So, you've been pondering buying a house in Mississippi, but all you really know about the state is that it was the birthplace of "The King", Elvis Presley, and virtually nothing about the housing market there. That's just fine, because we've actually taken the effort to compile this little guide to help you out.
That's right, we've hit on all things housing market in The Magnolia State (bingo: one of their nicknames) to help get you prepped for your mission. It's exactly the kind of thing we'd want to read, were we in your shoes. There's even a bonus portion of some fun state trivia. So, let's get down to it.
Of course, picking the state where you'll buy your house isn't the end of the battle - you'll eventually have to narrow it down to a specific city. While this can be a biiig time and energy-hogging monster of a decision, it can seriously help to know the areas of the state that are the most/least money-hungry. Luckily for you we checked out homesnacks.net and compiled a list of just that. Get ready.
Most expensive cities:
Least expensive cities:
And there it is. Now you're set to embark on your house-hunting journey, with your financial sitch at the forefront of your busy mind. Not a bad way to start.
Before you start shopping for new curtains for your house in Mississippi, you might wanna know a little bit about their housing market. So just for you, we've got an overview, coming right up.
Well, housingpredictor.com says that currently it's both a buyer's AND seller's game as far as Mississippi's housing market is concerned. Inventory is a bit on the low side right now, so home prices ARE rising - but slowly. So you'll wanna buy soon, especially because interest rates are also on the rise - and reaching the highest they've been in years. A 30-year fixed loan is now up to as much as 5% interest. Supply should start to increase soon, which is a good thing. The market overall was ranked as a 3.2/10 by zillow.com, which is "less healthy" - but still, you should be able to find yourself a good place.
But where exactly is THE place to move in Mississippi? Madison's currently all the rage - its population has increased 30% in the last five years. It's got a low crime rate and a good number of jobs, it's close to the Jackson metropolitan area, it has a small-town atmosphere, good eats and an active arts/culture scene, AND it's good for families.
Home values in Madison average $257,500. The price per square foot for a house is about $141, and renting a house costs about $1,725/month. Homes are listed on the market for about $339,950.
Hold up, though - Mississippi's got some new construction underway, too (though not a whole heck of a lot). There's some development happening in the northwestern corner, near Olive Branch, but the most of it's progressing in the south, near Hattiesburg and Biloxi. So, if you've got your heart set on a brand-new place, hit up one of these areas.
Great, so now you've got a clearer picture of WHERE to look for your house, but it might help even more to know how much the thing's gonna COST. So, we'll move right along to an overview of some home prices/values, just for you.
For starters, zillow.com says that the median home value in Mississippi is currently $123,200. Values appreciated 6.5% during 2018, and are expected to rise another 6% in the upcoming year. The price per square foot is about $92. Homes are currently listed on the market for an average of $182,000, and renting a house will cost you about $1,152/month.
Alright, onto our apartment hunters. Here's a list of some average monthly rental prices in a few Mississippi cities, from rentcafe.com:
And townhouse folks, you're up next. As seen on zillow.com, the range in monthly rent starts low at about $400/month for a one-bed/one-bath place, and caps off around $2,500/month for a three-bed/three-bath place.
Mississippi's got a great music scene and some seriously tasty soul food, but it's also got its fair share of hurricanes to deal with. In fact, the deadliest hurricane in US history - the Great Galveston Hurricane of 1900 - dealt out some serious damage to the Mississippi coast. Not cool. But that being said, maybe it's not surprising that Mississippi's one of those 19 lucky states that require a hurricane deductible as a part of a homeowners insurance policy.
But what does that mean, exactly? Well, basically you'll have to pay your insurance company a certain amount of money before they'll cover any damage to your home dealt out by an angry windstorm. Deductible costs are typically about 1%-5% of the insurance value of the home, but it really depends on where you live, too. For example, houselogic.com says that those living in low-risk areas in smaller/cheaper houses might pay $300 towards their deductible, while those living in high-risk areas in fancy mansions might pay $30,000.
No one likes hurricanes (or paying more insurance deductible costs), but if you're REALLY concerned about them, you could always move to a state away from the coast. Areas further inland have a buffer of protection, but they also come with their own breed of risks. Nowhere's gonna be immune to EVERYTHING.
Folks who wanna get their learnin' on after making their move might be interested in the quality of the school system in their new state - so next up we've got a peek at an overview, Mississippi-style.
Here are some 2018 WalletHub stats about how Mississippi schools ranked in the country:
The top-rated schools in Mississippi are Ocean Springs High, in Ocean Springs, and Mississippi State University, in the town of Mississippi State.
Alright, serious stuff over, time to move onto the (somewhat) more fun section of our guide. Let's check out why people would even WANT to move to Mississippi - but let's hear it from people who already live here. So, stay tuned for some yay!s and ugh!s of Mississippi life.
PROs (as voted by USDA-approved Mississippians):
CONs (also from the mouths of USDA-approved Mississippians):
Alright, so now we know a bit about WHY someone might wanna move to Mississippi, but WHAT will they do, once they get here? We asked the locals to talk to us for just a bit longer, to dish out the inside scoop on some fun stuff to do - from museums to festivals and more.
Here just a few of the state's most enticing attractions:
Alright folks, there you have it - our liner notes version of a guide to Mississippi's housing market and home buying stats. Clearly we're not going to be able to cover EVERYTHING you might be concerned about before making such a huge decision (we're busy trying out some new soul food recipes), but it's our hope that we've given you enough to fire up the inspiration/confidence you need to get started, and that you learned a thing or two about The Hospitality State (like their other nickname, for ex.).
If buying your next house where Elvis Presley was born is your personal fantasy, then get out there and make it happen.