Location: Hammond, LA | Metro: Hammond, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,310 |
| 5 Bedrooms | $1,520 |
| 6 Bedrooms | $1,702 |
| 7 Bedrooms | $1,838 |
| 8 Bedrooms | $1,930 |
U.S. Census Bureau data (2024)
The ZIP code 70465 is situated in a small, rural neighborhood in Louisiana. With a total population of 522, it is predominantly composed of individuals who rely on rental housing, as evidenced by the 37.1% of residents who are renters. The median household income in this area is notably low at $20,144, which reflects the economic conditions typical of many rural communities. Given the limited data available on median home values, it suggests that homeownership might be less prevalent or that the data is sparse due to the small size of the community.
Moving into the specifics of rent economics, the Fair Market Rent (FMR) for ZIP 70465 as of the fiscal year 2024 is set at $980. This figure is slightly higher than the average market rent, which stands at $917 according to the Census Bureau's American Community Survey. The disparity between these two figures indicates a potential opportunity for landlords to align their rents with the FMR without significantly deviating from the local market rates.
Considering the practical implications for investors, ZIP 70465 appears to be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low median income suggests that tenants are likely to be heavily reliant on government assistance programs such as Section 8 vouchers. For a hands-off operator, this means the property can attract tenants who are able to cover most of the rent through their vouchers, reducing the risk of vacancy and delinquency. However, the economic conditions also imply that there is limited potential for significant improvements or renovations to dramatically increase rental income. Therefore, an investor looking for passive income with minimal management overhead would find ZIP 70465 a fitting choice.
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.