Location: Vernon Parish, LA | Metro: Alexandria, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 71438 in fiscal year 2024 is set at $1000. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the rent you would set for your property; it's the benchmark used by the program to ensure affordability for low-income families.
In ZIP 71438, the FMR serves as a guideline for the payment standard. If you decide to participate in the Section 8 program, your tenant will pay a portion of the rent based on their income, typically around 30%, and the government will cover the rest up to the FMR limit of $1000.
The local median gross rent is currently listed as N/A, which makes direct comparison challenging. However, the 7.4% renter share indicates that a significant portion of the population in this area relies on rental housing. This suggests there is a steady demand for affordable rentals, making Section 8 a viable option for landlords looking to fill vacancies.
If you're considering purchasing a property in this area to use as a rental, the median home value is $152,792. This figure gives you an idea of the typical cost for acquiring a property. While this is an investment, it also provides a stable income stream through the Section 8 program.
Before proceeding, it's crucial to verify that your property meets all the necessary requirements for participation in the Section 8 program. These include safety, health, and structural standards as outlined by HUD. Ensuring compliance will save you time and resources in the long run.
In summary, the FMR of $1000 sets a clear cap on what you can charge for rent under the Section 8 program. With a 7.4% renter share and a median home value of $152,792, there is potential for steady occupancy and predictable returns. Your next step should be to confirm that your property meets the required standards to avoid any complications.
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.