Total monthly cost of ownership
Cost to Own a Home in Petal, Mississippi
A $161,000 home here costs
$1,511per 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 $65,000 a year.
A standard mortgage calculator would have told you $878. The real number is $633 higher every month, 72% more than the payment most buyers budget for.
Compare Forrest 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.
Petal against Forrest County and Mississippi
| Measure | Petal | Forrest County |
|---|---|---|
| Median home value | $161,400 | $152,900 |
| Median property tax | $1,423 | $1,284 |
| Effective tax rate | 0.882% | 0.840% |
| Median gross rent | $958 | $960 |
| Population | 11,195 | 78,027 |
The weather behind that power bill
Petal sits in Forrest County, which averages a high of 91.8°F in its hottest month and a low of 38.1°F in its coldest, with 58.91" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 2,479 cooling and 1,920 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Forrest County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Forrest County
Full Forrest County cost breakdown · Every county in Mississippi
Talk to someone who works this market
These are Petal 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 Petal every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Petal?
A $161,000 home in Petal, Mississippi costs approximately $1,511 per month with 20% down at 7.24%. That is $878 principal and interest, $118 property tax, $146 homeowners insurance, $235 utilities and $134 set aside for maintenance.
What is the property tax rate in Petal?
Petal has an effective property tax rate of 0.882%, based on a median home value of $161,400 and median real estate taxes of $1,423. That is higher than the Forrest County average of 0.840%.
What is the average home price in Petal?
The median owner-occupied home value in Petal, Mississippi is $161,400, against $152,900 across Forrest County.
Is it cheaper to rent or buy in Petal?
Median gross rent in Petal is $958 a month, against $1,511 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 Petal?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Petal, Mississippi at today's rate takes a household income of roughly $65,000 a year. That covers the full $1,511 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Petal, 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.