Section 8 Fair Market Rent (FMR) for ZIP 39092 - 2027

Location: Smith County, MS | Metro: Scott County, MS HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$750
1 Bedroom	$750
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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,343

Median Household Income

$31,937

Housing Units

1,538

Renter Percentage

14.9%

Occupancy Rate

87.0%

Renter Occupied

200

The ZIP code 39092, located in Mississippi, presents a unique opportunity for real estate investors interested in the Section 8 housing market. The area's demographics and rental market dynamics provide insights into the potential returns and challenges that come with investing here.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $850, indicating the government's benchmark for affordable rental rates.
The actual market rent, according to the latest Census American Community Survey (ACS), stands at $549, suggesting a significant gap between the FMR and what tenants might be willing to pay out-of-pocket.
The median home value in the area is $130,834, which is relatively low compared to national averages, making it accessible for first-time investors.
Renters make up 14.9% of the local population, a figure that highlights the importance of the rental market to the community.
Due to limited data availability, the days on market (DOM) for properties cannot be accurately determined, but this does not necessarily indicate slow sales.
The median household income in the region is $31,937, which is below the national average, and can affect the ability of residents to afford higher rents.

Investors considering Section 8 properties in ZIP 39092 should note the discrepancy between the FMR and the current market rent, which could lead to higher subsidies for eligible tenants. The low median home value and income levels suggest a need for affordable housing options, aligning well with the goals of the Section 8 program. However, the lower median income also implies a cautious approach to pricing and expectations for rent payments. Overall, the area offers a stable investment opportunity with potential for positive cash flow, especially when leveraging Section 8 subsidies to cover operational 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.