What are average mortgage rates in Mississippi in 2026?

Mortgage rates in Mississippi generally track national averages. As of 2026, expect 30-year fixed rates from 5.5% to 7.5% for good credit borrowers. Use CalcDeck's Mississippi mortgage calculator to model your payment at current rates.

How much are closing costs in Mississippi?

Closing costs in Mississippi typically range from 2% to 5% of purchase price, including lender fees, title insurance, and prepaid items. Use CalcDeck's Mississippi mortgage calculator to include closing costs in your calculation.

What are property tax rates in Mississippi?

Property tax rates in Mississippi range from 0.3% to 2.5% of assessed value. CalcDeck's Mississippi calculator includes property tax in your PITI payment.

What first-time homebuyer programs exist in Mississippi?

Mississippi offers down payment assistance, favorable-rate mortgages, and tax credits through state agencies. Use CalcDeck's Mississippi calculator to see how programs affect your payment.

How do I use the CalcDeck Mississippi mortgage calculator?

Enter home price, down payment, interest rate, and loan term. Adjust property tax and insurance to match Mississippi averages. Get instant monthly payment, total interest, and amortization schedule.

Mississippi Mortgage Calculator

Median home prices, property taxes, and monthly payment estimates for Mississippi homeowners.

Mississippi at a Glance

Median Home Price: $168,000
Property Tax Rate: 0.71%
Median Household Income: $52,975
Annual Property Tax: $1,193

Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)

Monthly Mortgage Payment in Mississippi

Based on the Mississippi median home price of $168,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$134,400	$159,600
Principal and Interest	$867	$1,030
Property Tax (MS)	$99	$99
Homeowners Insurance	$125	$125
PMI	$0	$67
Total Monthly	$1,092	$1,321

How Much House Can You Afford in Mississippi?

Using the 28/36 rule (housing costs under 28% of gross income):

With 20% down, you need ~$46,785/year to afford Mississippi's median home
With 5% down, you need ~$56,604/year
Mississippi's median household income is $52,975

Mississippi insight: Mississippi's property tax rate of 0.71% is near the national average.

Mississippi Housing Market Overview

Mississippi is America's most affordable state for homebuyers, with a median home price of just $168,000—barely a third of the national median. Jackson's median is $180,000, Gulfport $195,000, and smaller cities like Hattiesburg $175,000. The median household income of $52,975 yields a price-to-income ratio of 3.2, very affordable. The effective property tax rate of 0.71% is low, costing about $1,193/year on a median home. However, Mississippi faces challenges: population decline in rural counties, limited job growth outside Jackson and the Gulf Coast, and aging housing stock. Gulf Coast properties carry hurricane insurance costs that can exceed $2,500/year. Casino tourism drives demand in Biloxi and Gulfport.

First-Time Homebuyer Programs in Mississippi

The Mississippi Home Corporation (MHC) offers the Smart Solution program, providing 30-year fixed-rate FHA or conventional mortgages with down payment assistance up to $10,000 as a forgivable second mortgage. The MHC Mortgage Revenue Bond program offers below-market rates for income-qualified first-time buyers. Mississippi also administers the Mortgage Credit Certificate (MCC) program, providing a 25% federal tax credit on mortgage interest—among the highest MCC rates in the U.S. The HOME program distributes funds to local governments for locally designed assistance, ranging from $3,000 to $15,000. Jackson's First Time Homebuyer Program offers up to $10,000 in grants. Income limits: Hinds County caps at $60,000 for a two-person household; rural counties cap at $52,000.

Tips for Homebuyers in Mississippi

1) Mississippi's 0.71% property tax is very low—only ~$99/month on a median home, leaving room in your budget for insurance. 2) Flood insurance is essential in coastal counties (Hancock, Harrison, Jackson) and along the Mississippi River; rates range $700–$2,000/year. 3) Tornado risk is high statewide; consider a reinforced safe room or basement if available. 4) Rural properties often rely on wells and septic systems; test water quality and get a septic inspection ($250–$400). 5) Buy in fall/winter for less competition and potential price reductions. 6) Termite damage is prevalent due to Mississippi's warm, humid climate—always get a WDI inspection and verify treatment history.

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Mississippi Mortgage FAQ

What is the median home price in Mississippi?

The median home price in Mississippi is approximately $168,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Mississippi?

The effective property tax rate in Mississippi is approximately 0.71% (Tax Foundation). On a $168,000 home, that is about $1,193/year in property taxes.

How much income do I need to buy a home in Mississippi?

Using the 28/36 rule with 20% down at 6.7%, you would need about $46,785/year to afford the median Mississippi home at $168,000. With 5% down (including PMI), about $56,604.

What will my monthly mortgage payment be in Mississippi?

On Mississippi's median home price of $168,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $1,092. With 5% down including PMI, about $1,321.

Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.