Location: Monroe, 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 | $720 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,230 |
| 5 Bedrooms | $1,427 |
| 6 Bedrooms | $1,598 |
| 7 Bedrooms | $1,726 |
| 8 Bedrooms | $1,812 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $930 | $82,525 | 1.13% | B |
| 3BR | $1,200 | $174,414 | 0.69% | D |
| 4BR | $1,230 | $309,709 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 71292, located in West Monroe, Louisiana, presents an interesting scenario when analyzing rental affordability from a tenant's viewpoint. The median household income in this area stands at $51,355. Considering the market rate for rentals, which is currently set at $788 per month (ZORI), it becomes evident that the average household income does not fully cover these expenses.
To put this into perspective, let’s compare the market rate with the Federal Payment Standard (FPM) for Section 8 vouchers, which is $910 per month for ZIP 71292 during fiscal year 2024. This means that the government would pay up to $910 on behalf of a tenant, significantly easing the financial burden compared to the market rate of $788.
In ZIP 71292, approximately 30.9% of the 22,935 residents are renters. This indicates a substantial portion of the population that relies on rental housing. Given the median income and the market rate, there exists a notable affordability gap for potential tenants. This gap suggests that many renters may struggle to meet the market rate without assistance, such as Section 8 vouchers.
The implications of this affordability gap are significant for landlords. In a competitive rental market, offering properties that accept Section 8 vouchers can be a strategic advantage. While accepting vouchers might mean dealing with the bureaucracy of the program, it ensures a steady stream of reliable tenants who can afford the rent due to government subsidies. Conversely, landlords who focus on cash-paying tenants must consider the financial constraints faced by the majority of the local population.
The takeaway for landlords is clear: accepting Section 8 vouchers can provide a stable and consistent source of income, given the financial realities of the area. Landlords should weigh the benefits of reduced vacancy rates and lower turnover against the administrative challenges of participating in the voucher program. For those who prefer cash-paying tenants, it is crucial to offer competitive pricing and amenities to attract the limited pool of financially capable renters.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.