Location: Tunica County, MS | Metro: Tunica County, MS 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 | $1,080 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,470 | $201,289 | 0.73% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 38664 does not align favorably with the Federal Market Rent (FMR). The FMR for the area stands at $1270 for fiscal year 2024, whereas the Census ACS reports an average market rent of $1,058. This discrepancy suggests that landlords might struggle to attract tenants relying solely on the FMR, as it exceeds the current market rate.
Regarding property acquisition, the median home value in ZIP 38664 is $198,293, which is relatively low compared to many other areas. However, without data on days-on-market (DOM) and the percentage of homes needing price cuts, it's challenging to fully assess the affordability of acquisitions. Landlords should be cautious about overpaying for properties given the limited information on how quickly they sell and whether they require price adjustments.
Tenant demand appears strong in ZIP 38664, with a population of 3,465 and a significant 90.3% renter share. This high proportion of renters indicates a robust market for rental properties, supporting the potential success of investments in this area.
In summary, while tenant demand in ZIP 38664 is promising, the current market rent is below the FMR, suggesting landlords may need to adjust their expectations or pricing strategies. Property acquisition costs are reasonable, but without specifics on DOM and price-cut shares, due diligence is advised before making any investment decisions. The strong renter base provides a solid foundation for rental investments, but landlords must ensure their rents are competitive with the market to succeed.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.