Section 8 Fair Market Rent (FMR) for ZIP 38824 - 2027

Location: Union County, MS | Metro: Itawamba County, MS

Investment Score for ZIP 38824

N/A

Monthly Rent (2BR)

$910

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$770
1 Bedroom	$770
2 Bedrooms	$910
3 Bedrooms	$1,140
4 Bedrooms	$1,190
5 Bedrooms	$1,380
6 Bedrooms	$1,546
7 Bedrooms	$1,670
8 Bedrooms	$1,754

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,140	$200,126	0.57%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

8,244

Median Household Income

$48,151

Housing Units

3,792

Renter Percentage

19.5%

Occupancy Rate

85.7%

Renter Occupied

633

A landlord considering purchasing a property in ZIP code 38824 for Section 8 investment must evaluate several key factors. Here's a structured approach to making that decision:

Does FMR $990 (metro FY 2026) clear debt service on a $152,165 property?
- If yes, proceed to the next question.
- If no, do not invest. The Fair Market Rent (FMR) of $990 is insufficient to cover the debt service on a property valued at $152,165. Debt service includes principal and interest payments on the mortgage, which would likely exceed the FMR if the property value is $152,165.
Is market rent $627 (Census ACS) above, at, or below FMR?
- If market rent is above the FMR of $990, it indicates a potential opportunity for profit beyond Section 8 subsidies. However, this does not guarantee that tenants will be willing to pay the higher rent.
- If market rent is at or below the FMR of $990, then the rental income aligns with or falls short of the subsidy, reducing the risk of having to subsidize the difference but also limiting the potential for additional income.
Are 19.5% renters + N/A-day DOM enough demand?
- If there is sufficient demand, characterized by a high percentage of renters (19.5%) and low Days on Market (DOM), then the ZIP code shows promise for attracting Section 8 tenants.
- If the demand is not robust, meaning the percentage of renters is too low or the DOM is high, the likelihood of finding qualified Section 8 tenants decreases, making investment less attractive.

The decision to invest in ZIP 38824 for Section 8 purposes hinges on these criteria. If the FMR covers the debt service, market rents align with or are slightly above the FMR, and there is strong tenant demand, the answer is yes. Otherwise, the answer is no.

Note: The N/A for DOM suggests that either the data is incomplete or that properties are typically rented quickly, which could imply strong demand. However, without specific DOM data, it is difficult to make a definitive judgment on this point alone.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.