In these MS counties, it’s still cheaper to buy a house than rent, data shows. Here are the costs
With rising housing costs and interest rates, many people feel like the “American Dream” of homeownership is out of reach, but that’s not true everywhere. In certain places across many Southern states, including Mississippi, home costs remain relatively low.
For nine Mississippi counties, buying a home is cheaper than renting, according to an April 13 study by Construction Coverage, a construction research company.
Some of the cheapest counties for homebuyers are in Mississippi, with two counties ranking among the top 15, the analysis found.
Here’s what to know.
What is the average mortgage rate?
The U.S. average mortgage rate as of April 9 is 6.37% for a 30-year fixed rate mortgage and 5.74% for a 15-year fixed rate mortgage, according to the Federal Home Loan Mortgage Corporation, also known as Freddie Mac.
Mortgage rates spiked dramatically in 2022 as the Federal Reserve tried to combat high inflation, according to the Consumer Financial Protection Bureau.
Which MS counties are among the cheapest in the country for homebuyers?
The following two counties are among the top 15 cheapest counties in the nation for people looking to buy a home, according to the Construction Coverage analysis:
- Halifax County, ranking third-cheapest county for homebuyers nationwide, has a premium of -40.8%
- Lauderdale County, ranking fifteenth-cheapest county nationwide, has a premium of -28.9%
Where in MS is buying a home cheaper than renting?
These are the nine counties in Mississippi where renting a home is more expensive than buying, according to the Construction Coverage analysis:
1. Hinds County
Median monthly mortgage payment: $788
Median rent: $1,330
2. Lauderdale County
Median monthly mortgage payment: $761
Median rent: $1,070
3. Pike County
Median monthly mortgage payment: $691
Median rent: $837
4. Lowndes County
Median monthly mortgage payment: $1,070
Median rent: $1,339
5. Jackson County
Median monthly mortgage payment: $1,279
Median rent: $1,390
6. Harrison County
Median monthly mortgage payment: 1,339
Median rent: $1,441
7. Hancock County
Median monthly mortgage payment: $1,386
Median rent: $1,489
8. Rankin County
Median monthly mortgage payment: $1,594
Median rent: $1,683
9. Lee County
Median monthly mortgage payment: $1,217
Median rent: $1,229
What are the cheapest counties for homebuyers nationwide?
These are the top 10 least expensive counties in the country for homeowners:
1. Pike County, KY
2. Halifax County, NC
3. Hinds County, MS
4. Halifax County, VA
5. Walker County, AL
6. Whitley County, KY
7. Iberia Parish, LA
8. Tallapoosa County, AL
9. Dale County, AL
10. Orangeburg County, SC
