Total monthly cost of ownership
Cost to Own a Home in Water Valley, Mississippi
A $111,000 home here costs
$1,109per 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 $47,500 a year.
A standard mortgage calculator would have told you $605. The real number is $504 higher every month, 83% more than the payment most buyers budget for.
Compare Yalobusha County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Water Valley from a five-year rolling sample, and with about 3,380 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 Yalobusha 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.
Water Valley against Yalobusha County and Mississippi
| Measure | Water Valley | Yalobusha County |
|---|---|---|
| Median home value | $111,000 | $97,200 |
| Median property tax | $911 | $800 |
| Effective tax rate | 0.821% | 0.823% |
| Median gross rent | $592 | $810 |
| Population | 3,380 | 12,439 |
The weather behind that power bill
Water Valley sits in Yalobusha County, which averages a high of 91.2°F in its hottest month and a low of 29.7°F in its coldest, with 58.57" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,881 cooling and 3,126 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Yalobusha County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Yalobusha County
No other places of this size are published in Yalobusha County.
Full Yalobusha County cost breakdown · Every county in Mississippi
Talk to someone who works this market
These are Water Valley 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 Water Valley every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Water Valley I already own here and may sell
Common questions
How much does it cost to own a home in Water Valley?
A $111,000 home in Water Valley, Mississippi costs approximately $1,109 per month with 20% down at 7.24%. That is $605 principal and interest, $76 property tax, $101 homeowners insurance, $235 utilities and $93 set aside for maintenance.
What is the property tax rate in Water Valley?
Water Valley has an effective property tax rate of 0.821%, based on a median home value of $111,000 and median real estate taxes of $911. That is in line with the Yalobusha County average of 0.823%.
What is the average home price in Water Valley?
The median owner-occupied home value in Water Valley, Mississippi is $111,000, against $97,200 across Yalobusha County.
Is it cheaper to rent or buy in Water Valley?
Median gross rent in Water Valley is $592 a month, against $1,109 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 Water Valley?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Water Valley, Mississippi at today's rate takes a household income of roughly $47,500 a year. That covers the full $1,109 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Water Valley, 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.