Rent vs Buy in Jackson, MS
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Jackson, MS
Price-to-rent ratio is 5.4 (under 15 favors buying, over 21 favors renting). Renting costs $1,289/mo; owning runs about $634/mo — $655/mo less to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $453 |
| Property tax | $77 |
| Home insurance | $35 |
| Maintenance | $70 |
| Total to own | $634 |
| Average 2BR rent | $1,289 |
Based on a median home value of $83,517 with a $16,703 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.