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Chickasaw County/Shannon/38868

38868

ZIPSAFMR
Chickasaw County, MS
Zillow

ZIP Investment Score

65Below average

095130300
BRFMR
Eff. Rent
0 BR$940$760
1 BR$960$760
2 BR$1,080$780
3 BR$1,370$850
4 BR$1,450$880
5 BR$1,667Not available
6 BR$1,918Not available
7 BR$2,205Not available
8 BR$2,536Not available

Purchase Price Calculator

Maximum purchase price
$53,991

Cost breakdown

+Likely effective rent$780
HUD FMR$1,080
Market rentUsed$780
Est. payment standard (90%)$970
-Principal and interest-$273
Loan amount$43,193
Down payment$10,798
Rate6.50%
Term30 years
-Operating costs-$307
Property taxes-$54
Insurance-$175
Utilities$0
HOA$0
Management-$78
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$12,899(119.5% ROI)
Projected value
$58,143
Return breakdown
Property appreciation+$4,151
Loan principal paid down+$1,547
Rental cash flow+$7,200
5-year hold
+$21,854(202.4% ROI)
Projected value
$61,086
Return breakdown
Property appreciation+$7,095
Loan principal paid down+$2,760
Rental cash flow+$12,000
10-year hold
+$45,698(423.2% ROI)
Projected value
$69,113
Return breakdown
Property appreciation+$15,122
Loan principal paid down+$6,576
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.24
1 BR
1.26
2 BR
1.38
3 BR
1.61
4 BR
1.65
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38868 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38868 (Shannon, MS) is $1,080 a month. That is up 9.1% from $990 in FY 2026. Shannon is in the Chickasaw County, MS non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $905. Among 10 ZIP codes in Chickasaw County, 38868 has the highest two-bedroom rent (county range $910–$1,080). The median county two-bedroom FMR in Mississippi is $905, so ZIP 38868 is 19% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38868
BedroomsFY 2027Change90–110% range
Studio$940+13.3%$846–$1,034
1BR$960+14.3%$864–$1,056
2BR$1,080+9.1%$972–$1,188
3BR$1,370+9.6%$1,233–$1,507
4BR$1,450+2.1%$1,305–$1,595

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38868
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$940$960$1,080$1,370$1,450
FY 2026$830$840$990$1,250$1,420
FY 2025$820$840$990$1,240$1,340
FY 2024area FMR$683$687$903$1,226$1,481
FY 2023area FMR$578$582$766$1,043$1,182

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Chickasaw County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38868
38850$910−15.7%
38851$930−13.9%
38860$910−15.7%
38868Current$1,080—
38877$910−15.7%
38878$910−15.7%
39730$910−15.7%
39751$910−15.7%
39756$920−14.8%
39776$1,060−1.9%

Questions about ZIP 38868 rents

How much will Section 8 pay for a two-bedroom in ZIP 38868?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $905, which applies unless the housing authority uses Small Area FMRs, that basic range is $815 to $996 a month; under the ZIP-level Small Area FMR of $1,080 it would be $972 to $1,188. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 38868 in?

ZIP 38868 is in the Chickasaw County, MS non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $905.

How much did fair market rent change in ZIP 38868 for FY 2027?

The two-bedroom FMR rose 9.1%, from $990 in FY 2026 to $1,080 in FY 2027. Since FY 2025 it has risen 9.1%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentShannon, MS fair market rentMS statewide rentsWhat is SAFMR?Data sources