Total monthly cost of ownership
Cost to Own a Home in Philadelphia, Mississippi
A $96,000 home here costs
$1,008per 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 $43,000 a year.
A standard mortgage calculator would have told you $523. The real number is $484 higher every month, 93% more than the payment most buyers budget for.
Compare Neshoba 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.
Philadelphia against Neshoba County and Mississippi
| Measure | Philadelphia | Neshoba County |
|---|---|---|
| Median home value | $95,600 | $96,600 |
| Median property tax | $985 | $856 |
| Effective tax rate | 1.030% | 0.886% |
| Median gross rent | $760 | $759 |
| Population | 7,030 | 28,927 |
The weather behind that power bill
Philadelphia sits in Neshoba County, which averages a high of 89.7°F in its hottest month and a low of 34.3°F in its coldest, with 58.22" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,910 cooling and 2,532 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Neshoba County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Neshoba County
Full Neshoba County cost breakdown · Every county in Mississippi
Talk to someone who works this market
These are Philadelphia 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 Philadelphia every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Philadelphia I already own here and may sell
Common questions
How much does it cost to own a home in Philadelphia?
A $96,000 home in Philadelphia, Mississippi costs approximately $1,008 per month with 20% down at 7.24%. That is $523 principal and interest, $82 property tax, $87 homeowners insurance, $235 utilities and $80 set aside for maintenance.
What is the property tax rate in Philadelphia?
Philadelphia has an effective property tax rate of 1.030%, based on a median home value of $95,600 and median real estate taxes of $985. That is higher than the Neshoba County average of 0.886%.
What is the average home price in Philadelphia?
The median owner-occupied home value in Philadelphia, Mississippi is $95,600, against $96,600 across Neshoba County.
Is it cheaper to rent or buy in Philadelphia?
Median gross rent in Philadelphia is $760 a month, against $1,008 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 Philadelphia?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Philadelphia, Mississippi at today's rate takes a household income of roughly $43,000 a year. That covers the full $1,008 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Philadelphia, 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.