Income needed to buy a house in Mississippi
A median-priced home in Mississippi costs $186,500. With 20% down you'd need about $52,991 a year, within reach of the state's median household income of $59,127. Mississippi ranks #2 of 51 for the lowest income needed.
Income needed: $52,991 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 6.95% (Freddie Mac, week of 2026-09-17).
You'd need a household income of about $52,991 a year to buy a $186,500 home in Mississippi with $37,300 down.
Based on lenders' 28/36 rule: housing costs under 28% of gross income, all debt under 36%.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $988 |
| Property tax | $102 |
| Homeowners insurance | $147 |
| Total | $1,236 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $9,325 | $1,495 | $64,091 |
| 10% | $18,650 | $1,430 | $61,279 |
| 20% | $37,300 | $1,236 | $52,991 |
Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Mississippi: what's different
- Transfer tax
- None
- On the median home
- $0
- Homestead break
- Credit up to $300
- First-time buyer help
- Mississippi Home Corporation
- Transfer and recording taxes. Mississippi has no transfer tax; the chancery clerk charges a recording fee set by page count.
- Property tax breaks for your home. Owners under 65 get a homestead credit of up to $300 a year, based on the home's value. At 65 or if totally disabled, the first $7,500 of assessed value is exempt, and the exemption can grow with later increases in value. Apply with the county tax assessor between January 1 and April 1.
- First-time buyer help. The Mississippi Home Corporation offers mortgages and down payment help for first-time buyers through participating lenders. Check its site for income and price limits.
- Insurance. In the six coastal counties (Hancock, Harrison, Jackson, Pearl River, Stone and George), wind and hail coverage that private insurers won't write comes from the Mississippi Windstorm Underwriting Association.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the Mississippi metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Jackson, MS | $59,064 | $210,000 | $64,835 |
| Memphis, TN (20% in MS) | $75,991 | $282,900 | $68,124 |
With 20% down, the median home takes about $59,064 a year in the Jackson area and $75,991 in the Memphis area, compared with $52,991 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. The metro area centered in Tennessee is included because many of its residents live in Mississippi; the share in the state is in parentheses. Rows are ordered by how many residents live in Mississippi. Income needed: 20% down at 6.95%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Mississippi less expensive than most states
- Home prices: the median value of $186,500 is 48% below the U.S. median of $360,600.
- Property tax: about 0.65% of value a year ($102 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,765 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $102 a month on this loan.
States with a similar income requirement:
- Arkansas $58,506
- West Virginia $45,542
- Alabama $61,816
- Kentucky $62,049
- Louisiana $63,152
- Oklahoma $64,324
Frequently asked questions
How much do you need to make to buy a house in Mississippi?
About $52,991 a year for the median home of $186,500 with 20% down at 6.95%. With 10% down it's about $61,279.
What is the property tax rate in Mississippi?
The median Mississippi homeowner pays $1,221 a year, about 0.65% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Mississippi?
Median rent is $990 a month, while owning the median home costs about $1,236 a month with 20% down, before maintenance. Renting affordably takes about $39,600 a year under the 30% rule.