Location: Prentiss County, MS | Metro: Prentiss County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 38859 presents a challenging landscape for households with a median income of $41,389. Given the lack of specific market rate data for this area, it's crucial to focus on the affordable housing standards provided by the government.
Affordability is closely tied to the Fair Market Rent (FMR) set by HUD, which for this ZIP code is $1,080 per month for the fiscal year 2026. This figure represents the maximum amount that a household receiving a housing voucher would be expected to pay. However, without concrete market rate figures, it's difficult to assess how realistic this FMR is in comparison to what renters might actually face.
The ZIP code has a relatively low percentage of renters at 6.9%, with a total population of 475. This suggests a smaller pool of potential tenants, which could impact competition among landlords. The scarcity of renters means that those who do rent are likely to be highly selective, favoring properties that offer both value and affordability.
Given the median income, a household would typically spend around $1,034 on housing according to the general rule that housing costs should not exceed 30% of gross income. This is slightly below the FMR of $1,080, indicating that voucher recipients might struggle to find units within their budget. For landlords, this means that properties priced close to the FMR will have an advantage in attracting tenants who are financially constrained.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While voucher tenants provide a steady, government-backed income stream, the lower rent ceiling may limit the number of available units. Cash-paying tenants, on the other hand, might be willing to pay above the FMR but are fewer in number due to the limited population and income levels. Landlords should carefully consider the balance between these two groups, ensuring that their pricing aligns with the financial capabilities of the local renters to maximize occupancy and profitability.
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.