Section 8 Fair Market Rent (FMR) for ZIP 70578 - 2027

Location: Vermilion Parish, LA | Metro: Lafayette, LA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$710
1 Bedroom	$810
2 Bedrooms	$930
3 Bedrooms	$1,180
4 Bedrooms	$1,430
5 Bedrooms	$1,659
6 Bedrooms	$1,858
7 Bedrooms	$2,007
8 Bedrooms	$2,107

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

16,432

Median Household Income

$49,875

Housing Units

6,552

Renter Percentage

24.6%

Occupancy Rate

92.2%

Renter Occupied

1,489

ZIP code 70578, located within the Vermilion Parish, LA HUD Metro FMR Area, presents a unique profile compared to other ZIP codes in the same metro area. The Fair Market Rent (FMR) for ZIP 70578 in fiscal year 2024 is set at $890, which is higher than the average market rent of $816. This indicates that the rental market in 70578 is slightly above the local average, suggesting it might be a mid-tier neighborhood.

The median home value in 70578 stands at $175,088, which is likely representative of the overall housing market in the parish. However, the 24.6% renter share is notably higher than what is typically seen in the area, hinting at a significant portion of the population relying on rentals. This characteristic can be indicative of a potential Section 8 sweet spot, as higher renter shares often coincide with areas where subsidized housing plays a crucial role.

To determine if 70578 is a value pocket, mid-tier neighborhood, or premium sub-market within its metro, consider the following:

Fair Market Rent ($890): Slightly above the average market rent ($816), positioning it as a mid-tier neighborhood in terms of rental pricing.
Home Value ($175,088): Reflective of the broader housing market in Vermilion Parish, indicating neither a premium nor a value pocket status based solely on home value.
Renter Share (24.6%): Significantly higher than typical ZIP codes in the area, potentially signaling a strong demand for rental properties and a possible Section 8 sweet spot due to the higher concentration of renters.

The divergence between the higher FMR and the lower market rent, combined with the elevated renter share, suggests that 70578 could be an attractive option for landlords and small-portfolio investors looking to capitalize on the rental market dynamics influenced by Section 8 subsidies. While it doesn't qualify as a premium sub-market based on home values, the characteristics point towards a mid-tier neighborhood with potential for Section 8 investment opportunities.

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.