Estimated Monthly Payment — Median Mississippi Home
$1,219
Based on $175,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$175,000
Property Tax
0.81%
Avg. HOA
$125/mo
Median Rent
$900/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Mississippi housing market
Mississippi's housing market is among the most affordable in the country, with a median home price around $175,000. Jackson is the largest metro, with Gulfport a close second. Mississippi has the lowest median home price in the country, with total monthly housing costs that are among the most affordable in the US. Mississippi's effective property tax rate of 0.81% is below the national average.
The median Mississippi home costs $175,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $903, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $1,219. First-time buyers in Mississippi can explore programs through Mississippi HFA.
Photo by Justin Wilkens on Unsplash
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FAQ
Mississippi mortgage FAQs
What's the property tax rate in Mississippi?
Mississippi's effective property tax rate averages about 0.81% — below the national average. On a $175,000 home, that's roughly $118/month or $1,418/year.
How much do I need to earn to afford a typical Mississippi home?
Using the 28/36 rule, a buyer would need roughly $46,000–$59,000 in gross annual income to comfortably afford Mississippi's $175,000 median home with 20% down at current rates.
What first-time buyer programs are available in Mississippi?
MHC offers the Smart6 program with down payment assistance up to $6,000 and the Easy 8 program offering 8 years of forgivable assistance. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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