Location: Montgomery 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 | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,110 |
| 4 Bedrooms | $1,220 |
| 5 Bedrooms | $1,415 |
| 6 Bedrooms | $1,585 |
| 7 Bedrooms | $1,712 |
| 8 Bedrooms | $1,798 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $930 | $78,854 | 1.18% | B |
| 3BR | $1,110 | $125,748 | 0.88% | C |
| 4BR | $1,220 | $215,647 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 38967, encompassing Winona, Mississippi, presents a dynamic housing market characterized by specific metrics that indicate a balanced yet evolving scenario. The Fair Market Rent (FMR) for the area is set at $900 for the fiscal year 2026, reflecting the government's benchmark for rental affordability. Meanwhile, the actual market rent as reported by the Census ACS stands at $723, suggesting that while there is room for growth, the current rents are below the FMR.
A notable indicator of market health is the 0.1% price-cut share, which implies that very few landlords are reducing their rental rates to attract tenants. This low figure suggests a strong demand for rental properties relative to supply. However, the absence of data on days on market (DOM) makes it challenging to draw definitive conclusions about how quickly properties are being rented once listed.
The median home value of $121,321 is another critical metric, offering insight into the overall cost of homeownership in the area. This figure is relatively low, indicating that the market is accessible for potential buyers. Yet, the 24.6% renter share, meaning nearly one-quarter of residents are renters, highlights an ongoing need for rental properties. This high percentage of renters can be indicative of long-term housing pressures, such as affordability issues or economic conditions that favor renting over buying.
The gap between the FMR and the market rent suggests that the area is experiencing upward pressure on rental prices, aligning with a market where demand might slightly outpace supply. Landlords should prepare for a gradual increase in rental values, driven by the steady demand and the relatively low number of properties needing to adjust their pricing.
In summary, ZIP 38967 exhibits a market in flux, where the current demand supports rental prices close to but below the FMR, and a significant portion of the population relies on rentals. These factors point to a market where rental properties will continue to be sought after, and landlords should consider maintaining competitive pricing to ensure occupancy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.