Location: Benton County, MS | Metro: Benton County, MS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 38647 stands as a market in motion, characterized by a median fair market rent (FMR) of $890 for the fiscal year 2026, which reflects the government's assessment of rental affordability. Despite the lack of current market rent data, the median home value of $158,907 suggests a relatively affordable housing market. The absence of specific figures on price-cut shares and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa, but these missing metrics hint at either stable conditions or a nascent shift.
A notable indicator of the market's dynamics is the 19.7% renter share, which points to a significant portion of residents choosing to lease rather than purchase their homes. This trend can be indicative of several underlying factors: potential financial constraints preventing homeownership, a preference for renting among younger populations, or even a strategic choice by those who do not wish to commit to long-term property ownership. In the context of long-term housing pressure, a higher renter share often correlates with increased demand for rental properties, potentially leading to upward pressure on rents if the supply of rental units remains constant or fails to grow in tandem with demand.
Landlords and small-portfolio investors in ZIP 38647 should consider the implications of these dynamics on their investment strategies. The relatively low median home value might suggest opportunities for property appreciation, while the high renter share indicates a robust demand for rental properties. However, without specific data on recent trends, it's crucial to monitor local economic indicators and housing market reports closely to make informed decisions.
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.