Section 8 Fair Market Rent (FMR) for ZIP 71407 - 2027

Location: Alexandria, LA | Metro: Alexandria, LA MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$730
1 Bedroom	$770
2 Bedrooms	$960
3 Bedrooms	$1,300
4 Bedrooms	$1,420
5 Bedrooms	$1,647
6 Bedrooms	$1,845
7 Bedrooms	$1,993
8 Bedrooms	$2,093

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,178

Median Household Income

$N/A

Housing Units

497

Renter Percentage

19.2%

Occupancy Rate

90.3%

Renter Occupied

The ZIP code 71407, located in Monroe, Louisiana, presents a unique opportunity for real estate investors interested in the Section 8 housing market. This area is characterized by a mix of residential neighborhoods and commercial spaces, offering potential for both rental and homeownership investments.

Fair Market Rent (FMR): The Fair Market Rent for ZIP 71407 in fiscal year 2024 is set at $950 for a two-bedroom apartment, indicating a stable baseline for rental pricing.
Rental Share: With 19.2% of the population being renters, there is a significant demand for affordable housing options, making the Section 8 market particularly relevant.
Median Home Value: Although the median home value is not available, the high percentage of renters suggests that homeownership might be less common, potentially due to financial constraints or other factors.
Days on Market (DOM): The average days on market for properties in this ZIP code is not specified, but given the high rental share, it's likely that rental properties could be occupied relatively quickly.
Median Income: The median income figure is also not provided, which is crucial for understanding the economic landscape and the ability of residents to afford housing costs.

Investors looking to enter the Section 8 market in ZIP 71407 should focus on properties that can meet the FMR of $950 for a two-bedroom unit. Given the substantial rental share, there is a clear need for affordable housing, which could translate into steady occupancy rates. However, without specific data on median home values and median incomes, it's important to conduct thorough local research to gauge the financial health of the area and the potential for property appreciation or rental income growth. The lack of DOM data makes it challenging to predict how long it might take to find tenants, but the high demand for rentals could indicate shorter vacancy periods compared to areas with lower rental shares.

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.