Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Counties in Mississippi
Housing Market Overview
| Metric | Mississippi | US Average |
|---|---|---|
| Median Home Price | $119,791 | $242,182 |
| Price Trend (Annual %) | 5.1% | 8.2% |
| Median Gross Rent | $923 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Mississippi is about 51% lower than in US. Rent is about 31% lower than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Mississippi, up about 5.1% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Mississippi rose about 28.9% between 2015 and 2023, from $716 to $923. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Mississippi.
Buying the median-priced home in Mississippi costs roughly 10.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Mississippi. The price-to-rent ratio in US is about 15.0.
| Metric | Mississippi | US Average |
|---|---|---|
| Median Home Price | $119,791 | $242,182 |
| Median Household Income | $55,084 | $78,145 |
| Price-to-Income Ratio | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mississippi rose about 50.9%, while median household income rose about 49.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Mississippi | US Average |
|---|---|---|
| Homeownership Rate | 59.0% | 58.2% |
| Rental Rate | 25.9% | 31.3% |
| Vacancy Rate | 15.1% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
Mississippi has a homeownership rate of 59.0%, higher than the US average of 58.2%. Its housing vacancy rate is 15.1%, compared with 10.6% in US.
Housing Stock
| Metric | Mississippi | US Average |
|---|---|---|
| Average Household Size | 2.52 people | 2.54 people |
| Median Structure Built Year | 1985 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 |
The typical housing unit in Mississippi was built around 1985. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mississippi.
What is the median home price in Mississippi?
The median home price in Mississippi is $119,791, lower than the US average of $242,182.
What is the average home price in Mississippi?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Mississippi?
The median gross rent in Mississippi is $923 per month, lower than the US average of $1,342.
What was the median gross rent in Mississippi in 2020?
In 2020, the median gross rent in Mississippi was $788 per month.
What is the price-to-rent ratio in Mississippi?
The price-to-rent ratio in Mississippi is about 10.8, meaning it would take roughly 10.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Mississippi.
Are home prices or rent rising faster in Mississippi?
Both home prices and rent are rising in Mississippi, up about 5.1% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mississippi?
59.0% of households in Mississippi own their home, higher than the US average of 58.2%.
What is the vacancy rate in Mississippi?
The housing vacancy rate in Mississippi is 15.1%, higher than the US average of 10.6%.