Location: Sunflower County, MS | Metro: Bolivar County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,200 |
| 5 Bedrooms | $1,392 |
| 6 Bedrooms | $1,559 |
| 7 Bedrooms | $1,684 |
| 8 Bedrooms | $1,768 |
U.S. Census Bureau data (2024)
The ZIP code 38762 is situated in a small neighborhood with a total population of 1,904 residents. A significant portion, 57.7%, of these residents are renters, indicating a strong demand for rental properties in the area. The median household income in this ZIP code is $27,000, which is relatively low compared to national averages, suggesting that many residents rely on affordable housing options such as Section 8 vouchers.
Moving into the specifics of rent economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $880. However, the current market rent in ZIP 38762, according to the Census Bureau's American Community Survey (ACS), stands at $618. This discrepancy between the FMR and the actual market rent presents an opportunity for investors who can manage properties at lower costs or who are willing to invest in improving property values to align closer with the FMR.
Given the demographic and economic context of ZIP 38762, it is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the high percentage of renters and the availability of Section 8 vouchers ensure a steady stream of tenants. The gap between the FMR and the current market rent also means that there is potential for increasing rents over time as the neighborhood develops, without needing to actively manage the properties beyond ensuring compliance with voucher requirements.
For hands-on value-add buyers, the lower median income and current market rent present a chance to acquire properties at a discount and improve them, thereby increasing their market value and rental income. These investors would benefit from the opportunity to raise rents closer to the FMR as they enhance the quality of their properties, making the ZIP code a viable target for those looking to add value through renovations and strategic management.
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.