Location: Tippah County, MS | Metro: Prentiss County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,080 |
| 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 ZIP code 38829 represents a moderate tenant pool for Section 8 vouchers, with 22.5% of its 18,605 residents being renters. This indicates that while there is a significant portion of the population renting, it is not dominated by renters. The median household income stands at $51,859, which is crucial when considering the affordability of housing.
The market rent in this area is $642 per month, representing approximately 14.7% of the median household income. This percentage is calculated by dividing the monthly rent by the annual income ($642 / $51,859 * 12 months = 14.7%). The Federal Market Rent (FMR) for the metro area is set at $840 for FY 2026, which is higher than the current market rent. This suggests that the rental prices in ZIP 38829 are below the federal guideline, potentially making it more attractive to tenants seeking affordable housing options.
A landlord in this ZIP code should anticipate a mix of tenants, including those who rely on Section 8 vouchers due to the relatively high FMR compared to the actual market rent. Given the income levels and rent prices, the typical rent eats up about 14.7% of the local income, which is manageable but still requires careful budgeting from tenants. Landlords can expect a steady demand for rental properties, especially those priced close to the market rate of $642.
To summarize, ZIP 38829 is neither heavily dominated by homeowners nor entirely renter-focused. It offers an opportunity for landlords to attract both voucher-dependent tenants and those who can pay market rates. The key will be to offer well-maintained properties at competitive prices, aligning with the economic realities of the area.
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.