Location: Simpson County, MS | Metro: Jackson, MS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,080 |
| 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 situation in ZIP code 39078, Mississippi, presents a stark contrast between market-rate rents and the federal payment standard for housing vouchers. The Census ACS reports a market rate of $398 for rental properties in this area. However, this figure must be contextualized against the federal payment standard, which stands at $920 for the fiscal year 2024. This significant disparity highlights an affordability gap that could heavily influence the decisions of potential tenants.
With 24.6% of the 843 residents being renters, the local market is relatively small but competitive. Landlords must consider the financial capabilities of their tenant pool when deciding on rental strategies. Given the median income is not available, it's crucial to rely on the known figures to gauge affordability. A household paying the market rate of $398 would likely struggle to afford higher rent, making the $920 voucher payment a more attractive option for those eligible.
The affordability gap means that landlords might face stiff competition for tenants who can pay the market rate. Those who qualify for housing vouchers will have a substantial advantage in securing housing, as the difference between $398 and $920 is considerable. This could lead to a scenario where landlords who accept vouchers have a more stable and reliable income stream compared to those relying solely on market-rate tenants.
Takeaway: For landlords considering whether to accept housing vouchers or focus on cash-paying tenants, the data suggests that accepting vouchers could provide a more secure rental income. The voucher payment of $920 far exceeds the market rate of $398, potentially attracting more tenants and reducing vacancy rates. While there may be administrative considerations and the need to meet certain standards to accept vouchers, the financial benefits could outweigh these challenges in a market where many households cannot afford the higher costs.
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.