Buying a Home in Mississippi in 2026
Mississippi's median home price is about $$190,000 in 2026, the lowest of any state. It is one of the few places left where a typical household can buy the median home with a payment that resembles a modest car note.
Jackson anchors the central market with the deepest inventory, while Gulfport and Biloxi make up the Coast market, where prices run higher and hurricane insurance reshapes the math. Northern Mississippi benefits from spillover growth near Memphis. Buyers on the Coast should price insurance before falling in love with a listing.
Mississippi Property Taxes and Your Monthly Payment
Mississippi's effective property tax rate is about 0.67%, so a $$190,000 home carries roughly $$1,273 a year in tax, or $$106 a month. Low rate on the lowest prices in the country makes for the smallest tax bills anywhere.
The homestead exemption removes $7,500 of assessed value, equal to $75,000 of market value, from most property taxes on a primary residence. On a median-priced home that exemption covers a huge share of the value, which is why many Mississippi homeowners pay very little property tax at all.
First-Time Homebuyer Programs in Mississippi
The Mississippi Home Corporation (MHC) runs a Mortgage Revenue Bond program with below-market rates for first-time buyers, paired with down payment assistance. The programs are built around Mississippi's price points, where modest assistance can cover a large share of the down payment.
Mississippi Monthly Payment Example
Take the median-priced Mississippi home at $$190,000. Put 20% down ($$38,000) and finance $$152,000 over 30 years at 6.35%. The monthly math:
| Item | Monthly Amount |
| Home price | $190,000 |
| Down payment (20%) | $38,000 |
| Loan amount | $152,000 |
| Principal and interest (6.35%, 30-yr fixed) | $946 |
| Property tax | $106 |
| Homeowners insurance | $200 |
| Total monthly payment | $1,252 |
Property tax is just $$106 a month, the lowest tax line in this series. The total payment lands near $$1,252 a month, which is why Mississippi tops affordability rankings even though local incomes run lower too.
Closing Costs and Transfer Taxes in Mississippi
Closing costs usually run 2% to 5% of the price, and Mississippi charges no state transfer tax. On the Gulf Coast, the costs to watch are insurance prepaids and windstorm inspections, which can add meaningfully to the cash needed at closing.
Frequently Asked Questions
What is the median home price in Mississippi in 2026?
About $$190,000, the lowest of any state. Jackson sits near the median, the Gulf Coast higher, and rural areas lower.
How much is property tax on a $$190,000 Mississippi home?
Roughly $$1,273 a year at the 0.67% effective rate, or $$106 a month, before the homestead exemption on the first $75,000 of market value.
Does Mississippi have a first-time homebuyer program?
Yes. The Mississippi Home Corporation's Mortgage Revenue Bond program offers below-market rates with down payment assistance for qualifying first-time buyers.
Does Mississippi charge a transfer tax?
No. Mississippi has no state real estate transfer tax; buyers pay county recording fees and standard closing costs.
What is Mississippi's homestead exemption?
It exempts $7,500 of assessed value, equal to $75,000 of market value, from most property taxes on a primary residence.
Related Calculators
See how far your income stretches against this payment with the Mississippi Paycheck Calculator. For the big picture, start with the Mortgage Calculator, or compare nearby markets with the Alabama Mortgage Calculator, Louisiana Mortgage Calculator, and Arkansas Mortgage Calculator.
Sources: Zillow ZHVI state medians (Feb 2026), Tax Foundation property tax analysis, Mississippi Home Corporation (MHC). Figures reviewed for 2026. This calculator provides an estimate for planning purposes and is not financial advice.