How Much House Can You Afford in Mississippi?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Mississippi's median income of $49,000/year ($4,083/month), that means a maximum housing payment of roughly $1,143/month.
At 6.93% over 30 years with a 10% down payment ($17,500), that monthly budget supports a purchase price of approximately $166,250–$175,000. The median home price in Mississippi is $175,000, which means housing is more affordable than the national average.