Total monthly cost of ownership
Cost to Own a Home in Fayette, Mississippi
A $74,000 home here costs
$766per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $380. The real number is $386 higher every month — 101% 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.
Fayette against Jefferson County and Mississippi
| Measure | Fayette | Jefferson County |
|---|---|---|
| Median home value | $73,800 | $81,400 |
| Median property tax | $527 | $816 |
| Effective tax rate | 0.714% | 1.002% |
| Median gross rent | $416 | $444 |
| Population | 1,602 | 7,127 |
The weather behind that power bill
Fayette sits in Jefferson County, which averages a high of 93.4°F in its hottest month and a low of 35.7°F in its coldest, with 56.26" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 2,471 cooling and 2,163 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for Jefferson County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Jefferson County
No other places of this size are published in Jefferson County.
Full Jefferson County cost breakdown · Every county in Mississippi
Common questions
How much does it cost to own a home in Fayette?
A $74,000 home in Fayette, Mississippi costs approximately $766 per month with 20% down at 6.66%. That is $380 principal and interest, $44 property tax, $67 homeowners insurance, $213 utilities and $62 set aside for maintenance.
What is the property tax rate in Fayette?
Fayette has an effective property tax rate of 0.714%, based on a median home value of $73,800 and median real estate taxes of $527. That is lower than the Jefferson County average of 1.002%.
What is the average home price in Fayette?
The median owner-occupied home value in Fayette, Mississippi is $73,800, against $81,400 across Jefferson County.
Is it cheaper to rent or buy in Fayette?
Median gross rent in Fayette is $416 a month, against $766 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 Fayette — 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.