Location: Hammond, LA | Metro: Baton Rouge, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
ZIP code 70456, with a population of 3,193, has 12.7% of its residents as renters. This indicates that it is not heavily dominated by renters but still maintains a notable rental market. The median household income in this area stands at $47,399, which is crucial when considering the affordability of housing.
A typical market rent of $1,000 consumes approximately 21% of the median household income. This figure is derived by dividing the market rent by the median income ($1,000 / $47,399 = 0.021) and then multiplying by 100 to get the percentage. The Fair Market Rent (FMR) for ZIP 70456 is set at $1,100 for FY 2024, which represents a slightly higher threshold for affordability at about 23% of the median income.
The lower percentage of renters suggests that the demand for Section 8 vouchers may be less intense compared to areas with a higher proportion of renters. However, the income level still makes it a viable market for Section 8 tenants who can leverage their vouchers to afford the average market rent.
Landlords in ZIP 70456 should expect tenants who are likely to be dependent on government assistance due to the income levels relative to the cost of living. These tenants will have a monthly voucher amount that covers up to $1,100 of their rent, aligning closely with the fair market rent. They will also be subject to the standard eligibility criteria for Section 8, including income limits and background checks.
In summary, while ZIP 70456 is not predominantly a renter-heavy area, it does offer opportunities for landlords interested in Section 8 tenants. The typical rent eats a significant portion of local incomes, making the voucher program an essential component for many potential renters. Landlords should prepare for tenants who rely on financial aid and ensure compliance with HUD regulations.
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.