Buying a Home in Mississippi: What You Need to Know
If you're considering buying a home in Mississippi, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Mississippi homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Mississippi-specific data to give you accurate monthly payment estimates.
Mississippi Property Taxes
Mississippi has an effective property tax rate of 0.58%, ranking #36 out of 50 states (where #1 is the highest). On a median-priced home of $253,000, you'd pay approximately $1,467 per year in property taxes, or about $122/month.
Mississippi's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Mississippi Homeowners Insurance
The average annual homeowners insurance premium in Mississippi is $3,353 for $300,000 in dwelling coverage, or about $279/month.
Mississippi's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Mississippi Closing Costs
Closing costs in Mississippi average 0.98% of the home's purchase price. On a $253,000 home, that's approximately $2,479. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Mississippi Housing Market
The median home price in Mississippi is $253,000. This is below the national median of approximately $410,000, making Mississippi one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More Mississippi Mortgage Tools
Use these additional calculators to plan your Mississippi home purchase: