The typical owner-occupied home in Shelby is worth about $90,400, 47% below the Mississippi median of $169,800 and 73% below the national median of $332,700. Owners pay a median $224 a year in property taxes, about 0.25% of their home's value, lower than the Mississippi rate of 0.72%. The median household earns $25,948 a year, so the median home costs 3.5 times the median income (3.0 times for Mississippi). 68% of occupied homes here are lived in by their owners, and 40% of those owners still have a mortgage.
Shelby at a glance
| Shelby | Mississippi | U.S. | |
|---|---|---|---|
| Median home value | $90,400 | $169,800 | $332,700 |
| Median property tax paid per year | $224 | $1,215 | $3,119 |
| Property tax as a share of value | 0.25% | 0.72% | 0.94% |
| Median household income | $25,948 | $56,447 | $80,734 |
| Homes lived in by their owners | 68% | 70% | 65% |
| Owner homes with a mortgage | 40% | 49% | 61% |
| Median monthly costs, owners with a mortgage | $776 | $1,394 | $1,963 |
| Those costs as a share of the owners' income | 33.9% | 19.8% | 21.0% |
| Median rent | $666 | $954 | $1,413 |
| Rent as a share of renters' income | 41.8% | 30.7% | 30.6% |
| Median year homes were built | 1973 | 1986 | 1980 |
| Vacant homes | 13.6% | 14.6% | 10.1% |
| Population | 1,700 | 2,946,779 | 334,922,499 |
What a typical home costs per month in Shelby
At this week's average 30-year rate of 7.11%, buying the median Shelby home of $90,400 with 20% down costs about $543 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $694, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $23,271 for the 20%-down payment. That payment is 25% of the median Shelby household income of $25,948; at that income and 20% down, the 28% guideline points to a home of about $101,000.
The median rent here is $666 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $18,080 |
|---|---|
| Loan amount | $72,320 |
| Principal and interest | $486 |
| Property taxes (0.25% a year) | $19 |
| Homeowners insurance (our estimate, 0.5% a year) | $38 |
| PMI | $0 |
| Total per month | $543 |
Change the numbers in the calculator
| Down payment | $3,164 |
|---|---|
| Loan amount | $88,763 |
| Principal and interest | $597 |
| Property taxes (0.25% a year) | $19 |
| Homeowners insurance (our estimate, 0.5% a year) | $38 |
| FHA mortgage insurance | $40 |
| Total per month | $694 |
Change the numbers in the calculator
Questions about home buying in Shelby
What is the median home value in Shelby?
About $90,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Shelby?
Homeowners pay a median $224 a year, which is about 0.25% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Shelby?
For the median home with 20% down at 7.11%, the payment is about $543 a month. Keeping that under 28% of gross income takes about $23,271 a year.
More about Shelby
- Mortgage Refinance in Shelby
- Debt Relief in Shelby
- Home Equity Loans in Shelby
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data