Location: Iberia 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 70582 stands out in County due to its unique data profile. With a population of 19,209 residents, it has a rental rate of 22.4%, indicating that nearly one in five homes are rented. The median income here is $49,837, which is relatively modest compared to the median home value of $150,385. This suggests that homeownership is somewhat challenging for many residents, making rental properties an important asset.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 70582 is set at $890 for the fiscal year 2024, whereas the market rent based on Census ACS data is $765. This discrepancy means that landlords participating in the Section 8 program can potentially charge a higher rent than the current market rate, providing a financial incentive for accepting vouchers. However, it also implies that the demand for affordable housing might be higher than the supply, as the FMR exceeds the typical market rent.
The data signature for ZIP 70582 indicates a stable environment. The rental rate and median income suggest a consistent demand for rental properties, particularly those that offer affordable options through the Section 8 program. Given the median home value, there is a clear gap between what residents can afford and the cost of homeownership, reinforcing the importance of rental units. Landlords and small-portfolio investors should consider the benefits of accepting Section 8 vouchers, as they can help fill this gap and ensure steady occupancy rates.
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.