Location: Winn Parish, LA | Metro: Alexandria, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
ZIP code 71404 in Madison County, Louisiana stands out due to its unique demographic and economic characteristics. With a population of 656 residents, it has a relatively low rental rate at 18.7%, indicating that homeownership is more prevalent than renting. The median income in this ZIP is $46,000, which is below the national average but reflects the local economy. The median home value of $113,383 suggests a moderate housing market, where homes are affordable yet not inexpensive.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 71404 in fiscal year 2024 is set at $880. This figure is crucial for landlords as it represents the maximum rent allowed for a two-bedroom unit under the voucher program. Given the lack of recent market rent data, the FMR serves as a benchmark for rental pricing in subsidized housing. Landlords should note that the actual market rents can vary, and they should aim to align their rental rates closely with the FMR to ensure a steady stream of tenants through the voucher program.
The data signature for ZIP 71404 reads as stable. The consistent median home value and median income suggest a settled community where economic conditions have not seen significant fluctuations. While the rental market is smaller, the stability of the overall housing market provides assurance for both landlords and small-portfolio investors. It is important to monitor any changes in the local economy or housing market trends that could impact the stability of this ZIP code.
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.