Location: Tate County, MS | Metro: Memphis, TN-MS-AR HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $2,200 |
| 5 Bedrooms | $2,552 |
| 6 Bedrooms | $2,858 |
| 7 Bedrooms | $3,087 |
| 8 Bedrooms | $3,241 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,640 | $292,400 | 0.56% | F |
| 4BR | $2,200 | $390,169 | 0.56% | F |
U.S. Census Bureau data (2024)
1170 dollars is the Fair Market Rent (FMR) for ZIP code 38611 as of fiscal year 2024, indicating the maximum amount a Section 8 voucher holder can pay for housing. 1082 dollars represents the average market rent for the area according to Census ACS data, suggesting that properties priced below the FMR have a competitive edge. With a median home value of 273,429 dollars, the real estate market in 38611 offers a mix of affordability and investment potential. 21.5 percent of the population are renters, highlighting the demand for rental properties. The median income of 58,830 dollars suggests that many residents may rely on assistance programs like Section 8 to afford housing. Although the days on market (DOM) figure is not available, the low price-cut share of 0.3 percent indicates that homes are generally selling at or near their asking price, which is favorable for landlords looking to maintain property values. The gap between the FMR and the market rent means that landlords who accept Section 8 vouchers can still attract tenants while ensuring they receive a fair rent amount. Given these factors, landlords and small-portfolio investors in ZIP 38611 should consider accepting Section 8 vouchers as a viable strategy to secure long-term tenants and stabilize cash flow.
Section 8 verdict: Accepting vouchers in 38611 is a prudent move given the alignment of market rents with FMRs and the significant renter population.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.