CALCMONEY // HOME AFFORDABILITY // MS
Find out how much home you can afford in Mississippi using local median home prices, current mortgage rates, and MS-specific property tax data.
Open Full Calculator$175,000
$1,118/mo
$168,812
$47,904/yr
| Median Home Price | $175,000 |
| Down Payment (20%) | $35,000 |
| Loan Amount | $140,000 |
| Monthly PI Payment | $927 |
| Monthly Property Tax | $118 |
| Monthly Insurance Est. | $73 |
| Total Monthly PITI | $1,118 |
| Required Gross Income (28% rule) | $47,904/yr |
| Max Affordable Price (28% rule) | $168,812 |
$6,125
$1,429/mo
Mississippi Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $175,000 | State median |
| Down Payment (20%) | $35,000 | Conventional |
| Monthly PITI (median home) | $1,118 | 6.95% rate |
| Required Income (28% rule) | $47,904 | Annual gross |
| Max Affordable Home | $168,812 | Based on median income |
| FHA Down Payment (3.5%) | $6,125 | Minimum FHA |
Monthly PITI includes principal, interest, property tax, and homeowners insurance.
The median home price in Mississippi is $175,000, with a current 30-year fixed mortgage rate of 6.95%. A buyer putting 20% down on the median home would carry a loan of $140,000, resulting in a monthly principal and interest payment of $927. Once property taxes and insurance are added, total monthly housing costs reach $1,118.
Property taxes in Mississippi average 0.81%, near the national average of 1.1%. On the median Mississippi home, property taxes add $118/month to total housing costs.
Mississippi levies a state income tax of 0%–5%, which affects take-home pay and therefore what you can realistically budget for housing. Mortgage interest may be deductible on both federal and Mississippi state returns — consult a tax professional for your situation.
Using the 28% rule, a household earning Mississippi's median income of $46,500/year can afford up to $1,085/month in total housing costs (principal, interest, taxes, and insurance). Based on Mississippi's current mortgage rate of 6.95% and property tax rate of 0.81%, that translates to a maximum affordable home price of approximately $168,812 with 20% down on a 30-year loan.
To comfortably afford the median Mississippi home priced at $175,000, you need an annual gross income of approximately $47,904. This is based on the standard 28% rule: your total monthly housing costs (principal and interest of $927, property taxes of $118, and insurance of $73) come to $1,118/month, which should not exceed 28% of your gross monthly income.
Mississippi's average property tax rate is 0.81%, which is near the national average of 1.1%. On the median Mississippi home of $175,000, that means annual property taxes of $1,418, or $118/month. Because lenders include property taxes in your debt-to-income calculation, Mississippi's property taxes have a relatively modest impact on overall affordability.
The minimum down payment depends on your loan type. For an FHA loan, you can put down as little as 3.5% — on the median Mississippi home of $175,000, that is $6,125. Conventional loans typically require 5% down, though some programs allow 3%. Putting down 20% ($35,000 on the median Mississippi home) lets you avoid private mortgage insurance (PMI), which can add 0.5%–1% to your annual loan cost. There are no Mississippi-specific minimum down payment requirements beyond federal guidelines.