Location: Evangeline Parish, LA | Metro: Evangeline Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
U.S. Census Bureau data (2024)
The rent math for properties in ZIP code 70524 does not work favorably for landlords relying on Section 8 funding. The Fair Market Rent (FMR) for the area, set at $830 for fiscal year 2026, is significantly lower than the market rent of $1,300 based on recent Census ACS data. This means that landlords would need to cover the difference between the FMR and the market rent out of their own pockets, making it unprofitable without additional subsidies.
Regarding property acquisition, the metrics for ZIP 70524 indicate that the process may be challenging due to limited data. The median home value is listed as N/A, which suggests that there might not be a substantial number of sales transactions to provide an accurate average. Similarly, the days on market (DOM) and the percentage of homes that have been subject to price cuts are also marked as N/A, indicating a lack of recent activity or data. These factors make it difficult to assess the affordability of acquiring properties in the area.
Tenant demand in ZIP 70524 is relatively low. With a total population of 243, only 50.0% of residents are renters. This translates to approximately 121 potential tenants in the area. Given the small number of residents and the limited rental market, landlords should expect a narrow pool of prospective tenants, which could affect occupancy rates and income stability.
In conclusion, ZIP 70524 presents a challenging environment for landlords and small-portfolio investors interested in Section 8 properties. The discrepancy between the FMR and market rent makes the rent math unfavorable, while the lack of detailed acquisition metrics complicates property purchase decisions. Additionally, the low tenant demand and small population size suggest a less vibrant rental market, potentially leading to lower occupancy and reduced profitability. Landlords should proceed with caution and consider these factors before investing in the area.
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.