Location: Slidell-Mandeville-Covington, LA | Metro: Slidell-Mandeville-Covington, LA MSA
| 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 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 70463 are straightforward. The SAFMR (Standard Amount for Fair Market Rent) for a two-bedroom apartment is set at $1070 for fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, ensuring it reflects the local rental market conditions.
To understand what a landlord can expect from a Section 8 voucher, it's essential to break down the components involved. A voucher holder pays a portion of their income towards rent, typically 30% of their adjusted monthly income. This amount is known as the tenant portion. For instance, if a tenant's monthly income is $1500, they would pay $450 towards rent ($1500 * 0.3).
The remainder of the rent is covered by the housing authority, up to the SAFMR limit. In our example, the housing authority would pay $620 to meet the $1070 SAFMR for a two-bedroom unit. However, the total reimbursement isn't just about covering the rent; it also includes utility allowances. Utility allowances vary but are generally around $200-$300 per month for a two-bedroom apartment.
In ZIP 70463, the utility allowance adds an additional $250 to the reimbursement, bringing the total amount the housing authority will pay to $870 ($620 + $250). This means that for a two-bedroom apartment priced at the SAFMR of $1070, a landlord would receive $870 from the housing authority and $450 from the tenant, totaling $1320.
However, since the local market rent is currently unavailable, we cannot directly compare it to the SAFMR. Nonetheless, the typical reimbursement gap or surplus can be calculated based on the SAFMR and the utility allowance. In this case, the reimbursement exceeds the SAFMR by $250, indicating a surplus for landlords who accept Section 8 vouchers.
To summarize, landlords in ZIP 70463 who accept a Section 8 voucher for a two-bedroom apartment can expect a total reimbursement of $1320, which is $250 above the SAFMR of $1070. This surplus provides a buffer against potential shortfalls in the event that the local market rent is higher than the SAFMR.
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.