Total monthly cost of ownership
Cost to Own a Home in Meridian, Mississippi
A $101,000 home here costs
$1,073per 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 $46,000 a year.
A standard mortgage calculator would have told you $551. The real number is $522 higher every month, 95% more than the payment most buyers budget for.
Compare Lauderdale 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.
Meridian against Lauderdale County and Mississippi
| Measure | Meridian | Lauderdale County |
|---|---|---|
| Median home value | $100,800 | $124,500 |
| Median property tax | $1,336 | $1,223 |
| Effective tax rate | 1.325% | 0.982% |
| Median gross rent | $865 | $897 |
| Population | 34,466 | 71,984 |
The weather behind that power bill
Meridian 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 $167 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
Talk to someone who works this market
These are Meridian 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 Meridian every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Meridian I already own here and may sell
Common questions
How much does it cost to own a home in Meridian?
A $101,000 home in Meridian, Mississippi costs approximately $1,073 per month with 20% down at 7.24%. That is $551 principal and interest, $112 property tax, $91 homeowners insurance, $235 utilities and $84 set aside for maintenance.
What is the property tax rate in Meridian?
Meridian has an effective property tax rate of 1.325%, based on a median home value of $100,800 and median real estate taxes of $1,336. That is higher than the Lauderdale County average of 0.982%.
What is the average home price in Meridian?
The median owner-occupied home value in Meridian, Mississippi is $100,800, against $124,500 across Lauderdale County.
Is it cheaper to rent or buy in Meridian?
Median gross rent in Meridian is $865 a month, against $1,073 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 Meridian?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Meridian, Mississippi at today's rate takes a household income of roughly $46,000 a year. That covers the full $1,073 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Meridian, 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.