Mortgage payment estimates, closing cost breakdowns, and homebuying data for Meridian, Mississippi.
Median Home Price
$125K
Population
34K
Avg Monthly Rent
$780
Property Tax Rate
0.8% *
* Property tax shown is the Mississippi state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Meridian.
Meridian vs Mississippi Median
The median home price in Meridian is $125,000, which is 29% below the Mississippi state median of $175,000.
Mortgage Calculator — Meridian, MS
Pre-filled with Meridian median home price and Mississippi tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $125K home using Mississippi's 0.8% tax rate and $2,400/yr insurance.
5% Down
$1,103/mo
Down: $6,250
Loan: $119K
P&I: $751
Tax: $83
Insurance: $200
PMI: $69
10% Down
$1,060/mo
Down: $12,500
Loan: $113K
P&I: $711
Tax: $83
Insurance: $200
PMI: $66
20% Down (No PMI)
$915/mo
Down: $25,000
Loan: $100K
P&I: $632
Tax: $83
Insurance: $200
Income needed (28% rule): $39K/year with 20% down, $45K/year with 10% down.
Rent vs Buy in Meridian
Rent
$780/mo
vs
Buy (10% down)
$1,060/mo
Price-to-rent ratio: 13.4 — With a ratio under 15, buying in Meridian is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $280 more than renting, but you build equity with every payment.
The median home price in Meridian is $125,000, 29% below the Mississippi state median of $175,000. With a population of 33,865, Meridian is a smaller market where home prices tend to be more accessible than in many parts of Mississippi.
Property taxes in Mississippi average 0.8% annually. This moderate property tax rate means a $125,000 home in Meridian would carry roughly $83/month in property taxes. Homeowners insurance in Mississippi runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Meridian is $780/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Meridian over the long term.
Meridian offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Mississippi's MHC Smart Solution program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Meridian.