Total monthly cost of ownership
Cost to Own a Home in Booneville, Mississippi
A $124,000 home here costs
$1,215per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $52,000 a year.
A standard mortgage calculator would have told you $676. The real number is $539 higher every month, 80% more than the payment most buyers budget for.
Compare Prentiss County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Booneville against Prentiss County and Mississippi
| Measure | Booneville | Prentiss County |
|---|---|---|
| Median home value | $123,500 | $116,500 |
| Median property tax | $1,063 | $790 |
| Effective tax rate | 0.861% | 0.678% |
| Median gross rent | $615 | $620 |
| Population | 9,060 | 24,999 |
The weather behind that power bill
Booneville sits in Prentiss County, which averages a high of 88.9°F in its hottest month and a low of 29.0°F in its coldest, with 60.42" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,617 cooling and 3,412 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Prentiss County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Prentiss County
No other places of this size are published in Prentiss County.
Full Prentiss County cost breakdown · Every county in Mississippi
Talk to someone who works this market
These are Booneville averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Booneville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Booneville I already own here and may sell
Common questions
How much does it cost to own a home in Booneville?
A $124,000 home in Booneville, Mississippi costs approximately $1,215 per month with 20% down at 7.24%. That is $676 principal and interest, $89 property tax, $112 homeowners insurance, $235 utilities and $103 set aside for maintenance.
What is the property tax rate in Booneville?
Booneville has an effective property tax rate of 0.861%, based on a median home value of $123,500 and median real estate taxes of $1,063. That is higher than the Prentiss County average of 0.678%.
What is the average home price in Booneville?
The median owner-occupied home value in Booneville, Mississippi is $123,500, against $116,500 across Prentiss County.
Is it cheaper to rent or buy in Booneville?
Median gross rent in Booneville is $615 a month, against $1,215 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Booneville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Booneville, Mississippi at today's rate takes a household income of roughly $52,000 a year. That covers the full $1,215 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Booneville, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Mississippi.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.