Section 8 Fair Market Rent (FMR) for ZIP 71403 - 2027
Location: Vernon Parish, LA | Metro: Sabine Parish, LA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,050 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$67,929
In evaluating whether to purchase a property in ZIP code 71403 for Section 8 purposes, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $1,310 cover the debt service on a property priced at $163,416?
- Yes. The FMR of $1,310 can potentially cover the debt service on a property valued at $163,416, assuming standard financing terms. Debt service typically includes principal and interest payments, and with an average mortgage rate, the monthly payment would be around that amount or slightly less, making it feasible for Section 8 tenants.
- No. If the monthly debt service exceeds $1,310, then purchasing a property in ZIP 71403 strictly for Section 8 tenants would not be advisable. This would mean the rental income from a Section 8 voucher would not sufficiently cover the costs associated with the property.
- It Depends. The answer could vary based on the specific financing terms, including down payment, interest rates, and loan type. However, under typical conditions, the FMR should be adequate.
2) Is the market rent of $1,515 (from Census ACS) above, at, or below the FMR?
- Above. The market rent of $1,515 is higher than the FMR of $1,310. This indicates that landlords might find it more profitable to seek market-rate tenants rather than relying solely on Section 8 vouchers.
- At or Below. If the market rent were equal to or lower than the FMR, it would be more reasonable to consider Section 8 tenants as a primary source of income.
3) Are 16.1% renters combined with the unknown days on market (DOM) indicative of sufficient demand?
- Yes. With 16.1% of residents being renters, there is a steady demand for rental properties. While the days on market (DOM) is listed as N/A, the percentage of renters suggests that finding tenants, including those with Section 8 vouchers, should not be difficult.
- No. If the DOM was unusually high, indicating that properties take a long time to rent out, then the demand might be insufficient. However, with only the renter percentage available, we cannot definitively conclude that there is insufficient demand.
- It Depends. The percentage of renters alone does not provide a complete picture. To make a more informed decision, additional data such as vacancy rates and competition levels would be necessary.
Based on the provided data, the decision to invest in ZIP 71403 for Section 8 purposes hinges on the financial feasibility of covering debt service with the FMR and the comparative advantage of market rents. There is sufficient demand indicated by the renter percentage, but the unknown DOM introduces some uncertainty. Consider these factors carefully before proceeding with any investment decisions.
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.