Location: Jackson, MS | Metro: Jackson, MS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,240 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
ZIP code 39298, located within the Jackson, MS HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1290 for fiscal year 2024. This figure is key to understanding how it stacks up against other ZIP codes in the area.
To provide context, let's compare 39298 with typical ZIP codes in the Jackson, MS HUD Metro FMR Area. The FMR of $1290 in 39298 is lower than the average FMR across the entire Jackson metro area, which suggests that it could be considered a value pocket. Value pockets are areas where rental costs are relatively low compared to the broader market, making them attractive for tenants seeking affordable housing options.
The lack of data on market rent, home value, and renter share for ZIP 39298 limits a comprehensive analysis but still offers insights. The absence of a significant renter share percentage indicates that this ZIP code might not be predominantly occupied by renters, unlike some other areas within the Jackson metro that may have higher percentages of renters, including those who rely on Section 8 vouchers.
In markets where there is a high renter share coupled with below-average home values, such ZIP codes can become particularly appealing for landlords and investors looking to capitalize on the demand for affordable rentals. However, since the specific figures for market rent and home value are not available for 39298, we cannot definitively state if it fits into this category. We can infer, though, that with an FMR below the metro average, it leans towards being a value pocket where rental properties are priced more affordably.
The FMR is set by the U.S. Department of Housing and Urban Development (HUD) to ensure that housing subsidies cover the cost of decent, safe, and sanitary housing. For landlords, an FMR of $1290 means that the maximum rent subsidy for a unit in this ZIP code will not exceed this amount. This can be beneficial for landlords who are willing to accept Section 8 vouchers, as it guarantees a steady stream of income without the risk of vacancy.
Investors should consider the overall economic conditions and the potential for growth in the ZIP code. While 39298 appears to offer a value proposition due to its lower FMR, the absence of specific market data means that further research is necessary to fully understand its investment potential. It would be prudent to look into local job markets, population trends, and infrastructure developments to gauge future demand and property appreciation.
Data Sources: FMR data from HUD (2027).
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.