Location: Lawrence County, MS | Metro: Simpson County, MS HUD Metro FMR Area
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 | $870 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,360 | $105,767 | 1.29% | A |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 39140 in fiscal year 2024 is set at $1080. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, known officially as the Housing Choice Voucher Program. It's important to note that this is the payment standard, meaning it's the limit on what the government will pay toward a tenant's rent, not necessarily the amount you'll receive.
In comparison, the average rent in ZIP 39140, according to the latest Census American Community Survey (ACS), is $914. This indicates that the FMR is higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program as they might secure a slightly better rental income than the average.
Renters make up 6.3% of the population in this area. While this percentage might seem low, it translates into a significant number of potential tenants who are eligible for Section 8 vouchers. The median household income in ZIP 39140 is $107,807, which suggests that property acquisition costs in this area are likely to be higher compared to lower-income areas. However, the Section 8 program allows landlords to set rents at a level that reflects the local market conditions, ensuring that they can recoup their investment over time.
To participate effectively, ensure that your property meets all the necessary standards set by the housing authority. Specifically, you must verify that your rental unit passes a safety inspection. This is crucial because the housing authority will inspect the unit to confirm that it meets minimum health and safety requirements before approving the tenancy. Once these standards are met, the $1080 FMR provides a solid basis for calculating your potential rental income.
Given the FMR exceeds the average market rent, landlords can potentially benefit financially by participating in the Section 8 program. Additionally, the 6.3% renter share points to a stable demand for rentals, suggesting that finding eligible tenants should not be difficult. With an understanding of the FMR and the importance of meeting safety standards, landlords can make informed decisions about whether Section 8 is a viable option for their first rental property in ZIP 39140.
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.