Location: Monroe County, MS | Metro: Chickasaw County, MS
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 | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,140 | $127,199 | 0.9% | C |
U.S. Census Bureau data (2024)
The median income in ZIP code 39756 stands at $57,782. Given the absence of specific market rate rental data for this area, it's challenging to definitively assess the affordability gap between typical rental costs and the income levels of residents. However, we can analyze the situation based on the Fair Market Rent (FMR) figure provided for metro FY 2026, which is set at $850.
This FMR represents the maximum amount that a Section 8 housing voucher will cover for rent in the area. To understand the financial landscape for renters, consider that an affordable rent is generally considered to be no more than 30% of a household's income. For a household earning the median income of $57,782, this translates to a monthly rent budget of approximately $1,445.
Comparing this to the FMR of $850, it becomes evident that the voucher payment standard is significantly lower than what would be considered affordable based on the median income. This suggests a substantial gap between the rents covered by vouchers and the actual cost of living in the area, assuming market rates align more closely with the affordability threshold.
The ZIP code has a relatively low percentage of renters at just 2.6%, with a total population of 2,140. This indicates a limited pool of potential tenants, which could translate into increased competition among landlords for available rental units. The affordability gap further complicates this scenario, as it may deter cash-paying renters who cannot afford the higher market rates.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the key takeaway is clear. While the number of renters is low, accepting Section 8 vouchers could be a viable option given the high likelihood that many local households rely on such assistance to meet their housing needs. However, landlords should also prepare for the possibility of lower overall rental income if they opt to accept vouchers at the FMR rate of $850. Alternatively, focusing on attracting cash-paying tenants might yield higher returns, but it comes with the risk of a smaller tenant pool and longer vacancy periods.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.