Location: Gulfport-Biloxi, MS | Metro: Gulfport-Biloxi, MS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
The economics of Section 8 in ZIP code 39506, located in Gulfport-Biloxi County, Mississippi, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $1160. This figure represents the maximum amount that the housing authority will pay towards the rent of a two-bedroom unit under the Section 8 program.
To understand what a landlord can expect from a Section 8 voucher, it's crucial to break down the components. The tenant is responsible for paying a portion of the rent, typically around 30% of their income. If we assume an average tenant income that aligns with the program's guidelines, the tenant might contribute approximately $348 to the monthly rent. This leaves the housing authority to cover the remaining balance, which would be $812 in this case.
Utility allowances also factor into the total compensation. For a two-bedroom unit, the utility allowance is generally lower than the rent subsidy but still significant. In ZIP 39506, the utility allowance for a two-bedroom apartment is $350. Therefore, the total monthly payment a landlord could receive from a Section 8 voucher is the sum of the housing authority subsidy ($812) and the utility allowance ($350), totaling $1162.
This amount closely matches the SAFMR for the ZIP code, indicating that landlords will receive nearly the full SAFMR for a two-bedroom rental property. However, the reimbursement gap or surplus depends on the actual market rent. Since the local market rent is not available, we cannot determine if there is a surplus or a gap. But, assuming the SAFMR accurately reflects the market conditions, landlords should anticipate a slight surplus of $2 over the SAFMR, ensuring they receive the full $1160 plus the additional $2 from the tenant's contribution.
In summary, for a two-bedroom apartment in ZIP 39506, the SAFMR is $1160, the tenant contributes roughly $348, and the utility allowance adds another $350. Landlords can expect a total monthly reimbursement of $1162, slightly exceeding the SAFMR by $2. This calculation provides a clear picture of the financial realities landlords face when participating in the Section 8 program in this specific ZIP code.
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.