Location: Vernon Parish, LA | Metro: Vernon Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The median income in ZIP code 71474 stands at $85,417. However, due to the lack of specific market rate rental data, it's challenging to provide a direct comparison to this figure. Instead, we focus on the available information regarding the Section 8 Housing Choice Voucher Program, which pays a Fair Market Rent (FMR) of $1,050 per month for the metro area in fiscal year 2026.
Given the low percentage of renters—only 5.4% of the 348-person population—it's evident that the rental market in this area is quite tight. This means landlords face stiff competition when trying to attract tenants, especially those who might be able to pay higher rents.
The affordability gap between the median income and the FMR highlights a significant challenge for potential renters. A household earning the median income would struggle to find affordable housing options if they rely solely on the FMR standard set by the voucher program. This suggests that many households may not be able to afford market-rate rentals without assistance.
For landlords considering whether to accept vouchers or focus on cash-paying tenants, the data points to a strategic decision. Accepting vouchers ensures a steady stream of rent payments at a fixed rate of $1,050, reducing the risk of vacancy. However, given the limited number of renters and the potential for higher rents from cash-paying tenants, landlords might also consider marketing their properties to those who can afford more than the voucher amount.
The takeaway for landlords is clear: while the voucher program guarantees consistent income, the scarcity of renters and the likelihood that some households can afford higher rents presents an opportunity to maximize profits. Landlords should weigh the benefits of guaranteed income against the potential for higher market rates and the competition for tenants in this area.
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.