How Much Does It Cost to Buy a House in Mississippi?

Kristy Snyder

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Kristy Snyder

October 5th, 2022
Updated October 5th, 2022

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Costs to buy a house in Mississippi | Mississippi closing costs | Mississippi house buying calculator | Homeownership costs | How to save when buying a home in Mississippi

The average home buyer in Mississippi spends between $15,180 and $51,306 when purchasing a $171,319 home — the state median value.

Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.

If you're looking for ways to cut down on the costs of buying a home, Clever Real Estate can help. We're an agent-matching service that can help you compare real estate agents in your local area. All of our agents offer local expertise to keep more money in your pocket.

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Average cost to buy a house in Mississippi

Expense
Amount
$1,713 to $5,140
$5,996 to $34,264
$1,584 to $2,376
$4,138
$249
$249
$1,250 to $4,890
Total
$15,180 to $51,306

Buyer closing costs in Mississippi

While the other costs to buy a house in Mississippi are pretty transparent, Mississippi closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Mississippi closing costs you'll likely pay when buying a home.

Closing cost
Amount
Closing fee
$171
Recording fee
$43
Title service fees
$715
Origination fee
$857
Underwriting fee
$600
Discount points
$1,371 per point
Lender's title insurance
$382
Owner's title insurance
Typically paid by seller
Prorated property tax
Varies
Transfer tax
No transfer tax in Mississippi
Total
$4,138

Keep in mind, closing costs are often negotiable. However, to win the negotiation battle, you'll need a great agent who can work out a deal with the seller. Clever can match you with a top agent in your area that can get the seller to shoulder more of the above costs.

Contact us at Clever for top agent recommendations.

Cost to buy a house in Mississippi calculator

Ongoing costs of homeownership in Mississippi

Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.

Expense
Average monthly cost
Mortgage (principle and interest)
$792
Homeowners insurance
$131
Taxes
Varies but averages $114 statewide
Maintenance
$142
Utilities
$408
Total
$1,587
Note: All numbers are estimates based on state averages and a median home value of $171,319 and a down payment of 20%.

Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.

  • If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Mississippi homeowner, this is between $75 to $252 a month.
  • Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.

» MORE: The true cost of homeownership

Top ways to save money when buying a house in Mississippi

1. Look into better financing options

Paying off debts and getting your credit in the best shape possible before applying for a loan will help you get a better interest rate, which will lower your monthly payments for the life of the loan.

You can also shop around to compare lenders so you get the lowest fees and interest rates available. It may be a good idea to enlist the help of a mortgage broker if you're not sure how to go about vetting lenders.

Get Pre-approved Today!

Get matched with a lender who can tell you how much house you can afford. To get started, where do you plan on buying?

2. Participate in home buyer programs Mississippi

There are a few statewide programs you might be eligible for to make homeownership more affordable in Mississippi. For instance, the Mississippi Home Corporation offers the Smart6 and the MRB7 — both loan products with favorable terms — and the option for a mortgage credit certificate (MCC).

There is also the non-profit Habitat for Humanity, which grants low-income buyers access to affordable housing through “sweat equity” or acts of volunteerism. The HUD website also has programs based on location and need.

» MORE: First-time home buyer programs everyone should know about

3. Partner with an expert agent

Having an expert agent on your side can ensure you win the negotiating battle with the seller.

Clever can help match you with a knowledgeable, hyper-local agent that knows the ins and outs of how to save you money on your local fees. And best of all, our service is totally free!

👋 Find your perfect agent now!

Finding a great local realtor is the first step in making your home buying dreams a reality. Our free service matches you with top agents from trusted brands like Keller Williams and RE/MAX.

Enter your zip code to request hand-picked agent matches in minutes. Compare your options until you find the perfect fit, or walk away with no obligation. Try Clever's free service today!

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