Location: Washington County, MS | Metro: Bolivar County, MS
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,280 |
| 5 Bedrooms | $1,485 |
| 6 Bedrooms | $1,663 |
| 7 Bedrooms | $1,796 |
| 8 Bedrooms | $1,886 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,200 | $120,978 | 0.99% | C |
U.S. Census Bureau data (2024)
The ZIP code 38773 stands as a market in motion, with clear dynamics between rental and homeownership sectors. The Fair Market Rent (FMR) for the area is set at $870 for the fiscal year 2026, reflecting a standard benchmark for affordability and rental pricing in the region. In contrast, the actual market rent as reported by the Census ACS is notably lower at $556. This discrepancy suggests that while the government's estimate anticipates higher rents, the current market is operating below this threshold, indicating a potential undersupply of high-priced units or a preference for more affordable options among tenants.
The median home value in 38773 is $102,168, which is a significant figure that landlords and small-portfolio investors should consider. It represents the typical cost of homeownership in the area and can influence decisions regarding investment in property or rental rates. With the renter share of the population at 26.2%, there is a notable segment of the community that relies on rental properties. This percentage implies sustained long-term housing pressure, as a quarter of the residents are renters, likely due to financial constraints or other factors that prevent them from purchasing homes.
The dynamics of 38773 reveal a balance between supply and demand, leaning slightly towards a market where demand for affordable rentals might outpace the supply. Landlords should be aware of these trends and adjust their strategies accordingly, ensuring that rental prices remain competitive yet profitable. For small-portfolio investors, understanding the median home value and the percentage of renters can guide decisions on whether to focus on rental properties or the sale of homes, depending on the goal of their investments.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.