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Jackson, MS mortgage & affordability calculator

The typical home in Jackson, MS is worth about $180,000. With 20% down that's a loan near $144,000 — the calculator is pre-filled with that figure. As Mississippi's capital and largest city, Jackson has some of the lowest home prices of any state capital in the country, though an aging water system and years of population decline have weighed on the market. Mississippi's low property tax rate is one of the few things keeping ownership costs down alongside the already-low prices.

$934.94 / month

Total interest
$192,577
Total paid
$336,577
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$36k$72k$108k$144k0612182430Year

How much you need to earn

Jackson, MS's median household income is about $52,000 a year. Under standard 28/36 lending rules that supports a home price around $172,437 with 20% down — below the $180,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$172,345 max home price

Max loan amount
$136,345
Housing payment budget
$1,213
P&I budget
$885
Bound by
front-end ratio

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

Typical asking rent in Jackson, MS is about $1,050 a month, so owning the median home costs roughly $212 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Jackson, MS?
On the metro's roughly $180,000 typical home with 20% down, the loan is about $144,000. Principal and interest run near $935 a month at today's rate, and Jackson, MS's property tax plus insurance add about $328, for a full payment near $1,262.
Can I afford a home in Jackson, MS on the median income?
The median household income is about $52,000 a year. Under standard 28/36 lending rules that supports a home price around $172,437 with 20% down — below the $180,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Jackson, MS?
Typical asking rent is about $1,050 a month. The full owner payment on a median home is near $1,262, so owning costs roughly $212 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Jackson, MS?
The effective property tax rate in the core county is about 0.85% of market value — roughly $1,530 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Jackson, MS rising or falling?
Home values are up about 2% over the past year. As Mississippi's capital and largest city, Jackson has some of the lowest home prices of any state capital in the country, though an aging water system and years of population decline have weighed on the market. Mississippi's low property tax rate is one of the few things keeping ownership costs down alongside the already-low prices.

Nearby metros

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