Location: Carroll County, MS | Metro: Carroll County, MS
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,230 |
| 5 Bedrooms | $1,427 |
| 6 Bedrooms | $1,598 |
| 7 Bedrooms | $1,726 |
| 8 Bedrooms | $1,812 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,120 | $206,255 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 38943, with a median income of $43,242, presents a unique challenge when considering the affordability of housing. The market rate for rentals in this area is currently not available, which suggests either limited data or a very low rental activity. However, comparing the median income to the Fair Market Rent (FMR) standard of $900 for metro FY 2026, it becomes evident that the majority of residents would struggle to pay the market rate without assistance.
The FMR of $900 is a guideline used by the Department of Housing and Urban Development (HUD) for setting payment standards for Section 8 vouchers. Given that the median income is quite modest, the voucher payment standard aligns closely with what a typical household could afford. This indicates that the affordability gap in ZIP 38943 is significant, especially if the actual market rates exceed the FMR.
With only 0.0% of the 786 population being renters, competition among landlords in this area is minimal. This low percentage of renters might suggest that homeownership is prevalent, possibly due to the lack of affordable rental options or a preference for owning property in the area.
For landlords considering their strategy for voucher versus cash-pay tenants, the data points to a strong case for accepting Section 8 vouchers. While the competition for rental properties is low, the income levels indicate that many potential tenants would require financial assistance to cover rent. Accepting vouchers ensures a steady stream of income at a guaranteed rate, reducing the risk of vacancies and non-payment. Landlords should also consider the possibility of higher market rates leading to fewer cash-paying tenants, making voucher acceptance a prudent choice for maintaining occupancy and financial stability.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.