Real Estate Relocation Guide To Mississippi

Relocating from Chicago to Mississippi is a major move. You’re crossing state lines and heading 600 miles to find a new home in a different community. By familiarizing yourself with the local real estate market, whether your destination is Jackson or Biloxi you can get a good idea of the Mississippi landscape and locate the best area for you and your family.

We’ll start with the big picture… Mississippi has an estimated population of 2.9 million* and around 46,900 square miles of land. The total number of housing units is 1,241,439, of which about 760,000 are owner-occupied and 315,200 are inhabited by renters. Roughly 165,900, or 13.4 percent, of the residences in the state are vacant. The median home value in Mississippi is $88,600 and the median household income is $34,473. For an idea of how this sizes up with national averages – the median home value in the U.S. is $185,200 and the median household income is $48,451.

Statewide figures provide a good overview of Mississippi, but when you’re planning to relocate to the region, knowing what types of housing are available is the most important thing. So here’s a breakdown of what Mississippi real estate has to offer…

About 30,500 homes in Mississippi are new construction, developed in 2005 or after (another 116,000 were put up between 2000 and 2004). Mississippi has its share of vintage charm as well with 75,000 residences built prior to 1940. The total number of detached, single-family houses across the state is 858,800, and there’s also a good selection of multi-unit residences and condos. Most homes have 3 bedrooms, but size varies greatly depending on where you look. And, in case you’re wondering about how your budget will pan out in The Magnolia State, monthly mortgage costs in [Alabama] generally hover between $500 and 1,500.

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*All statistics are from the 2006 American Community Survey as shown on the U.S. Census Bureau website.
Sources: factfinder.census.gov and www.city-data.com