Skip to main content
Loading page
Union County/Sherman/38869

38869

ZIPSAFMR
Union County, MS
Zillow

ZIP Investment Score

122Above average

095130300
BRFMR
Eff. Rent
0 BR$730$730
1 BR$900$900
2 BR$980$980
3 BR$1,260$1,260
4 BR$1,640$1,640
5 BR$1,886Not available
6 BR$2,169Not available
7 BR$2,494Not available
8 BR$2,868Not available

Purchase Price Calculator

Maximum purchase price
$83,711

Cost breakdown

+Likely effective rent$980
HUD FMRUsed$980
Market rentN/A
Est. payment standardN/A
-Principal and interest-$423
Loan amount$66,969
Down payment$16,742
Rate6.50%
Term30 years
-Operating costs-$357
Property taxes-$84
Insurance-$175
Utilities$0
HOA$0
Management-$98
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$16,036(95.8% ROI)
Projected value
$90,148
Return breakdown
Property appreciation+$6,437
Loan principal paid down+$2,399
Rental cash flow+$7,200
5-year hold
+$27,279(162.9% ROI)
Projected value
$94,711
Return breakdown
Property appreciation+$11,000
Loan principal paid down+$4,279
Rental cash flow+$12,000
10-year hold
+$57,641(344.3% ROI)
Projected value
$107,157
Return breakdown
Property appreciation+$23,446
Loan principal paid down+$10,195
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38869 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38869 (Sherman, MS) is $980 a month. That is down 3.0% from $1,010 in FY 2026. Sherman is in the Union 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 15 ZIP codes in Union County, 38869 has the 7th-highest two-bedroom rent (county range $910–$1,260). The median county two-bedroom FMR in Mississippi is $905, so ZIP 38869 is 8% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38869
BedroomsFY 2027Change90–110% range
Studio$7300.0%$657–$803
1BR$900−2.2%$810–$990
2BR$980−3.0%$882–$1,078
3BR$1,260+1.6%$1,134–$1,386
4BR$1,640+1.9%$1,476–$1,804

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38869
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$730$900$980$1,260$1,640
FY 2026$730$920$1,010$1,240$1,610
FY 2025$750$990$1,100$1,330$1,670
FY 2024area FMR$783$804$903$1,153$1,203
FY 2023area FMR$663$678$766$1,025$1,029

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

Two-bedroom rent in nearby Union County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38869
38633$1,000+2.0%
38650$910−7.1%
38652$920−6.1%
38655$1,260+28.6%
38659$1,020+4.1%
38663$910−7.1%
38824$910−7.1%
38828$910−7.1%
38841$910−7.1%
38849$1,000+2.0%
38869Current$980—
38871$1,120+14.3%

Questions about ZIP 38869 rents

How much will Section 8 pay for a two-bedroom in ZIP 38869?

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 $980 it would be $882 to $1,078. 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 38869 in?

ZIP 38869 is in the Union 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 38869 for FY 2027?

The two-bedroom FMR fell 3.0%, from $1,010 in FY 2026 to $980 in FY 2027. Since FY 2025 it has fallen 10.9%.

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