Location: Bolivar County, MS | Metro: Bolivar County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $690 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,190 |
| 5 Bedrooms | $1,380 |
| 6 Bedrooms | $1,546 |
| 7 Bedrooms | $1,670 |
| 8 Bedrooms | $1,754 |
U.S. Census Bureau data (2024)
The median home value in ZIP 38774 is $82,400, which is notably lower than the national average. This could present an opportunity for investment, but it raises several key questions that a skeptical investor might ask.
Will FMR $840 (metro FY 2026) cover the mortgage on a home? The data does not provide a direct answer regarding the mortgage costs for a home in ZIP 38774. However, with the median home value being significantly below the national average, it's reasonable to infer that mortgage payments could be relatively low. To make a definitive assessment, one would need to consult local real estate listings or mortgage calculators to determine typical monthly payments for a home in this area.
Is there enough renter demand at 37.1%? The 37.1% rental rate suggests that nearly a third of the housing units are rented out, indicating a moderate level of demand. While this percentage is not exceptionally high, it still represents a substantial portion of the market. Moreover, the presence of Section 8 households can help stabilize the rental market, ensuring a steady stream of tenants. Given the low median home value, it's plausible that many residents might prefer renting over buying due to financial constraints, further supporting the rental demand.
Will vouchers keep pace with $690 market rents? The Fair Market Rent (FMR) for ZIP 38774 is set at $840 for metro FY 2026, which exceeds the current market rent of $690. This means that Section 8 vouchers should adequately cover the cost of renting a property in this area. Landlords participating in the program can expect to receive a subsidy that matches the local rental rates, thus mitigating the risk of financial loss due to insufficient voucher amounts.
In conclusion, while some concerns about the viability of investing in ZIP 38774 under the Section 8 program are valid, the data indicates a favorable environment for landlords. The low median home value could result in affordable mortgage payments, the rental demand is moderately strong, and the vouchers are expected to keep up with market rents. However, for a comprehensive decision, investors should also consider factors such as property management costs, vacancy rates, and local economic conditions.
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.