Location: Lake Charles, LA | Metro: Lake Charles, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
ZIP code 70602, located within the Lake Charles, LA HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1080 for fiscal year 2024. This figure represents the maximum amount that a low-income family participating in the Section 8 housing choice voucher program can pay for rent in this area. The lack of data on market rent and home value suggests limited information is available for making direct comparisons to other ZIP codes within the same metro area.
However, the FMR of $1080 can be used to infer the potential rental market dynamics. In general, if the FMR is significantly lower than the average market rent, it might indicate that 70602 is a value pocket where landlords can offer competitive rents while still benefiting from the voucher program. Conversely, if the FMR aligns closely with or exceeds the typical market rents in the Lake Charles area, it could suggest that 70602 is either a mid-tier neighborhood or a premium sub-market, depending on the overall cost of living and demand for housing.
The absence of data on the percentage of renters indicates that there's no clear signal regarding the proportion of tenants who might benefit from the Section 8 program. Typically, a higher renter share combined with lower home values can indicate a sweet spot for Section 8 properties, but without these specific figures, such an inference cannot be made.
To conclude, based on the available data, ZIP 70602 presents itself as a potentially valuable market for landlords and small-portfolio investors due to its defined FMR. However, without additional metrics on market rent, home value, and renter share, it's challenging to definitively categorize 70602 as a value pocket, mid-tier neighborhood, or premium sub-market within the Lake Charles, LA HUD Metro FMR Area.
Data Sources: FMR data from HUD (2027).
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.