Location: Tishomingo County, MS | Metro: Itawamba County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The potential pitfalls for landlords investing in ZIP 38847 under the Section 8 program are significant. Tenant turnover is a critical issue, with market rents at $768 falling far below the Federal Market Rent (FMR) of $1,240 for FY 2026. This discrepancy can lead to higher tenant mobility, as individuals may seek out properties that offer better value for their rental assistance. Additionally, vacancy exposure is a concern due to the lack of available data on days on market (DOM), which indicates an uncertainty about how quickly properties in this area can be rented out. Given the typical home value of $163,608 and a median income of $50,353, there's also a notable risk of deferred maintenance. Landlords must be prepared to invest in property upkeep, as residents might not have the financial capacity to cover such costs.
Despite these challenges, the high renter share of 20.1% presents a silver lining. In areas with a large proportion of renters, demand for Section 8 vouchers tends to be robust. This can help mitigate the risks associated with vacancy rates and ensure a steady stream of tenants looking to secure housing through the program. The high concentration of renters also suggests a vibrant rental market, which can be beneficial for landlords who are willing to navigate the complexities of the Section 8 program.
In conclusion, the risks for a first-time Section 8 landlord in ZIP 38847 are moderate. While there are significant challenges related to tenant turnover and deferred maintenance, the strong renter demand offers a stabilizing factor that can offset some of these concerns.
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.