Total monthly cost of ownership
Cost to Own a Home in Raleigh, Mississippi
A $111,000 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 $605. The real number is $468 higher every month, 77% more than the payment most buyers budget for.
Compare Smith County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Raleigh from a five-year rolling sample, and with about 1,104 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Smith County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Raleigh against Smith County and Mississippi
| Measure | Raleigh | Smith County |
|---|---|---|
| Median home value | $110,700 | $114,000 |
| Median property tax | $481 | $521 |
| Effective tax rate | 0.435% | 0.457% |
| Median gross rent | $475 | $664 |
| Population | 1,104 | 14,193 |
The weather behind that power bill
Raleigh sits in Smith County, which averages a high of 89.8°F in its hottest month and a low of 33.2°F in its coldest, with 61.61" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,808 cooling and 2,733 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Smith County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Smith County
Full Smith County cost breakdown · Every county in Mississippi
Talk to someone who works this market
These are Raleigh 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 Raleigh every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Raleigh I already own here and may sell
Common questions
How much does it cost to own a home in Raleigh?
A $111,000 home in Raleigh, Mississippi costs approximately $1,073 per month with 20% down at 7.24%. That is $605 principal and interest, $40 property tax, $101 homeowners insurance, $235 utilities and $93 set aside for maintenance.
What is the property tax rate in Raleigh?
Raleigh has an effective property tax rate of 0.435%, based on a median home value of $110,700 and median real estate taxes of $481. That is lower than the Smith County average of 0.457%.
What is the average home price in Raleigh?
The median owner-occupied home value in Raleigh, Mississippi is $110,700, against $114,000 across Smith County.
Is it cheaper to rent or buy in Raleigh?
Median gross rent in Raleigh is $475 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 Raleigh?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Raleigh, 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 Raleigh, 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.