rate compared to other areas in the region. With a total of 17,897 residents, only 4.0% of whom rent their homes, the area is predominantly occupied by homeowners. The median income for the residents is $122,574, which is significantly higher than the national average, indicating a prosperous community. The median home value in ZIP 70447 is $372,292, reflecting the high property values typical of the area.
From an economic standpoint, the voucher system plays a crucial role in the rental market dynamics. The Fair Market Rent (FMR) for ZIP 70447, as determined by HUD for fiscal year 2024, is set at $2,040. This figure is notably lower than the market's ZORI (Zillow Observed Rent Index), which stands at $2,283. This disparity suggests that landlords and small-portfolio investors could potentially earn slightly above the voucher amount if they choose to participate in the Section 8 program, making it a viable option for those looking to attract tenants through the voucher system.
The data signature for ZIP 70447 reads as stable, with a strong homeowner base and a robust median income. The rental market, while small, offers opportunities for investors who can navigate the differences between FMR and market rents. Given the high median home value, any transitional changes would likely be gradual and influenced by broader economic trends rather than sudden shifts.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.