Location: Washington County, MS | Metro: Sharkey 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)
In ZIP code 38748, there are several potential issues that could affect a landlord's decision to participate in the Section 8 program. Firstly, tenant turnover is a significant concern due to the difference between the market rent of $696 and the Fair Market Rent (FMR) of $840 for fiscal year 2026. This discrepancy suggests that tenants might be drawn to properties offering the higher FMR subsidy, leading to higher turnover rates as they seek out more affordable housing options.
Vacancy exposure is another critical risk factor. The data shows that the days on market (DOM) is not available, which indicates uncertainty around how quickly rental units can be filled. In areas where it takes longer to fill vacancies, landlords face the risk of extended periods without rental income, which can significantly impact cash flow.
The deferred maintenance exposure is also notable. With a typical home value of $60,636 and a median income of $44,615, residents in ZIP 38748 may struggle to afford necessary repairs and maintenance. Landlords should expect to cover these costs, which can add substantial financial burdens to property management.
However, these risks must be weighed against the high renter share in the area, which stands at 43.2%. High renter density generally translates into higher demand for rental housing, including Section 8 vouchers. This increased demand can help mitigate the risks associated with vacancy and turnover by ensuring a steady stream of potential tenants.
In conclusion, despite the challenges, the high renter share in ZIP 38748 presents an opportunity for landlords willing to manage the risks effectively. The verdict for a first-time Section 8 landlord in this area is moderate risk.
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.