Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 38964 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38964 (Vance, MS) is $970 a month. That is up 7.8% from $900 in FY 2026. Vance is in the Quitman 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 11 ZIP codes in Quitman County, 38964 has the 6th-highest two-bedroom rent (county range $910–$1,120). The median county two-bedroom FMR in Mississippi is $905, so ZIP 38964 is 7% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 38964
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$760
$810
+6.6%
$729–$891
1BR
$780
$840
+7.7%
$756–$924
2BR
$900
$970
+7.8%
$873–$1,067
3BR
$1,220
$1,310
+7.4%
$1,179–$1,441
4BR
$1,500
$1,610
+7.3%
$1,449–$1,771
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 38964
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$810
$840
$970
$1,310
$1,610
FY 2026
$760
$780
$900
$1,220
$1,500
FY 2025
$790
$810
$990
$1,350
$1,660
FY 2024area FMR
$683
$687
$903
$1,203
$1,532
FY 2023area FMR
$578
$582
$766
$944
$1,305
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Quitman County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 38964?
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 $970 it would be $873 to $1,067. 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 38964 in?
ZIP 38964 is in the Quitman 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 38964 for FY 2027?
The two-bedroom FMR rose 7.8%, from $900 in FY 2026 to $970 in FY 2027. Since FY 2025 it has fallen 2.0%.
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