Prospective homebuyers in Mississippi are facing a significantly steeper challenge compared to just a few years ago, as mortgage payments have surged by nearly 48.5% since 2020. Driven by a combination of rising home prices and higher interest rates, the average monthly mortgage payment in the state has jumped from $906 to about $1,345. Mississippi, traditionally known for its relatively affordable housing market, is not immune to the nationwide housing affordability crisis that has priced many buyers out of the market.
Experts attribute the increased financial burden on homebuyers to the Federal Reserve’s ongoing battle against inflation, which has led to elevated mortgage rates. Additionally, with the supply of homes remaining tight, competition among buyers contributes to pushing prices higher. This rapid increase in homeownership costs has been particularly challenging for first-time buyers, who now need significantly more income to afford a median-priced home than they did three years ago.
Read more about Arizona home prices.
