Location: Leflore County, MS | Metro: Leflore County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $690 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,160 |
| 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 analysis of ZIP code 38941, located in Itta Bena, MS, within the broader context of Leflore County, reveals several key points regarding its status as a real estate market. The Fair Market Rent (FMR) for 38941 is set at $850 for fiscal year 2026, which is higher than the average market rent of $760. This suggests that 38941 might be slightly above the typical rental price range for the county.
The median home value in 38941 stands at $52,423, which is notably lower than what might be expected in the Leflore County metro area. This figure indicates that 38941 could be considered a value pocket within the larger metro area, offering more affordable housing options compared to other ZIP codes.
A significant portion of the population in 38941 rents their homes, with a renter share of 64.1%. This high percentage of renters, combined with below-average home values, suggests that there is a strong demand for rental properties in this area. Such conditions often create a favorable environment for landlords and small-portfolio investors looking to capitalize on Section 8 opportunities.
To further understand how 38941 compares to other ZIP codes in Leflore County, it's important to consider the overall economic and demographic trends. The combination of a slightly elevated FMR and a substantial renter share, along with relatively low home values, positions 38941 as an attractive area for those interested in Section 8 investments.
Investors should also note that while the FMR is higher than the market rent, it still represents a reasonable investment opportunity given the lower home values. This scenario could indicate a potential for rental income that exceeds the cost of property acquisition and maintenance, making 38941 a promising sub-market within Leflore County.
The following table provides a comparison between ZIP 38941 and typical Leflore County ZIPs:
ZIP 38941 vs. Typical Leflore County ZIPs
This data supports the inference that 38941 is indeed a value pocket within Leflore County, offering a mix of affordability and rental demand that aligns well with Section 8 investment strategies.
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.