Location: Evangeline Parish, LA | Metro: Alexandria, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $900 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The median income in ZIP code 71325 stands at $48,056, which places significant constraints on rental affordability. The market rate for rentals, according to Census ACS data, is $599. This figure represents a substantial portion of monthly income for the average household, considering that housing costs should ideally not exceed 30% of one’s income. Given the median income, a household would be spending nearly 25% of their monthly earnings on rent at the market rate, making it a tight budgetary squeeze.
Comparatively, the Fair Market Rent (FMR) for ZIP 71325, set at $820 for fiscal year 2024, is notably higher than the current market rate. This discrepancy suggests that landlords who accept vouchers could see an increase in their rental income. However, the higher FMR also indicates a significant affordability gap for those without access to voucher programs, as it represents a larger share of the median income—about 35%.
With 27.8% of the 1,273 population being renters, there is a notable segment of the community seeking housing options. This percentage translates to approximately 352 renters. Landlords must consider the competitive landscape, where the market rate of $599 might attract more tenants due to its alignment with the financial capabilities of the majority of households. Yet, the potential for increased revenue from voucher payments cannot be ignored.
The takeaway for landlords is clear: accepting vouchers can lead to higher rental incomes but may come with the challenge of managing the administrative complexities associated with voucher programs. On the other hand, relying solely on market-rate rents could mean greater tenant stability and fewer administrative hurdles, though at the cost of lower income. Landlords should weigh these factors carefully, considering the specific needs and dynamics of their property and the broader rental market in ZIP 71325.
Data Sources: FMR data from HUD (2027). 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.