CALCMONEY // HOME AFFORDABILITY // MS // SOUTHAVEN
How much house can you afford in Southaven? Based on local median home prices, current MS mortgage rates, and Southaven property tax data.
$225,000
$1,388/mo
$59,502/yr
$262,444
Monthly housing costs of $1,388 represent 24.5% of Southaven's median gross monthly income ($5,667/mo). At 24.5%, Southaven falls within the standard 28% affordability threshold at current median income levels.
| Median Home Price | $225,000 |
| Down Payment (20%) | $45,000 |
| Loan Amount | $180,000 |
| Monthly PI Payment | $1,192 |
| Monthly Property Tax | $103 |
| Monthly Insurance Est. | $94 |
| Total Monthly PITI | $1,388 |
| Housing Cost % of Income | 24.5% |
| Required Income (28% rule) | $59,502/yr |
| Max Affordable Home | $262,444 |
$7,875
$1,788/mo
Southaven Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $225,000 | Southaven city median |
| Down Payment (20%) | $45,000 | Conventional loan |
| Monthly PITI | $1,388 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $59,502 | Annual gross |
| Max Affordable Home | $262,444 | Based on median income |
| FHA Down (3.5%) | $7,875 | Minimum FHA |
| Housing Cost % of Income | 24.5% | Median income: $68,000/yr |
| Property Tax Rate | 0.55% | $1,238/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Southaven is $225,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $180,000, generating a monthly P&I payment of $1,192. Adding property taxes ($103/mo) and homeowners insurance ($94/mo) brings total monthly PITI to $1,388.
Southaven's property tax rate of 0.55% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Southaven median home, that is $103/month, or $1,238 per year.
Mississippi levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Southaven should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Southaven's median income of $68,000/year can afford up to $1,587/month in total housing costs. Based on Southaven's mortgage rate of 6.95% and property tax rate of 0.55%, that translates to a maximum affordable home price of approximately $262,444 with 20% down on a 30-year loan.
To afford the median Southaven home priced at $225,000, you need an annual gross income of approximately $59,502. Total monthly housing costs (principal and interest of $1,192, property taxes of $103, and insurance of $94) come to $1,388/month, which equals 28% of the required income.
At the median home price of $225,000 and median household income of $68,000, the total monthly housing cost of $1,388 represents 24.5% of gross monthly income. This is within the standard 28% guideline, making Southaven relatively accessible at current income levels.
A conventional 20% down payment on the median Southaven home of $225,000 is $45,000. An FHA loan requires just 3.5% down — $7,875 — but adds mortgage insurance of roughly $154/month, bringing total FHA payments to $1,788/month.
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