Location: Lake Charles, LA | Metro: Lake Charles, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The median income for households in ZIP code 70630 is $74,258. Given the lack of specific market rate rental data, it is difficult to definitively assess the affordability of housing for renters. However, comparing the Federal Market Rent (FMR) standard of $890 for ZIP 70630 in fiscal year 2024 to the median income, we can infer some trends.
A household earning the median income would likely find it challenging to pay the market rate for housing without additional financial assistance. The FMR standard, set at $890, represents the maximum amount a Section 8 voucher will cover for rent in the area. This figure is significantly lower than what would be expected for market-rate rentals, suggesting a substantial affordability gap.
With only 0.0% of the population being renters and a total population of 1,478, the competition among landlords in ZIP 70630 appears minimal. The low percentage of renters indicates that homeownership is prevalent, which could reduce the demand for rental properties and make it harder for landlords to attract tenants.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the data points to a few key takeaways. First, given the high median income relative to the FMR, landlords should expect that many potential renters might require financial assistance to cover their rent. Second, the low number of renters suggests that attracting any tenant, whether they use vouchers or pay cash, could be competitive. Lastly, landlords who are willing to accept Section 8 vouchers may have an advantage in securing tenants, as the $890 FMR provides a stable and guaranteed source of income, even if it is below market rates.
In conclusion, landlords in ZIP 70630 must weigh the benefits of accepting Section 8 vouchers against the potential for higher-paying cash tenants. Given the limited rental market and the need for affordable housing, voucher tenants offer a reliable option for landlords seeking steady income.
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.