Location: Vermilion Parish, LA | Metro: Vermilion Parish, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $890 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,170 |
| 5 Bedrooms | $1,357 |
| 6 Bedrooms | $1,520 |
| 7 Bedrooms | $1,642 |
| 8 Bedrooms | $1,724 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 70548 in fiscal year 2024 is set at $820. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning it is the maximum amount the government will pay on behalf of eligible tenants. It's important to note that this does not represent the total rent you can charge; rather, it is the cap on the subsidy portion.
In comparison, the average market rent for ZIP 70548, according to recent Census data, is $804. This suggests that the FMR is slightly above the average market rate, which could be advantageous for landlords participating in the Section 8 program.
With 29.5% of households being renters, there is a significant demand for rental properties in your area. This high percentage indicates that a substantial portion of residents rely on renting, creating a steady pool of potential tenants for Section 8 properties. However, to ensure the success of your investment, you must verify that the property meets all eligibility requirements, including the Housing Quality Standards (HQS).
The median household income in ZIP 70548 is $127,048, which can provide insight into the acquisition costs of properties. While this income level is higher than the typical Section 8 tenant's income, it reflects the overall economic landscape of the area. If you are considering purchasing a property to convert into a Section 8 rental, be prepared for competition from buyers looking for non-subsidized investments.
To summarize, the FMR of $820 offers a stable income source through the Section 8 program, slightly exceeding the average market rent of $804. The high renter share of 29.5% ensures a robust tenant pool, while the median income of $127,048 provides context for property acquisition costs. Before proceeding, make sure your property complies with the HQS to avoid any issues with the program.
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.