How many renters live in Franklin County, Mississippi?
The County of Franklin County has 7,690 people living in 2,974 households.
There are 1,682 renters living in 717 renter households in this County. Renters make up 21.87 percent of the population living in Franklin County.
What is the rental market like in Franklin County, Mississippi?
There are an estimated 4,287 housing units in the Franklin County area. Of these, 734 units are rental homes, making up 17 percent of the housing market. For every renter household in Franklin County, Mississippi, there are 1 rental units.
What is the vacancy rate for rentals in Franklin County?
The rental vacancy rate in Franklin County is 2 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Franklin County for each bedroom size?
Occupied Rental Units by Size in Franklin County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 25 | 96 | 305 | 205 | 86 |
Occupied Rental Units by Size in Franklin County
A large number of apartments in Franklin County 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 Franklin County are overburdened by housing costs?
Among renter households in this market, 26 percent have housing cost burden. Further, 19 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 Franklin County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $775 to $1,219. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $775 |
| One BR | $804 |
| Two BR | $903 |
| Three BR | $1,214 |
| Four BR | $1,219 |
2024 Fair Market Rents in Franklin County, Mississippi
How many units are rented at Fair Market Rent (FMR) in Franklin County?
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 |
| Studio | 0 | 100 percent |
| One BR | 68 | 71 percent |
| Two BR | 183 | 60 percent |
Rental Units Below FMR in Franklin County, Mississippi
How many affordable rental units are in Franklin County?
There are a variety of federal affordable housing programs serving households in Franklin County, Mississippi including the following:
| Federal Program | Unit Count |
| Public Housing | 14 |
| Section 8 Project-Based Rental Assistance | 24 |
| USDA Section 515 Rural Rental Housing | 82 |
Tracked Units by Federal Program in Franklin County, Mississippi
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Franklin County, Mississippi
Franklin County features 82 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 Franklin County, Mississippi
There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin County.
Housing Choice Vouchers in Franklin County, Mississippi
On average, Section 8 Housing Choice vouchers pay Franklin County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Franklin County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin County, Mississippi for a two-bedroom apartment is between $813 and $993.
Sourced from federal housing data and AffordableHousingOnline.com research.
