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Mississippi home affordability calculator

The median Mississippi household earns about $53,000 a year, and the median home costs about $180,000 — 3.4 times income. With 10% down, no other debts, and the current 7.32% average 30-year rate (Freddie Mac, week of October 22, 2026), standard lending ratios support a home of about $146,397 , roughly $33,603 short of the median. The calculator is pre-filled with those figures — replace them with yours.

$146,397 max home price

Max loan amount
$128,397
Housing payment budget
$1,232
P&I budget
$882
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

How it works

Lenders cap the full housing payment — principal, interest, property tax, insurance — near 28% of gross monthly income, and all debt payments near 36%. In Mississippi, property tax at about 0.75% of value plus roughly $2,800 a year of homeowners insurance come to about $346 a month on the median home, and that comes out of the 28% budget before anything goes to the loan. On the median income the housing budget is about $1,232 a month, leaving $882 for principal and interest.

Homes in Mississippi spend about 60 days on the market on average. Mississippi has the lowest median home price in the country and a below-average property tax rate, but Gulf Coast wind exposure lifts insurance costs and homes take longer than average to sell.

Frequently asked questions

How much house can I afford in Mississippi on the median income?
On Mississippi's median household income of about $53,000, with no other debts, 10% down, and a 7.32% 30-year rate, the 28% housing guideline supports a home of roughly $146,397. That's about $33,603 below the $180,000 median home price.
What income do I need to buy a median-priced home in Mississippi?
Mississippi's median home costs about $180,000 — 3.4 times the median household income. Lenders' 28% front-end rule means the full payment, including about $346 a month in property tax and insurance, needs to fit inside 28% of gross monthly income. Try the calculator with your own income and down payment.
How much do property tax and insurance add in Mississippi?
On the median home, Mississippi's 0.75% effective property tax rate and about $2,800 a year in homeowners insurance come to roughly $346 a month — money that comes out of the housing budget before any goes to principal and interest.
Does Mississippi's income tax affect how much house I can afford?
Not in the lender's math, which uses gross income. It does affect what's comfortable: Mississippi's income tax tops out at 4.00%, so take-home pay is smaller than gross by more than federal tax alone.

Learn more: How much house can I afford?

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