Location: Lincoln Parish, LA | Metro: Monroe, LA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $720 | $114,838 | 0.63% | D |
| 2BR | $930 | $134,694 | 0.69% | D |
| 3BR | $1,190 | $197,469 | 0.6% | D |
| 4BR | $1,300 | $273,628 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 71241, located in Farmerville, Louisiana, stands out within Union Parish County due to its unique demographic and economic characteristics. With a total population of 8,485, the area has a rental rate of 22.1%, indicating that it is primarily occupied by homeowners. The median household income in ZIP 71241 is $44,128, which is relatively modest compared to national averages. However, the median home value is notably higher at $176,094, suggesting that homeownership is a significant aspect of the local economy.
When it comes to the economics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 71241 is set at $870 for the fiscal year 2024. This figure is above the market rent average of $766 as reported by the Census Bureau's American Community Survey (ACS), providing an incentive for landlords to participate in the program. The higher FMR compared to the market rent means that landlords can potentially receive a subsidy that exceeds the typical rent they would charge, making it financially beneficial to accept Section 8 tenants.
Evaluating the overall data signature of ZIP 71241, the metrics suggest a stable community. The modest income levels paired with a higher median home value indicate a steady housing market where homeownership is valued. The slight difference between the FMR and market rent rates also points towards a stable rental market, with Section 8 vouchers offering a consistent source of income for landlords. Given these factors, it is reasonable to conclude that ZIP 71241 is a stable environment for both landlords and small-portfolio investors, with the potential for steady returns through Section 8 participation.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.