National housing figures update regularly. State-specific data is refreshed as new figures become available, with sources and dates cited throughout.
If you've been scrolling through "cheapest states to buy a house" lists, Mississippi keeps showing up at or near the very bottom — the lowest, or second-lowest, median home value in the country depending on the month. That alone isn't a reason to buy. Jackson's home values are up 32.4% year over year by one measure and a steadier 11.9% by another, and a Gulf Coast insurance bill can erase whatever you thought you saved on the sticker price. Which number applies to you depends entirely on where in the state you're looking and what you're trying to do with the property.
This page runs the real math for Mississippi in 2026: what the state and its main cities cost, whether those rock-bottom prices are genuinely affordable on Mississippi's own incomes, what renting costs against buying, and what current data says about first-time buyer assistance and investor cash flow. Mississippi-specific figures below were last checked September 27, 2026.
Articles coming soon.
New Mississippi market analysis is added regularly — check back soon.
Mississippi housing market snapshot
Mississippi's statewide typical home value is $172,654, up 2.7% year over year (Zillow ZHVI, 2026) — consistently the lowest or second-lowest figure of any state, trading places with West Virginia depending on the month. Jackson is the metro actually moving the needle: its home value index is up 32.4% year over year through May 2026 (WLBT/Redfin), the fastest of any Mississippi metro. Look at what actually closed, though, and the number cools off — Redfin's transaction-based median for Jackson is $145,000 for the three months ending May 2026, up a steadier 11.9%, with homes selling in 35 days at a 95.1% sale-to-list ratio. A 32.4% headline off a thin, cheap base describes real repricing, driven by inventory-starved buyers and yield-chasing investors, not Jackson suddenly competing with Nashville.
So what for you: don't anchor to the 32.4% figure when pricing an offer — use the $145,000 transaction median, and expect the appreciation you're actually buying into to look closer to 12% than 32%.
Is Mississippi a buyer's or seller's market?
Statewide, Redfin puts Mississippi at a median sale price of $278,129, up 3.0% year over year, with homes taking a median 49 days to sell, 5 months of supply, and a 96.7% sale-to-list ratio (Redfin Data Center, June 2026). Only 9.1% of homes sold above list price and 19.0% took a price cut — balanced-to-slightly-seller-favorable, not genuinely competitive. That figure runs well above Zillow's $172,654 typical-value estimate because it reflects an actual closing mix including new construction and pricier metro sales, while Zillow's index estimates the value of the entire housing stock, sold or not. Name both rather than picking one — they're measuring different things, not disagreeing about the same thing.
Jackson runs hotter than the statewide number suggests, selling in an average of 35 days against the state's 49. So what for you: in most of Mississippi you can take your time and negotiate; in Jackson, price a serious offer close to the transaction median rather than waiting for a discount.
Can you actually afford a home in Mississippi?
At Mississippi's $172,654 statewide typical value, 10% down, and today's 6.95% rate (Freddie Mac PMMS, September 17, 2026), principal and interest on the $155,389 loan runs about $1,029 a month. Add the state's roughly 0.65% average effective property tax (Mississippi Department of Revenue), a statewide homeowners insurance average of roughly $207 a month — derived from the Gulf Coast's $7,459 annual premium being "more than triple" the state average (Insurify, 2026) — and typical PMI of 0.75% of loan value on a 90% LTV loan, and total monthly housing cost runs approximately $1,427. Under the standard 28% income rule, that requires roughly $61,286 in household income, above Mississippi's $55,980 median household income (2024 American Community Survey, via Mississippi Development Authority).
Run the same math on Jackson's actual $145,000 median, though, and it flips: PITI plus PMI comes to about $1,288 a month, requiring roughly $55,200 in income — just under the state's median. So what for you: Mississippi's rock-bottom statewide price isn't automatically affordable on Mississippi's own income, but Jackson specifically clears the bar for a median-income household. "Cheapest state" doesn't mean "affordable state" without running your own city's number.
Mississippi cities to watch
Jackson is the state's cheapest major entry point and its fastest mover, with the tradeoff that the city has lost population for two decades and carries above-average vacancy and older housing stock.
Gulfport and Biloxi price above the state median — $230,315 and $226,754 respectively (Redfin; Zillow, 2026) — with military demand from Keesler Air Force Base's roughly 8,000 personnel and families providing a stable tenant base, offset by the highest insurance costs in the state.
Hattiesburg, home to the University of Southern Mississippi, sits between Jackson and the Coast at $224,680 (Zillow, June 2026), with steady university-driven demand and none of the coastal insurance bill.
Southaven, in DeSoto County on the Memphis border, is now the largest Memphis suburb by population at an estimated 58,551 residents in 2026, up from 54,848 at the 2020 census (U.S. Census Bureau), and the county carries the state's lowest effective property tax rate at roughly 0.55%. So what for you: for cash flow, look at Jackson first; for tenant stability, look at the Coast's military corridor or Hattiesburg's university corridor; for the lowest tax bill and Memphis-adjacent growth, DeSoto County is next to research.
Rent vs buy in Mississippi
A house in Jackson rents for around $1,050 a month (Zillow, 2026), against a buy payment of roughly $1,288 at 10% down on the city's $145,000 median — a gap of about $238 a month in renting's favor, one of the narrowest gaps of any market this site has covered. On the Gulf Coast, a three-bedroom house rents for $1,550 to $1,773 depending on the source (Rentometer; RentCafe; Apartments.com, 2026); against a Gulfport buy payment that tops $1,850 once insurance is included, renting is the clearer choice. Hattiesburg rents run about $1,450 (Apartments.com; Redfin, 2026), against a buy payment near Gulfport's without the coastal premium.
So what for you: Jackson is the one Mississippi market where buying and renting are close enough that a five-year hold, or a price below median, tips the math toward owning; everywhere else here, renting still wins on a pure monthly-cost basis.
First-time buyers in Mississippi
Mississippi Home Corporation runs two main down payment programs: Smart6 provides $6,000 at 0% interest with no monthly payment, repaid only when the home sells, and MRB7 offers up to $7,000 as a 10-year second mortgage forgiven entirely if you stay that long (Mississippi Home Corporation). Teachers can get up to $6,000 through the Housing Assistance for Teachers program, forgiven after three years in the same district. Buyers at or below 80% of area median income in Jackson can also tap the city's own second mortgage, up to $15,000 or more at 0% with no monthly payments (City of Jackson).
On PMI, a 10% down conventional loan carries mortgage insurance until 20% equity — lenders must cancel it automatically at 78% loan-to-value under the Homeowners Protection Act, or you can request cancellation yourself at 80% LTV once current on payments. Given Jackson's recent price growth, buyers there may hit that threshold faster than their amortization schedule alone would suggest. So what for you: if a 20% down payment is what's keeping you out, Mississippi's stacked assistance programs can plausibly close most of that gap on a Jackson-priced home — see our down payment assistance guide and PMI cancellation guide before assuming you need the full amount saved up front.
Real estate investors in Mississippi
Jackson is the only Mississippi market here that comes close to clearing a 1.0 DSCR: at the $145,000 median, 25% down, and 6.66% financing, PITI ran about $1,041 against $1,050 in rent for a 1.01 DSCR — technically a pass, but after an 8% management fee and 5% vacancy reserve, real cash flow still lands at roughly negative $128 a month (PropertyPundit analysis, August 2026). Rates have since risen to 6.95% (Freddie Mac PMMS, September 17, 2026), pushing that further negative, not closer to breakeven. Gulfport is worse: its $7,459-a-year average insurance bill drops DSCR to 0.89 and cash flow to roughly negative $422 a month, and Hattiesburg lands in between at 0.99 DSCR and roughly negative $210 a month.
Say it plainly: the numbers do not support a positive-cash-flow story anywhere in Mississippi right now, Jackson included. What the state does offer is a genuine income tax tailwind — House Bill 1 cut the flat rate from 4.4% in 2025 to 4.0% in 2026, with quarter-point cuts scheduled each year to 3% by 2030 and a revenue-triggered path to zero, a real compounding saving for an investor holding rental income for years. So what for you: don't buy a Mississippi rental expecting month-one income; treat it as a long-hold tax-efficiency play, and only once a specific property beats these state averages. Run your own numbers with our DSCR loan guide, see the full breakdown in our August Mississippi market analysis, and compare yields in our county-level SFR yield map.
Frequently asked questions about Mississippi real estate
What is the median home price in Mississippi in 2026?
Zillow's statewide typical home value is $172,654, up 2.7% year over year, one of the lowest of any state (Zillow ZHVI, 2026). Redfin's transaction-based median is considerably higher — $278,129 for closings through June 2026, up 3.0% — reflecting an actual closing mix rather than a modeled estimate. Use Zillow's figure to compare states, Redfin's to gauge a real purchase.
Is Jackson, Mississippi a good place to buy a house right now?
It depends which number you trust. Jackson's home value index is up 32.4% year over year (WLBT/Redfin, May 2026), but the transaction median is $145,000, up a steadier 11.9%, selling in 35 days. At that median, 10% down and today's rates put the payment within reach of Mississippi's median household income — not true of the state's $172,654 typical value. Jackson is worth serious consideration, with the caveat that the city has lost population for two decades.
Can I afford a house in Mississippi on the average income?
At the statewide $172,654 typical value, 10% down, and 6.95% (Freddie Mac PMMS, September 17, 2026), total housing cost runs about $1,427 a month, requiring roughly $61,286 in income under the 28% rule — above Mississippi's $55,980 median household income (2024 ACS). Run the math on Jackson's $145,000 median instead and required income drops to about $55,200, just under the state median. The specific city matters more than the state average.
Why is homeowners insurance so expensive on the Mississippi Gulf Coast?
Coastal properties require windstorm coverage through the state-backed Mississippi Windstorm Underwriting Association, whose rates rose 17.2% as of January 1, 2026. The Gulfport-Biloxi metro averages $7,459 a year in homeowners insurance, more than triple the statewide average, with wind coverage alone up to 70% of that bill (Insurify, 2026). A new Strengthen Mississippi Homes Program (Senate Bill 2409, April 2026) will fund up to $10,000 per home in wind mitigation, but that relief isn't reflected in current quotes yet.
Is Mississippi eliminating its state income tax?
It's on that path. House Bill 1, signed March 2025, cut Mississippi's flat rate from 4.4% (2025) to 4.0% (2026), with quarter-point cuts scheduled each year to 3% by 2030 and a revenue-trigger path to full elimination. It's a real long-term saving for residents and for investors holding Mississippi rental income for years, though elimination isn't guaranteed on a fixed date.
Is Jackson, Mississippi a good rental property investment?
Jackson is the only Mississippi market here that comes close to a 1.0 debt-service coverage ratio, at 1.01 on its $145,000 median with $1,050 in rent. Real cash flow after management and vacancy still runs about negative $128 a month, and today's higher 6.95% rate pushes that further negative. Gulfport and Hattiesburg run further negative still on higher insurance and tax bills. Treat Mississippi as a long-hold tax-efficiency play, not a source of month-one cash flow.
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