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 |
ZIP code 71281 in Louisiana lacks comprehensive demographic data, which makes it challenging to provide a detailed analysis. However, based on the available information, we can infer several key points about the suitability of this area for landlords considering Section 8 tenants.
The absence of specific population and renter percentage figures suggests that this ZIP code may have a smaller number of residents overall, potentially limiting the size of the rental market. Without precise data, it's difficult to determine if this area is heavily populated by renters or homeowners. However, given the context of Section 8, it's reasonable to assume that there is some demand for rental properties among low-income households who rely on housing vouchers.
Moving on to income levels, the median household income is also listed as N/A. This missing figure complicates the assessment of how much of the local income would typically be allocated towards rent. Nonetheless, the Fair Market Rent (FMR) for the area is set at $1010 per month for FY 2024, which serves as a benchmark for understanding the affordability of housing in this ZIP code.
Landlords in ZIP 71281 should anticipate a tenant pool that largely relies on Section 8 vouchers. The FMR provides a guideline for setting rents that are affordable to those receiving government assistance. A landlord should ensure that their rental properties meet the quality standards required by the Section 8 program while also being mindful of the potential for slower lease-up times due to the limited number of vouchers available.
In conclusion, while the lack of specific data hinders a complete analysis, the reliance on Section 8 vouchers indicates a tenant base that requires properties priced around the FMR of $1010. Landlords should prepare for a market characterized by a need for affordable housing solutions and be ready to navigate the administrative processes associated with the Section 8 program.
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.