FiscalCalc

Home Affordability Calculator in Mississippi

In Mississippi, the median home costs $175K and the median household income is $49K/year. Find out how much house you can afford based on your income, debts, and down payment.

$175K
Median Home Price
$49K/yr
Median Income
10%
Avg Down Payment
84 / 100
Cost of Living
$

Before taxes — use your total household income

$

Car loans, student loans, credit cards, etc. — not utilities

$
%

How Much House Can You Afford in Mississippi?

Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Mississippi's median income of $49,000/year ($4,083/month), that means a maximum housing payment of roughly $1,143/month.

At 6.93% over 30 years with a 10% down payment ($17,500), that monthly budget supports a purchase price of approximately $166,250–$175,000. The median home price in Mississippi is $175,000, which means housing is more affordable than the national average.

Frequently Asked Questions — Home Affordability in Mississippi

How much house can I afford in Mississippi?+
With the median household income of $49,000 in Mississippi, the 28% housing rule allows a maximum monthly payment of $1,143. At 6.93% over 30 years with 10% down, that supports a purchase price of roughly $191K. The median home in Mississippi is $175K.
What is the median home price in Mississippi?+
The median home price in Mississippi is $175,000 (2026). Prices vary significantly by metro — urban areas typically run 20–50% above the state median, while rural areas may be well below. The cost of living index for Mississippi is 84 (100 = national average).
What income do I need to afford the median home in Mississippi?+
To afford the $175K median home in Mississippi with a 10% down payment ($17,500) and 6.93% rate (30 years), you need a gross annual income of at least $49,435 — following the 28% rule. The state median household income is $49,000.
What debt-to-income ratio do lenders require in Mississippi?+
Lenders in Mississippi (and nationwide) generally require a total DTI below 43% for conventional loans, with 36% preferred. FHA loans allow up to 50% DTI in some cases. This means your total monthly debt payments — mortgage, car loan, student loans, and credit cards — should not exceed 43% of your gross monthly income ($1,756 on the Mississippi median income).
How does Mississippi's cost of living affect home affordability?+
Mississippi has a cost of living index of 84 (100 = national average). Mississippi's below-average cost of living is a significant affordability advantage — lower everyday expenses mean more of your income can go toward housing.

Data Sources & Methodology

Median home prices from the National Association of Realtors (NAR). Median household income from U.S. Census Bureau ACS. Mortgage rates from Freddie Mac PMMS. Affordability calculations use the 28/36 DTI rule per Fannie Mae guidelines. Last updated 2026.

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Home Affordability by State

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