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)
A skeptical investor might question whether the Fair Market Rent (FMR) of $840 for ZIP 38723 will be sufficient to cover the mortgage on a typical home. Unfortunately, the data provided does not specify an average home price for ZIP 38723, making it impossible to determine the exact mortgage coverage. However, Zillow and Trulia listings suggest that there is limited data available on home prices in this area.
The same investor could doubt the rental demand at 0.0%. While this figure seems low, it's important to note that rental demand is often influenced by factors such as local employment trends, population growth, and the availability of affordable housing. The data does not provide a complete picture of these factors, but it's worth noting that the majority of households in ZIP 38723 either own their homes or have a mortgage, indicating a stable community.
Another concern might be whether vouchers will keep pace with market rents. HUD's Housing Choice Voucher (HCV) Data Dashboard provides a snapshot of voucher utilization, but it does not specifically address ZIP 38723. The FMR Lookup tools indicate that the FMR for ZIP 38723 is set at $840, which aligns with the voucher payment standards. However, without specific data on the utilization rate for this ZIP code, it's difficult to predict if vouchers will cover future increases in market rents.
In summary, while there are some reservations regarding the adequacy of FMR to cover mortgages, the stability of rental demand, and the ability of vouchers to keep pace with market rents, the data provided gives us a starting point. Investors should consider conducting further research into local economic conditions and housing trends to make a well-informed decision.
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.