Location: Lake Charles, LA | Metro: Vermilion Parish, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The ZIP code 70542 presents several challenges for potential Section 8 landlords. Tenant turnover is a significant concern due to the difference between the market rent of $772 and the Fair Market Rent (FMR) of $890 for FY 2024. This gap suggests that tenants might be more likely to move when they find a property that better fits their budget, leading to higher vacancy rates. The vacancy exposure is heightened by the fact that the average days on market (DOM) is not available, indicating uncertainty around how quickly properties can be filled. Additionally, the deferred maintenance exposure is notable given the typical home value of $118,296 and the median income of $41,971. Landlords should expect that many homeowners in this area may struggle to maintain their properties up to the standards required by the Section 8 program, potentially necessitating additional investments in repairs and upkeep.
Despite these risks, the high renter share of 20.1% in ZIP 70542 indicates a strong demand for rental housing, which typically translates into a robust demand for Section 8 vouchers. This high concentration of renters can provide a steady stream of potential tenants who qualify for the program, mitigating some of the financial risks associated with vacancy and turnover.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.