Location: Vermilion Parish, LA | Metro: Lafayette, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The ZIP code 70529 represents a moderate renter-heavy area with significant potential for Section 8 tenants. With a population of 12,949, nearly one-quarter (25.8%) of residents are renters, indicating a substantial demand for rental properties. The median household income in this area stands at $51,632, which provides a critical benchmark for understanding the financial landscape.
A typical market rent of $849 consumes approximately 16.5% of the median household income. This calculation is derived from dividing the market rent by the median income and multiplying by 100. In comparison, the Fair Market Rent (FMR) for ZIP 70529 is slightly higher at $890 for fiscal year 2024. This suggests that landlords in this area can charge close to the FMR without significantly exceeding the affordability threshold for most households.
The presence of Section 8 vouchers in this area is likely to be robust due to the relatively high percentage of renters and the income level of the residents. Vouchers are designed to help low-income families afford housing, and the median income in ZIP 70529 aligns well with the eligibility criteria for such assistance. Given these factors, landlords can anticipate a steady flow of Section 8 applicants who will be able to cover the majority of their rent obligations through their vouchers.
To further contextualize, let's examine the impact of the voucher on the tenant's budget. If a household's monthly income is $4,302.67 (the annual median income divided by 12), and they receive a voucher that covers 70% of the FMR, then the voucher would cover roughly $623 of the $890 FMR. This leaves the tenant responsible for approximately $267 per month, which is 6.2% of the median household income. This figure is manageable for many residents, making it feasible for them to apply for and maintain rental agreements under Section 8.
In summary, ZIP 70529 is an area where landlords can expect a healthy number of Section 8 tenants. The typical rent of $849 is well within the affordability range for the median income, and the proximity to the FMR indicates a balanced market. Landlords should prepare for tenants who are financially stable enough to contribute their portion of the rent while benefiting from the government subsidy.
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.