Location: La Salle Parish, LA | Metro: Caldwell Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $870 for the metro area in fiscal year 2026 will adequately cover the mortgage on a home priced at $147,306. To evaluate this, consider the typical mortgage payment for a home of that value. Assuming a 30-year fixed-rate mortgage at an interest rate of around 4%, the monthly payment would be approximately $720. This means that the FMR of $870 could indeed cover the mortgage payment, leaving some room for maintenance costs and other expenses.
The investor might also doubt the strength of the rental market, given that only 5.2% of the population is renters. While this percentage is relatively low, it's important to note that the rental demand can still be substantial if the total population is large. However, the data does not provide the total population figure for ZIP 71441, so we cannot definitively assess the scale of the rental market. We must rely on further research into the local rental market dynamics to confirm this.
Another concern is whether Section 8 vouchers will keep pace with the non-subsidized market rents. Unfortunately, the data does not specify the current or projected growth rates of market rents in ZIP 71441, nor does it detail the voucher amounts or their adjustment frequency. Without these specifics, it's challenging to make a precise judgment. It's advisable to consult local housing authorities for the latest information on voucher amounts and how they compare to actual market rents.
In conclusion, while the FMR appears sufficient to cover the mortgage on a home in ZIP 71441, the limited data on total population and market rent trends leaves some questions unanswered. Additional investigation is necessary to fully address these concerns.
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.