Total monthly cost of ownership
Cost to Own a Home in Jackson, Mississippi
A $108,000 home here costs
$1,123per 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 $48,000 a year.
A standard mortgage calculator would have told you $589. The real number is $534 higher every month, 91% more than the payment most buyers budget for.
Compare Hinds 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.
Jackson against Hinds County and Mississippi
| Measure | Jackson | Hinds County |
|---|---|---|
| Median home value | $108,200 | $151,200 |
| Median property tax | $1,341 | $1,389 |
| Effective tax rate | 1.239% | 0.919% |
| Median gross rent | $1,018 | $1,032 |
| Population | 149,827 | 222,494 |
Jackson extends across 3 counties. Figures here use Hinds County, where most of its housing sits.
The weather behind that power bill
Jackson sits in Hinds County, which averages a high of 93.3°F in its hottest month and a low of 35.2°F in its coldest, with 60.15" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 2,425 cooling and 2,234 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Hinds County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hinds County
Full Hinds County cost breakdown · Every county in Mississippi
Talk to someone who works this market
These are Jackson 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 Jackson every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Jackson I already own here and may sell
Common questions
How much does it cost to own a home in Jackson?
A $108,000 home in Jackson, Mississippi costs approximately $1,123 per month with 20% down at 7.24%. That is $589 principal and interest, $112 property tax, $98 homeowners insurance, $235 utilities and $90 set aside for maintenance.
What is the property tax rate in Jackson?
Jackson has an effective property tax rate of 1.239%, based on a median home value of $108,200 and median real estate taxes of $1,341. That is higher than the Hinds County average of 0.919%.
What is the average home price in Jackson?
The median owner-occupied home value in Jackson, Mississippi is $108,200, against $151,200 across Hinds County.
Is it cheaper to rent or buy in Jackson?
Median gross rent in Jackson is $1,018 a month, against $1,123 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 Jackson?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Jackson, Mississippi at today's rate takes a household income of roughly $48,000 a year. That covers the full $1,123 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Jackson, 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.