Total monthly cost of ownership
Cost to Own a Home in Marion, Mississippi
A $195,000 home here costs
$1,697per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,002. The real number is $695 higher every month — 69% 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.
Marion against Lauderdale County and Mississippi
| Measure | Marion | Lauderdale County |
|---|---|---|
| Median home value | $194,800 | $124,500 |
| Median property tax | $1,704 | $1,223 |
| Effective tax rate | 0.875% | 0.982% |
| Median gross rent | $1,074 | $897 |
| Population | 2,033 | 71,984 |
The weather behind that power bill
Marion sits in Lauderdale County, which averages a high of 93.3°F in its hottest month and a low of 36.4°F in its coldest, with 57" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 2,478 cooling and 2,115 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for Lauderdale County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lauderdale County
Full Lauderdale County cost breakdown · Every county in Mississippi
Common questions
How much does it cost to own a home in Marion?
A $195,000 home in Marion, Mississippi costs approximately $1,697 per month with 20% down at 6.66%. That is $1,002 principal and interest, $142 property tax, $177 homeowners insurance, $213 utilities and $163 set aside for maintenance.
What is the property tax rate in Marion?
Marion has an effective property tax rate of 0.875%, based on a median home value of $194,800 and median real estate taxes of $1,704. That is lower than the Lauderdale County average of 0.982%.
What is the average home price in Marion?
The median owner-occupied home value in Marion, Mississippi is $194,800, against $124,500 across Lauderdale County.
Is it cheaper to rent or buy in Marion?
Median gross rent in Marion is $1,074 a month, against $1,697 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 Marion — 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.