Location: St. James Parish, LA | Metro: St. James Parish, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 70743 is poised for a nuanced shift in the coming 12 to 24 months, based on the current median home value, the percentage of listings that have been reduced, and the median days on market (DOM). Although the specific figures for median home value and the percentage of listings reduced are currently unavailable, we can infer certain trends from the available data.
The median DOM for ZIP 70743 is also not specified, but a high DOM typically indicates a buyer's market where homes are taking longer to sell, suggesting that sellers might have less pricing power. Conversely, a low DOM signals a seller's market, where homes sell quickly, giving sellers more leverage over price negotiations.
On the rental side, the Fair Market Rent (FMR) for ZIP 70743 in fiscal year 2024 is set at $990. This figure serves as a benchmark for rental rates, particularly for Section 8 housing vouchers. If the current market rent in ZIP 70743 is below $990, it suggests an opportunity for landlords to increase rents without losing tenants who rely on Section 8 vouchers. However, if the market rent exceeds the FMR, landlords may face challenges in attracting voucher holders, necessitating adjustments to their rental strategies.
For long-hold investors, the setup in ZIP 70743 implies a need for careful consideration of potential appreciation. Without concrete figures on recent trends, the appreciation thesis must be derived from broader regional economic indicators, job growth, population shifts, and local development projects. If these factors point towards sustained growth, then there is a realistic scenario for property values to appreciate over time. However, if the region faces economic stagnation or decline, the lack of a strong appreciation thesis becomes evident, and investors should focus on maintaining steady cash flows through rental income rather than capital gains.
The interplay between median home values, listing reductions, DOM, and rental dynamics provides a comprehensive view of the market's current state and future direction. Landlords and small-portfolio investors should monitor these metrics closely to make informed decisions about their investments.
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.