Location: Franklin Parish, LA | Metro: Catahoula Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $640 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $890 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The analysis for ZIP 71368 in Sicily Island, LA, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR is set at $830, while the market rent, as reported by the Census ACS, stands at $620. This represents a gap of $210, or approximately 33.7%, indicating that the FMR is higher than the market rent.
In this context, where the FMR exceeds the market rent, voucher tenants can be seen as a yield play for landlords. Accepting Section 8 vouchers allows landlords to receive the higher FMR rate, which can be up to $830, instead of the lower market rate of $620. This discrepancy benefits landlords by providing a higher rental income, which can help offset the costs associated with maintaining and managing rental properties.
However, it's important to anchor this analysis in the broader economic context of ZIP 71368. The area has a median household income of $39,129, which is relatively low compared to national averages. Additionally, the poverty rate is notably high at 35.6%, surpassing the national average of around 12%. Given these factors, landlords might face challenges in finding tenants willing or able to pay the FMR rate without voucher assistance.
The median home value is listed as N/A, suggesting that there may be limited data on homeownership in this area. This further emphasizes the importance of the rental market, particularly for those relying on Section 8 vouchers to find affordable housing.
To summarize, the FMR being higher than the market rent makes ZIP 71368 a potentially lucrative area for landlords who accept Section 8 vouchers. The higher rental income can improve yields, but landlords must also consider the local economic conditions when setting their rental strategies.
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.