What HUD offices serve Water Valley, Mississippi?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Mississippi Public Housing and Low-Income Apartments Waiting Lists page for openings near Water Valley.
How many renters live in Water Valley, Mississippi?
The City of Water Valley has 3,383 people living in 1,263 households.
There are 1,561 renters living in 528 renter households in this City. Renters make up 46.14 percent of the population living in Water Valley.
What is the rental market like in Water Valley, Mississippi?
There are an estimated 1,490 housing units in the Water Valley area. Of these, 567 units are rental homes, making up 38 percent of the housing market. For every renter household in Water Valley, Mississippi, there are 1 rental units.
What is the vacancy rate for rentals in Water Valley?
The rental vacancy rate in Water Valley is 7 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Water Valley for each bedroom size?
Occupied Rental Units by Size in Water Valley
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 7 | 138 | 375 | 8 |
Occupied Rental Units by Size in Water Valley
A large number of apartments in Water Valley have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Water Valley are overburdened by housing costs?
Among renter households in this market, 21 percent have housing cost burden. Further, 8 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Water Valley
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $706 to $1,532. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $706 |
| One BR | $711 |
| Two BR | $903 |
| Three BR | $1,273 |
| Four BR | $1,532 |
2024 Fair Market Rents in Water Valley, Mississippi
How many units are rented at Fair Market Rent (FMR) in Water Valley?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| One BR | 7 | 100 percent |
| Two BR | 73 | 53 percent |
Rental Units Below FMR in Water Valley, Mississippi
How many affordable rental units are in Water Valley?
There are a variety of federal affordable housing programs serving households in Water Valley, Mississippi including the following:
| Federal Program | Unit Count |
| Public Housing | 200 |
| Section 8 Project-Based Rental Assistance | 31 |
| USDA Section 515 Rural Rental Housing | 36 |
Tracked Units by Federal Program in Water Valley, Mississippi
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Water Valley, Mississippi
Water Valley features 308 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Water Valley, Mississippi
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Water Valley.
Housing Choice Vouchers in Water Valley, Mississippi
On average, Section 8 Housing Choice vouchers pay Water Valley landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Water Valley.
The maximum amount a voucher would pay on behalf of a low-income tenant in Water Valley, Mississippi for a two-bedroom apartment is between $813 and $993.
Sourced from federal housing data and AffordableHousingOnline.com research.
