Section 8 Fair Market Rent (FMR) for ZIP 38703 - 2027

Location: Washington County, MS | Metro: Bolivar County, MS

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$820
1 Bedroom	$940
2 Bedrooms	$1,030
3 Bedrooms	$1,430
4 Bedrooms	$1,720
5 Bedrooms	$1,995
6 Bedrooms	$2,234
7 Bedrooms	$2,413
8 Bedrooms	$2,534

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

11,028

Median Household Income

$44,291

Housing Units

5,264

Renter Percentage

43.9%

Occupancy Rate

81.3%

Renter Occupied

1,881

The ZIP code 38703, located in the heart of Fayette County, Tennessee, offers a unique blend of rural charm and suburban convenience. This area is characterized by its modest living spaces and close-knit community, making it an attractive option for both tenants and investors seeking stable returns.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $980, indicating a steady demand for affordable housing.
The average market rent, according to Census ACS data, stands at $875, suggesting that rental properties can be priced competitively while still maintaining profitability.
The median home value in the area is $57,590, which is significantly lower than national averages, making property acquisition more accessible for investors.
Renters make up 43.9% of the population, pointing to a substantial tenant base and potential for rental income.
The median income of residents is $44,291, reflecting a middle-income demographic that typically seeks affordable housing options.
The days on market (DOM) for rental properties is not applicable (N/A), which could imply a quick turnover rate once listings are available, although this requires further investigation into local real estate trends.

Synthesizing these points, ZIP 38703 presents a favorable environment for landlords and small-portfolio investors due to its affordability and strong rental demand. The gap between the Fair Market Rent and the actual market rent provides an opportunity for competitive pricing without sacrificing profitability. Additionally, the low median home values indicate that investment costs are relatively low compared to other regions, potentially leading to higher returns on investment. The significant renter share and middle-income status of the population suggest a stable tenant pool, reducing risks associated with vacancy rates. However, understanding the local real estate dynamics, especially regarding the turnover rate of rental listings, is crucial for maximizing investment success 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.