How Much House Can I Afford in Mississippi on $50K?
Based on Mississippi's 0.8% property tax rate and $2,400/yr homeowners insurance.
Can You Afford the Median Home in Mississippi?
The median home in Mississippi ($175K) exceeds your $152K budget by $23K. But many areas in Mississippi have homes well below the median. Check the affordable cities below for areas within your budget.
Affordable Cities in Mississippi on $50K
These Mississippi cities have median home prices within your $152K budget.
Up to $10,000 DPA. First-time buyers in Mississippi should explore this program to reduce upfront costs. Combined with your $152K budget, state assistance can significantly lower the cash you need to close.
Buying a Home in Mississippi on $50K
In Mississippi, your $50K salary buys roughly the same as the national average. With a 0.8% property tax rate and $2,400/yr insurance, your maximum affordable price is $152K, close to the $154K you would get using national averages. This means Mississippi's overall housing costs are in line with most of the country.
Mississippi's combination of 0.8% property taxes and $2,400/yr insurance puts it in the moderate-cost category. Your $152K budget gives you a solid starting point, though you will be looking below the $175K state median. Focus on cities and neighborhoods where your budget represents strong buying power — in many parts of Mississippi, $152K buys a well-maintained home in a good school district.
Budget $2K for closing costs in Mississippi (roughly 1.4% of the purchase price). Combined with your $15,211 down payment, you will need approximately $18K in cash to close. MHC Smart Solution may help offset these costs — contact them early in the process to understand eligibility and timelines. Get pre-approved with a Mississippi-based lender who understands local programs and can close efficiently.