Location: Union County, MS | Metro: Benton County, MS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
U.S. Census Bureau data (2024)
The median income in ZIP code 38610 stands at $51,675, which places significant constraints on the financial capacity of households to afford the market rate rent of $959. This market rate is nearly identical to the Fair Market Rent (FMR) standard set at $970 for the fiscal year 2026, indicating a very tight budget for renters.
Given that 30.4% of the 3,121 population are renters, the competition among landlords is likely to be intense. The affordability gap means that many renters will struggle to pay the market rate without assistance, leading to a high demand for properties that accept Section 8 vouchers.
The FMR standard of $970 aligns closely with the market rate, suggesting that voucher payments cover a substantial portion of typical rental costs in this area. For landlords considering their strategy between accepting vouchers versus relying on cash-paying tenants, it's crucial to recognize the trade-offs. While voucher tenants offer guaranteed and timely rent payments, cash-paying tenants might be willing to pay slightly above the market rate due to the scarcity of affordable housing options.
The takeaway for landlords is clear: accepting Section 8 vouchers can stabilize cash flow and reduce vacancy rates, especially given the financial pressures on local renters. However, landlords should also explore opportunities to attract cash-paying tenants who might be able to offer higher rents, thereby balancing the portfolio to maximize profitability while addressing the community's housing needs.
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.