Location: Washington County, MS | Metro: Washington County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The median income in ZIP code 38722 stands at $21,818, making it challenging for residents to afford the market rate rent of $477 per month. This figure represents the typical rent expense for a household in the area, based on Census ACS data. However, the comparison becomes stark when juxtaposed against the federal payment standard of Fair Market Rent (FMR), which is set at $840 per month for the metro area in fiscal year 2026.
This discrepancy highlights a significant affordability gap for renters in 38722. With only 35.7% of the 248 population being renters, the competition among landlords is relatively low. Yet, the challenge lies in attracting tenants who can meet the higher voucher payment standards while ensuring they can still afford the rent.
The disparity between the market rate and the FMR suggests that many households in 38722 might struggle to find affordable housing without government assistance. Landlords must weigh the benefits of accepting Section 8 vouchers, which guarantee a more stable and consistent rental income at a higher rate ($840), against the potential ease of finding cash-paying tenants willing to pay the lower market rate ($477).
For landlords considering their strategy, the takeaway is clear: while there is a smaller pool of potential renters, the financial security offered by voucher programs could outweigh the risks associated with cash-paying tenants who might have difficulty sustaining their rent payments due to the lower median income. Accepting vouchers ensures compliance with HUD regulations and provides a steady income stream, aligning with the higher FMR standards set for the 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.