Location: Washington County, MS | Metro: Sharkey County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,280 |
| 5 Bedrooms | $1,485 |
| 6 Bedrooms | $1,663 |
| 7 Bedrooms | $1,796 |
| 8 Bedrooms | $1,886 |
U.S. Census Bureau data (2024)
ZIP code 38721 presents a significant opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 1,000 residents, 30.9% of whom are renters, this ZIP code indicates a substantial demand for rental housing. The median household income in this area is $31,385, which directly influences the type of tenants that are likely to be attracted.
The typical market rent of $705 per month in ZIP 38721 consumes approximately 22.5% of the median household income. This figure suggests that the rent is affordable for many local residents, making it a feasible option for those receiving Section 8 vouchers. However, it's important to note that the Fair Market Rent (FMR) set at $910 for fiscal year 2026 (metro) is higher than the current market rent. This discrepancy can indicate a potential for rent increases if the market adjusts to meet the FMR standards.
The analysis reveals that ZIP 38721 is a renter-heavy area with deep voucher demand. Given the income levels, landlords can expect tenants who rely on Section 8 vouchers to cover their monthly rent. These tenants will have a portion of their rent subsidized, ensuring a steady and reliable source of income for property owners.
To summarize, landlords in ZIP 38721 should anticipate a tenant pool heavily reliant on Section 8 vouchers. The current market rent of $705 is well below the FMR of $910, indicating an area where rental prices are currently lower but may increase over time. The expected tenants will be individuals or families with incomes around the median of $31,385, for whom the typical rent represents about one-fifth of their annual income. This makes the ZIP code particularly attractive for investors looking to tap into the government-assisted housing market.
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.