Section 8 Fair Market Rent (FMR) for ZIP 38924 - 2027
Location: Leflore County, MS | Metro: Holmes County, MS HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,180 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$43,750
To decide whether you should invest in ZIP 38924 for Section 8 properties, follow these steps:
- Step 1: Can the Fair Market Rent (FMR) of $1000 cover your debt service?
- Yes. If the FMR can comfortably exceed your debt service costs, then the property is financially viable under Section 8. This means that even if you receive the maximum payment standard, you can still manage all your expenses without a deficit.
- No. If the FMR of $1000 cannot cover your debt service, investing in ZIP 38924 for Section 8 is not advisable. The rent received would not be sufficient to meet the financial obligations associated with the property.
- Step 2: How does the market rent compare to the FMR?
- Above FMR. With a market rent of $1,081, which is higher than the FMR, you might consider holding out for market-rate tenants to maximize your income. However, if your goal is specifically to participate in the Section 8 program, this comparison is secondary to ensuring the FMR covers your costs.
- At or Below FMR. If the market rent is at or below the FMR, there is less incentive to avoid Section 8 tenants, as you would likely receive similar rent from both market-rate and Section 8 tenants.
- Step 3: Is there sufficient demand for rental properties?
- Yes. With 26.8% of residents being renters and an unspecified number of days on the market (DOM), you can expect a reasonable level of demand. This percentage suggests a significant portion of the population relies on rental housing, making it a viable option for Section 8 investments.
- No. If the percentage of renters is too low or the DOM is excessively high, it indicates weak demand. In such a scenario, it would be challenging to find tenants, regardless of their source of funding, thus making ZIP 38924 a poor choice for Section 8 investments.
- It Depends. If the DOM is moderate but the percentage of renters is low, you must evaluate other factors like the vacancy rate and the competition in the rental market. A moderate DOM could still indicate healthy demand if the overall rental market is strong.
Investing in ZIP 38924 for Section 8 properties hinges on these three criteria. Ensure the FMR of $1000 can cover your expenses, assess how the market rent compares, and gauge the demand for rentals based on the 26.8% renter population and the DOM.
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.