Section 8 Fair Market Rent (FMR) for ZIP 70505 - 2027

Location: Lafayette, LA | Metro: Lafayette, LA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$850
1 Bedroom	$990
2 Bedrooms	$1,110
3 Bedrooms	$1,400
4 Bedrooms	$1,630
5 Bedrooms	$1,891
6 Bedrooms	$2,118
7 Bedrooms	$2,287
8 Bedrooms	$2,401

The ZIP code 70505, located in Ascension Parish, Louisiana, is a suburban area with a mix of residential and commercial properties. This region offers a unique opportunity for real estate investors interested in the Section 8 housing market. The following analysis provides key metrics that will help landlords and small-portfolio investors understand the rental landscape and make informed decisions.

Fair Market Rent (FMR) for ZIP 70505: In fiscal year 2024, the FMR for a one-bedroom apartment is set at $1050, providing a benchmark for rental pricing within the Section 8 program.
Market Rent: Unfortunately, specific data on market rents for ZIP 70505 is currently unavailable, which can make it challenging to gauge the competitive landscape outside of Section 8.
Median Home Value: There is no available data on the median home value for ZIP 70505, suggesting that the focus should remain on rental properties rather than flipping homes.
Renter Share: The percentage of residents who are renters in this ZIP code is also not available, but understanding the local population's housing preferences is crucial for investment strategy.
Days on Market (DOM): Information regarding the average number of days properties take to sell or rent in ZIP 70505 is currently unavailable, which could indicate a stable market or simply a lack of recent transaction data.
Median Income: Specific median income figures for ZIP 70505 are not provided, making it difficult to assess the financial stability of potential tenants.

In summary, while the Fair Market Rent for Section 8 participants is clearly defined at $1050 for a one-bedroom unit, the lack of detailed market data such as market rent, median home values, and renter demographics presents a challenge. Investors should focus on the reliability of Section 8 payments while being cautious about the limited availability of broader market indicators. Engaging with local real estate agents and reviewing historical trends can provide additional insights into the stability and growth potential of the ZIP 70505 rental market.

Data Sources: FMR data from HUD (2027).

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.