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 economics of Section 8 in ZIP code 71210, located in Monroe County, Louisiana, revolve around the SAFMR (Small Area Fair Market Rent) which is specifically tailored for this ZIP. For fiscal year 2024, the SAFMR for a two-bedroom apartment in this area is set at $1010. This figure represents the maximum amount that the housing authority will pay on behalf of a tenant with a voucher.
To understand the actual payment a landlord receives, it's important to factor in the tenant's portion of the rent and any utility allowances. Typically, the tenant is responsible for paying approximately 30% of their income towards rent. If we assume an average income level for a tenant eligible for Section 8, let's say $1600 per month, then the tenant would contribute about $480 towards the rent. This leaves the housing authority to cover the remaining $530 of the $1010 SAFMR.
In addition to the rent, there are utility allowances which vary based on the type of unit and the number of occupants. These allowances do not directly affect the rent reimbursement but can influence the overall budgeting for tenants. For a two-bedroom unit, the utility allowance might be around $200 per month, depending on the specific circumstances and the housing authority's guidelines.
Given these specifics, a landlord in ZIP 71210 can expect to receive a total of $1010 for a two-bedroom apartment from the combination of the tenant's contribution and the housing authority's reimbursement. However, since the local market rent is currently unavailable, it's difficult to provide a precise comparison between the market rate and the SAFMR. Nonetheless, if the market rent were higher than $1010, landlords would face a reimbursement gap, meaning they would need to subsidize the difference themselves. Conversely, if the market rent is lower, landlords could potentially see a surplus, where the SAFMR exceeds the market rate, providing additional income.
Without the exact local market rent, we cannot quantify the reimbursement gap or surplus. However, if the local market rent were, for example, $1100, landlords would have a $90 shortfall per month. On the other hand, if the market rent were $900, landlords would have a $110 surplus. Landlords should consult local real estate listings or speak with a local realtor to determine the current market rates and compare them against the SAFMR to assess their financial position accurately.
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.