News Summary
Home values in Mississippi are rising despite national affordability challenges. With the typical home value in the US at $366,289 and housing prices growing in cities like Jackson and Gulfport-Biloxi, the state remains attractive for potential homeowners. High mortgage rates are exerting pressure on buyers, but Mississippi’s lower cost of living still offers opportunities for homeownership, albeit with income disparities affecting many residents. Policymakers are encouraged to develop strategies to enhance housing accessibility.
Jackson, Mississippi – Home values in Mississippi are continuing to escalate amid national housing affordability issues, with the typical home value across the United States standing at $366,289 as of May 2025, marking a modest 0.4% increase from the previous year. With high mortgage rates contributing to more expensive monthly payments—currently at 6.81% for a 30-year fixed mortgage—homeownership is becoming increasingly challenging for many Americans.
In Mississippi, however, home prices are generally more affordable, providing opportunities for residents to realize home ownership despite the rising costs nationwide. According to recently compiled data, cities in Mississippi show variability in home values based on location, size, age, and condition, but overall affordability remains a significant draw to potential home buyers.
Current Home Values
The leading cities exhibiting the most expensive homes in Mississippi, as per the latest Zillow data, include:
- Memphis, TN-MS-AR: 9 cities
- Jackson, MS: 7 cities
- Gulfport-Biloxi, MS: 6 cities
- Oxford, MS: 4 cities
- Cities with 1 city each: Hattiesburg, Columbus, Picayune, Starkville
Home values within these cities vary significantly as follows:
- Jackson, MS: $244,127 (1-year change: +3.8%, 5-year change: +39.8%)
- Gulfport-Biloxi, MS: $245,221 (1-year change: +3.6%, 5-year change: +33.3%)
- Memphis, TN-MS-AR: $247,277 (1-year change: +0.7%, 5-year change: +40.6%)
- Oxford, MS: $251,364 (1-year change: +10.0%, 5-year change: +17.2%)
- Picayune, MS: $257,686 (1-year change: +2.6%)
- Starkville, MS: $278,511 (1-year change: +4.8%, 5-year change: +34.7%)
- Oxford, MS: $396,879 (1-year change: +10.4%, 5-year change: +59.9%)
Income and Affordability Context
Despite the increase in home values, Mississippi’s cost of living remains lower than in many parts of the United States, leading to continued interest in the state for relocation. To afford the average home price of $289,450 in Mississippi, a family would need a median household income of $85,239.
As of now, the average pay in Mississippi stands at $27.88 per hour, translating to an approximate annual salary of around $58,000. Unfortunately, 18% of Mississippi residents live in poverty, where the median household income rests at $54,915. The poverty wage for a single adult without children is reported at $7.52 per hour, which is slightly above the federal minimum wage of $7.25 per hour. To achieve self-sufficiency, particularly for those with minor dependents, a single adult would need to earn $20.75 per hour.
The Bigger Picture
The upward trend in home values, alongside the challenges posed by rising mortgage rates, paints a complex picture for prospective buyers navigating the Mississippi housing market. Although the state’s housing remains more affordable in comparison with national averages, many residents still face hurdles in achieving home ownership due to their income levels and the broader economic conditions affecting the U.S. housing landscape. Moving forward, it remains vital for policymakers and community leaders to assess housing strategies that will support affordability and accessibility for all Mississippians.
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Additional Resources
- Leader Call: Cities with the Most Expensive Homes in Mississippi
- Nora Data: 15 Housing Markets Facing the Steepest Decline in Home Prices
- Stacker: Cities with the Fastest Growing Home Prices in Mississippi
- Clarion Ledger: How Much Do You Need to Make to Buy a Home in Mississippi
- MSN: Cities in Mississippi Where Home Prices are Skyrocketing
- Wikipedia: Mississippi
- Google Search: Mississippi Home Prices
- Google Scholar: Mississippi Real Estate
- Encyclopedia Britannica: Mississippi
- Google News: Mississippi Housing Market
