Location: Monroe, LA | Metro: Monroe, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
The Fair Market Rent (FMR) for ZIP code 71207 in fiscal year 2024 is set at $1010. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, known officially as the Housing Choice Voucher Program. It's important to note that this is the payment standard, which does not necessarily reflect the actual rent you will receive. The government pays a portion of the rent based on the voucher holder's income, and the tenant pays the remainder.
In ZIP 71207, the local median rent is currently listed as N/A, which makes direct comparison challenging. However, the FMR provides a benchmark for what is considered a reasonable rent in the area. Since the FMR is $1010, this suggests that the average rent for similar units in the area should be close to or below this amount to qualify for the Section 8 program.
The percentage of renters in the area who might benefit from the Section 8 program is also listed as N/A%. This indicates the potential demand for Section 8 rentals. While we don't have an exact number, understanding the demand can help you gauge the likelihood of finding tenants interested in your property.
Regarding the acquisition cost of properties in ZIP 71207, the average price is listed as N/A. This figure is crucial when deciding whether to invest in a new property or convert an existing one into a Section 8 rental. Knowing the average price helps you determine if the potential long-term benefits outweigh the initial investment.
Before you decide to participate in the Section 8 program, it is critical to verify that your property meets all the required standards. Specifically, ensure that your rental unit passes the inspection criteria set by the housing authority. These inspections check for safety, habitability, and compliance with the program's rules, and failure to meet these standards could result in rejection or penalties.
Investing in a Section 8 rental in ZIP 71207 comes with its own set of considerations, but with the FMR at $1010, it offers a clear guideline for pricing and a stable source of income through government subsidies.
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.