Location: Gulfport-Biloxi, MS | Metro: Gulfport-Biloxi, 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 | $730 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $159,492 | 0.65% | D |
| 3BR | $1,330 | $218,298 | 0.61% | D |
| 4BR | $1,500 | $294,320 | 0.51% | F |
U.S. Census Bureau data (2024)
The ZIP code 39576, located in Waveland, Mississippi, is characterized by a significant portion of its population being renters. With 40.2% of the 6,387 residents renting their homes, this area can be considered renter-heavy. This high percentage of renters suggests a robust demand for housing vouchers, including those from Section 8.
The median household income in this ZIP code stands at $70,217, which provides a baseline for understanding the economic context of potential tenants. The average market rent of $918 represents approximately 15.4% of the median household income, indicating that typical rents are relatively affordable for the majority of households in the area. However, this figure still poses a considerable expense for low-income families who might rely on Section 8 vouchers.
To put this into perspective, the Fair Market Rent (FMR) for the area, set at $1,010 for FY 2024, is slightly higher than the current market rent. This suggests that landlords could potentially increase their rental rates closer to the FMR without significantly deterring voucher holders. It's important to note that the FMR serves as a guideline for maximum allowable rent under the Section 8 program, ensuring that housing remains accessible to low-income individuals.
A landlord in ZIP 39576 should anticipate a tenant pool that includes a substantial number of voucher holders. These tenants will likely have a monthly income below the area median, but they will benefit from government assistance to cover a significant portion of their rent. Given the economic makeup of the area, landlords can expect to see tenants who are keen to find affordable housing options and are willing to comply with the requirements of the Section 8 program, such as maintaining the property and adhering to lease terms.
In summary, ZIP 39576 is well-suited for landlords looking to attract a mix of market-rate and Section 8 tenants. The current market conditions and income levels suggest a viable opportunity for both types of rentals, with a particular emphasis on the affordability of housing for low-income families.
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.