Total monthly cost of ownership
Cost to Own a Home in New Albany, Mississippi
A $150,000 home here costs
$1,326per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $771. The real number is $555 higher every month — 72% 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.
New Albany against Union County and Mississippi
| Measure | New Albany | Union County |
|---|---|---|
| Median home value | $150,000 | $159,100 |
| Median property tax | $972 | $917 |
| Effective tax rate | 0.648% | 0.576% |
| Median gross rent | $956 | $910 |
| Population | 7,661 | 28,009 |
The weather behind that power bill
New Albany sits in Union County, which averages a high of 92.3°F in its hottest month and a low of 33.6°F in its coldest, with 57.74" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 2,235 cooling and 2,727 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for Union County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Union County
No other places of this size are published in Union County.
Full Union County cost breakdown · Every county in Mississippi
Common questions
How much does it cost to own a home in New Albany?
A $150,000 home in New Albany, Mississippi costs approximately $1,326 per month with 20% down at 6.66%. That is $771 principal and interest, $81 property tax, $136 homeowners insurance, $213 utilities and $125 set aside for maintenance.
What is the property tax rate in New Albany?
New Albany has an effective property tax rate of 0.648%, based on a median home value of $150,000 and median real estate taxes of $972. That is higher than the Union County average of 0.576%.
What is the average home price in New Albany?
The median owner-occupied home value in New Albany, Mississippi is $150,000, against $159,100 across Union County.
Is it cheaper to rent or buy in New Albany?
Median gross rent in New Albany is $956 a month, against $1,326 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 New Albany — 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.