Total monthly cost of ownership
Cost to Own a Home in Booneville, Mississippi
A $124,000 home here costs
$1,155per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $637. The real number is $518 higher every month — 81% more than the payment most buyers budget for.
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 $145 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
Common questions
How much does it cost to own a home in Booneville?
A $124,000 home in Booneville, Mississippi costs approximately $1,155 per month with 20% down at 6.66%. That is $637 principal and interest, $89 property tax, $112 homeowners insurance, $213 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 $1,155 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.