Total monthly cost of ownership
Cost to Own a Home in Shannon, Mississippi
A $120,000 home here costs
$1,088per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $617. The real number is $471 higher every month — 76% 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.
Shannon against Lee County and Mississippi
| Measure | Shannon | Lee County |
|---|---|---|
| Median home value | $120,200 | $187,800 |
| Median property tax | $595 | $1,356 |
| Effective tax rate | 0.495% | 0.722% |
| Median gross rent | $723 | $929 |
| Population | 1,719 | 83,138 |
The weather behind that power bill
Shannon sits in Lee 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 Lee County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lee County
Full Lee County cost breakdown · Every county in Mississippi
Common questions
How much does it cost to own a home in Shannon?
A $120,000 home in Shannon, Mississippi costs approximately $1,088 per month with 20% down at 6.66%. That is $617 principal and interest, $50 property tax, $109 homeowners insurance, $213 utilities and $100 set aside for maintenance.
What is the property tax rate in Shannon?
Shannon has an effective property tax rate of 0.495%, based on a median home value of $120,200 and median real estate taxes of $595. That is lower than the Lee County average of 0.722%.
What is the average home price in Shannon?
The median owner-occupied home value in Shannon, Mississippi is $120,200, against $187,800 across Lee County.
Is it cheaper to rent or buy in Shannon?
Median gross rent in Shannon is $723 a month, against $1,088 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 Shannon — 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.