Location: Claiborne Parish, LA | Metro: Bienville Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $640 |
| 1 Bedroom | $680 |
| 2 Bedrooms | $890 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
A common objection is whether the Fair Market Rent (FMR) of $830 for the metro area in fiscal year 2026 will be sufficient to cover the mortgage on a typical home. Given that the median home value in ZIP 71028 is reported to be $92,100, the mortgage burden for a new investment should be relatively low compared to other regions. However, it's important to note that the FMR figure is based on metropolitan averages and may not precisely reflect the local rental market dynamics. To accurately assess the mortgage coverage, one must consider the specific interest rates and down payment scenarios applicable to this region.
Another concern is the level of renter demand at 27.6%. This percentage indicates the proportion of households that are renters, suggesting a moderate demand for rental properties. While 27.6% may seem low, it's crucial to evaluate the total number of potential renters and the vacancy rate to understand if there is enough demand to sustain rental properties. Unfortunately, the exact number of renters and the vacancy rate are not provided in the current data set. Nonetheless, the low median home value suggests that owning a home might be less affordable for some residents, thereby increasing the likelihood of renting.
The third objection pertains to whether federal housing vouchers will keep pace with the market rents of approximately $565. Voucher utilization can vary widely depending on the local administration and funding levels. While the data does not provide specifics on voucher amounts or trends in ZIP 71028, it's worth noting that the current market rent is lower than the FMR, indicating that vouchers might be more likely to cover the cost of renting in this area. However, without precise figures on voucher distribution and historical trends, it's challenging to definitively state that they will consistently meet market rents.
In summary, while the data offers insights into the rental market and median home values, it falls short in providing complete details on mortgage costs, the total number of renters, and the exact trends in voucher utilization. Nevertheless, the low median home value and moderate renter demand suggest that ZIP 71028 could be a viable investment option, especially for those looking to capitalize on affordable housing 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.