Location: Newton County, MS | Metro: Neshoba County, MS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 39337 presents a complex scenario for both tenants and landlords. The median household income stands at $61,750, which provides a baseline for understanding the financial capabilities of potential renters.
Despite the median income figure, the market rate for rentals in ZIP 39337 is currently listed as N/A, indicating incomplete data. However, we can compare the median income to the Fair Market Rent (FMR) standard set for voucher payments, which is $940 per month for the metro area in fiscal year 2026. This suggests that for a household earning the median income, the cost of renting based on the voucher standard would be approximately 18% of their annual income, assuming they pay the full amount. This is generally considered affordable, but it depends on other household expenses and financial obligations.
With only 13.3% of the population being renters and a total population of 1,472, the demand for rental properties is relatively low. This means that landlords might face stiff competition when trying to attract tenants. The affordability gap between the median income and the FMR standard highlights the importance of understanding the local rental market dynamics. Landlords must consider whether the majority of renters can comfortably afford the FMR without significant strain on their finances.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: given the low percentage of renters and the limited population size, the competition for tenants is likely to be intense. Vouchers provide a guaranteed source of income and remove the risk of non-payment, but they cap the rent at the FMR level. Cash-paying tenants might offer higher rents but come with the risk of default. Landlords should evaluate the stability and reliability of cash-paying tenants against the security of voucher payments. In ZIP 39337, where the number of renters is small, securing a steady stream of income through voucher tenants could be a prudent strategy, ensuring that units remain occupied and reducing financial uncertainty.
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.