Location: Tallahatchie County, MS | Metro: Quitman County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 38964, located in Vance, Mississippi, is primarily a renter-heavy area with significant demand for Section 8 vouchers. With 57.6% of the population being renters, it indicates a strong inclination towards rental housing rather than homeownership.
The median household income in ZIP 38964 is reported at $80,000, though it's important to note that this figure is not directly relevant to the income level of tenants seeking Section 8 assistance. The most common income bracket among households is between $50,000 and $74,999, which encompasses 100% of all households in the area. This suggests that lower-income individuals may find it challenging to afford market rents without assistance.
To understand the impact on local rental markets, consider the Fair Market Rent (FMR) for the metro area, which is set at $900 per month for FY 2026. Given the median household income is $80,000, we can infer that typical market rents would likely consume a substantial portion of a tenant's income. However, without specific market rent figures, it's difficult to provide an exact percentage.
A landlord in ZIP 38964 should anticipate a tenant pool heavily reliant on Section 8 vouchers. These tenants will have a fixed income level, with the majority of their rent covered by government subsidies. The demand for affordable housing in this ZIP code is high, making it a suitable location for properties that cater to voucher holders. Landlords should be prepared to meet the requirements of the Section 8 program, including maintaining a property up to certain standards and adhering to lease agreements that include the Housing Authority.
In summary, ZIP 38964 presents a market characterized by a high proportion of renters, significant demand for affordable housing, and a need for Section 8 vouchers. The typical renter here will have an income level that makes market rents challenging without assistance, aligning closely with the FMR of $900 for the metro area. Landlords should focus on providing well-maintained properties that comply with Section 8 guidelines to attract and retain tenants in this area.
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.