Location: St. Mary Parish, LA | Metro: St. Mary Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,020 for ZIP 70523 will sufficiently cover the mortgage on a typical home in the area. However, the median home value in ZIP 70523 is relatively low at $115,100, which suggests that mortgage payments would likely be manageable for landlords and small-portfolio investors.
The second objection could be the renter demand at 46.7%. Critics may argue that this percentage is too low to ensure consistent occupancy rates. Yet, the rental vacancy rate in the area is not provided, making it difficult to assess the true level of demand. It is important to consider other factors such as employment trends and population growth when evaluating the potential for rental income.
Another concern is whether housing vouchers will keep pace with market rents of $1,108. The FMR is slightly lower than the market rent, indicating that voucher holders may struggle to afford market-rate rentals. However, without specific data on the number of voucher recipients and the trend in voucher amounts, it is challenging to definitively state how well vouchers align with the cost of living in ZIP 70523.
In summary, while the FMR of $1,020 is likely sufficient to cover mortgage payments given the median home value of $115,100, the renter demand at 46.7% requires further scrutiny into vacancy rates and employment trends. Additionally, the disparity between FMR and market rents of $1,108 raises questions about the adequacy of housing vouchers, though more specific data is needed to draw a firm conclusion.
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.