Location: Jefferson County, MS | Metro: Jackson, MS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,200 |
| 5 Bedrooms | $1,392 |
| 6 Bedrooms | $1,559 |
| 7 Bedrooms | $1,684 |
| 8 Bedrooms | $1,768 |
U.S. Census Bureau data (2024)
The ZIP code 39144 presents a unique challenge for both renters and landlords alike, given the lack of specific median income and market rate data. However, with the federal payment standard for housing vouchers set at $900 for fiscal year 2024, we can infer some critical insights into the local rental market dynamics.
Affordability is a key concern for renters. In ZIP 39144, where 19.5% of the 930 residents are renters, the gap between what they can afford and the actual market rates is likely significant. This gap means that landlords face stiff competition when it comes to attracting tenants who are willing and able to pay above the voucher standard.
Landlords must consider the implications of this scenario on their investment strategy. Given the voucher payment standard of $900, properties that are priced above this amount risk being out of reach for many potential tenants, especially those relying on government assistance. This could lead to higher vacancy rates and longer periods before finding suitable tenants.
On the other hand, accepting vouchers can be a viable strategy for landlords looking to ensure steady occupancy. Vouchers provide a guaranteed income stream, albeit at a fixed rate. Landlords who accept vouchers will have a more stable tenant base but might have to balance this against the administrative requirements and potential limitations imposed by the voucher program.
The takeaway for landlords is clear: in ZIP 39144, pricing above $900 per month could limit your tenant pool significantly. Landlords should weigh the benefits of cash-paying tenants against the stability offered by voucher recipients. A competitive pricing strategy that aligns with the $900 voucher standard could attract a broader range of tenants, ensuring quicker property turnover and reduced vacancy periods.
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.