Many people in the United States are moving to new states and cities due to rising housing costs and increased cost of living. Many individuals and families in larger cities are leaving to states with better housing affordability. So, small cities, suburbs, and even more rural areas are attracting many prospective buyers.
Of all the places in the county to move to, Mississippi is one of the best when it comes to home prices and affordable living. So, if you’re looking for low housing costs, the MS housing market might be the right option for you.
But, you may wonder why housing prices are so low in the state. What are the underlying reasons for affordable housing prices? Let’s explore the Mississippi real estate market further in this guide from Sell Your House Fast MS.
Lower Housing Demand
One of the reasons why housing costs in Mississippi are so low is because there is less demand in the area. It’s a simple case of supply and demand. There is more supply in many parts of the state than there is demand, so it becomes a seller’s market where homes are cheaper in Mississippi compared to most other places in the country.
Less Competition Due To Cheap Rental Prices
Along with cheaper real estate and a great housing market for buyers, Mississippi also has cheaper rent compared to many parts of the country. While huge cities like New York or Los Angeles have exorbitant rent, this isn’t the case in most areas of Mississippi.
With many people taking examples of these lower rental costs, there is less competition in the housing market. This makes it easy to negotiate lower housing prices and find affordable housing.
Lower Median Income
Housing costs in an area often reflect the average incomes of the people living there. While this isn’t always true, places where many people make a lot of money tend to have more expensive housing prices.
When the median income is lower, the housing market will reflect these costs. Otherwise, nobody in the area would be able to afford the housing prices.
Mississippi has the lowest median income of any state in the country at $45,180. Of course, there are some areas of the state where the median income is higher and some areas where it is lower. For example, the Madison area has a higher median income.
Lower Cost Of Living
Because the median income is less than the national average in Mississippi, there is also a lower overall cost of living. In fact, the cost of living in Mississippi is about 16% lower than the national average. But, when it comes to housing costs, this difference is even more pronounced.
The median sale price of housing in Mississippi is about 32% lower than the national average. Because everything in Mississippi is generally cheaper, it costs less money to build houses.
This is another main reason why the housing market is so affordable in the state.
Buying & Selling In Mississippi
Now that we’ve explored the reasons why affordable housing is so prevalent in Mississippi, you may be wondering if it’s worth it to buy in this market. For those already living in Mississippi, you have to factor in how much you can sell your house for versus how much you can afford for your next home.
While you have the advantages as a buyer to find more affordable housing, you’ll have more of a disadvantage as a seller. However, this also depends on where exactly you live. Some places are in higher demand, so selling for a good price may still be an option.
However, if you’re in an area that has low demand for housing, I could spend months finding a buyer. So, it’s often a good idea to explore other options, such as taking a cash offer.
Advantages Of Buying In The Mississippi Real Estate Market
If you’re looking to move to Mississippi, buying real estate makes a lot of sense. Overall, all kinds of real estate are more affordable in these states, so making the move could be a good financial decision. Some possible advantages of buying in the current real estate market include:
- Cheaper commercial real estate: If you’re interested in starting a new business, commercial real estate is also generally cheaper in Mississippi than in most other places.
- Save money coming from a higher cost of living state: When you’re moving from a different state or city, you may have extra money that will go a lot further after your move. The lower cost of living can make a big difference, you’ll just need to factor in that salaries may be lower if you get an in-state job.
- Get more house for your money: If you’ve sold a home in a different place, you may have a good chunk of cash to put into a new place. You’ll be able to get a new house that’s much bigger and nicer for the same amount of money.
These are just some potential benefits of buying real estate in Mississippi or moving to the state.
How To Quickly Sell Your Home In Mississippi
If you’re in Mississippi and looking to sell your home, Sell Your House Fast MS is here to help. We make it easy to sell your house, so you can move on to what’s next in your life. It’s easy to get qualified, and you can even get a quote online.
We make fair cash offers for homes, so you can sell a home after foreclosure, inheritance, divorce, or any other sudden situation. Reach out today to learn more or to get started with the process or to receive a cash quote.
