Location: Monroe County, MS | Metro: Itawamba County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
U.S. Census Bureau data (2024)
The ZIP code 38870 stands as a market in motion, with clear dynamics shaping its real estate landscape. The Fair Market Rent (FMR) set at $990 for the fiscal year 2026 indicates a benchmark that rental properties should aim to meet or slightly exceed, given the federal guidelines for affordable housing. However, the current market rent, as reported by the Census ACS, sits at $819. This suggests a gap between what the government deems fair and what the market is currently offering, pointing towards potential upward pressure on rents.
The median home value in the area is $181,008, which provides insight into the overall cost of homeownership. While the exact percentage of price-cut share and days on market (DOM) are not available, the disparity between the FMR and market rent implies that landlords might have some flexibility in pricing without immediately losing tenants to lower-cost alternatives. This also hints at a market where demand could be slightly ahead of supply, as renters are willing to pay closer to the FMR despite the current market rates being lower.
A key indicator of long-term housing pressure is the renter share, which stands at 10.8%. This relatively low percentage suggests that the majority of residents prefer owning their homes over renting. However, it also indicates a persistent need for rental units, even if they are not the predominant housing choice. As the population grows or changes, this dynamic could shift, leading to increased rental demand and potentially higher rents as more individuals seek out rental options.
In summary, ZIP 38870 presents a market where rental prices are below the federal guideline, hinting at a slight imbalance favoring demand over supply. The low renter share points to a preference for homeownership but also highlights an ongoing need for rental properties. These factors combine to create a market in flux, with the potential for significant changes as economic conditions evolve.
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.