Skip to main content
Loading page
Covington County/Collins/39428

39428

ZIPSAFMR
Covington County, MS
Zillow

ZIP Investment Score

89Below average

095130300
BRFMR
Eff. Rent
0 BR$790$790
1 BR$800$800
2 BR$940$940
3 BR$1,140$1,140
4 BR$1,240$1,240
5 BR$1,426Not available
6 BR$1,640Not available
7 BR$1,886Not available
8 BR$2,169Not available

Purchase Price Calculator

Maximum purchase price
$77,767

Cost breakdown

+Likely effective rent$940
HUD FMRUsed$940
Market rentN/A
Est. payment standardN/A
-Principal and interest-$393
Loan amount$62,214
Down payment$15,553
Rate6.50%
Term30 years
-Operating costs-$347
Property taxes-$78
Insurance-$175
Utilities$0
HOA$0
Management-$94
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$15,409(99.1% ROI)
Projected value
$83,747
Return breakdown
Property appreciation+$5,980
Loan principal paid down+$2,229
Rental cash flow+$7,200
5-year hold
+$26,194(168.4% ROI)
Projected value
$87,986
Return breakdown
Property appreciation+$10,219
Loan principal paid down+$3,975
Rental cash flow+$12,000
10-year hold
+$55,253(355.2% ROI)
Projected value
$99,548
Return breakdown
Property appreciation+$21,781
Loan principal paid down+$9,471
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 39428 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 39428 (Collins, MS) is $940 a month. That is down 1.1% from $950 in FY 2026. Collins is in the Covington 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 9 ZIP codes in Covington County, 39428 has the 5th-highest two-bedroom rent (county range $910–$1,550). The median county two-bedroom FMR in Mississippi is $905, so ZIP 39428 is 4% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 39428
BedroomsFY 2027Change90–110% range
Studio$790+6.8%$711–$869
1BR$8000.0%$720–$880
2BR$940−1.1%$846–$1,034
3BR$1,140−9.5%$1,026–$1,254
4BR$1,240−1.6%$1,116–$1,364

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 39428
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$790$800$940$1,140$1,240
FY 2026$740$800$950$1,260$1,260
FY 2025$740$880$1,050$1,390$1,390
FY 2024$720$880$1,060$1,420$1,430
FY 2023$600$730$880$1,250$1,260

Two-bedroom rent in nearby Covington County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 39428
39119$910−3.2%
39168$910−3.2%
39401$1,270+35.1%
39402$1,550+64.9%
39428Current$940—
39437$950+1.1%
39474$910−3.2%
39479$910−3.2%
39482$1,150+22.3%

Questions about ZIP 39428 rents

How much will Section 8 pay for a two-bedroom in ZIP 39428?

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 $940 it would be $846 to $1,034. 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 39428 in?

ZIP 39428 is in the Covington 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 39428 for FY 2027?

The two-bedroom FMR fell 1.1%, from $950 in FY 2026 to $940 in FY 2027. Since FY 2023 it has risen 6.8%.

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