Total monthly cost of ownership
Cost to Own a Home in Indianola, Mississippi
A $119,000 home here costs
$1,166per 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 $50,000 a year.
A standard mortgage calculator would have told you $649. The real number is $517 higher every month, 80% more than the payment most buyers budget for.
Compare Sunflower 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.
Indianola against Sunflower County and Mississippi
| Measure | Indianola | Sunflower County |
|---|---|---|
| Median home value | $119,100 | $103,400 |
| Median property tax | $903 | $909 |
| Effective tax rate | 0.758% | 0.879% |
| Median gross rent | $763 | $670 |
| Population | 9,360 | 25,328 |
The weather behind that power bill
Indianola sits in Sunflower County, which averages a high of 91.3°F in its hottest month and a low of 35.1°F in its coldest, with 55.76" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 2,353 cooling and 2,601 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Sunflower County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sunflower County
Full Sunflower County cost breakdown · Every county in Mississippi
Talk to someone who works this market
These are Indianola 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 Indianola every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Indianola I already own here and may sell
Common questions
How much does it cost to own a home in Indianola?
A $119,000 home in Indianola, Mississippi costs approximately $1,166 per month with 20% down at 7.24%. That is $649 principal and interest, $75 property tax, $108 homeowners insurance, $235 utilities and $99 set aside for maintenance.
What is the property tax rate in Indianola?
Indianola has an effective property tax rate of 0.758%, based on a median home value of $119,100 and median real estate taxes of $903. That is lower than the Sunflower County average of 0.879%.
What is the average home price in Indianola?
The median owner-occupied home value in Indianola, Mississippi is $119,100, against $103,400 across Sunflower County.
Is it cheaper to rent or buy in Indianola?
Median gross rent in Indianola is $763 a month, against $1,166 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 Indianola?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Indianola, Mississippi at today's rate takes a household income of roughly $50,000 a year. That covers the full $1,166 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Indianola, 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.