Section 8 Fair Market Rent (FMR) for ZIP 71202 - 2027

Location: Monroe, LA | Metro: Monroe, LA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$730
2 Bedrooms	$940
3 Bedrooms	$1,210
4 Bedrooms	$1,240
5 Bedrooms	$1,438
6 Bedrooms	$1,611
7 Bedrooms	$1,740
8 Bedrooms	$1,827

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

25,444

Median Household Income

$28,213

Housing Units

11,036

Renter Percentage

53.8%

Occupancy Rate

78.9%

Renter Occupied

4,682

Housing Authorities Serving ZIP 71202

Housing Authority of Monroe (Monroe, LA) - 1,560 Section 8 vouchers
Ouachita Parish Police Jury (Monroe, LA) - 557 Section 8 vouchers
West Monroe Housing Authority (West Monroe, LA) - 467 Section 8 vouchers

The ZIP code 71202, located in Monroe, Louisiana, represents a market that is heavily influenced by rental dynamics and lower-income demographics. The area's rental market is a key focus for investors, given the high percentage of renters and the availability of federal assistance programs.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 71202 for fiscal year 2024 is set at $860. This figure reflects the maximum amount that low-income families should pay for housing.
The average market rent for a two-bedroom apartment, according to the Census American Community Survey, is $853. This indicates that the market closely aligns with the government-set FMR, providing a stable rental environment.
The median home value in ZIP 71202 is $58,663, which is significantly lower than the national average. This suggests a relatively affordable market for both buying and renting properties.
Renters make up 53.8% of the households in the area, highlighting a strong demand for rental properties over homeownership.
The median income in the ZIP code is $28,213, indicating that many residents rely on financial assistance such as Section 8 vouchers to afford housing.
Unfortunately, the exact number of days on the market (DOM) for properties in ZIP 71202 is not available. However, given the high percentage of renters and the economic conditions, it is reasonable to assume that rental properties may have a quicker turnover compared to sale properties.

Investors looking to enter the ZIP 71202 market should focus on rental properties, particularly those that can accommodate Section 8 voucher holders. With the rental market closely matching the FMR and a significant portion of the population relying on financial assistance, there is a consistent demand for affordable housing. The low median home values and incomes suggest that the market is primarily driven by rental opportunities rather than home sales, making it an attractive option for landlords and small-portfolio investors seeking steady, albeit modest, returns.

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.