The typical owner-occupied home in Waveland is worth about $218,900, 29% above the Mississippi median of $169,800 and 34% below the national median of $332,700. Owners pay a median $1,627 a year in property taxes, about 0.74% of their home's value, close to the Mississippi rate of 0.72%. The median household earns $68,693 a year, so the median home costs 3.2 times the median income (3.0 times for Mississippi). 61% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Waveland at a glance
| Waveland | Mississippi | U.S. | |
|---|---|---|---|
| Median home value | $218,900 | $169,800 | $332,700 |
| Median property tax paid per year | $1,627 | $1,215 | $3,119 |
| Property tax as a share of value | 0.74% | 0.72% | 0.94% |
| Median household income | $68,693 | $56,447 | $80,734 |
| Homes lived in by their owners | 61% | 70% | 65% |
| Owner homes with a mortgage | 68% | 49% | 61% |
| Median monthly costs, owners with a mortgage | $1,401 | $1,394 | $1,963 |
| Those costs as a share of the owners' income | 19.8% | 19.8% | 21.0% |
| Median rent | $927 | $954 | $1,413 |
| Rent as a share of renters' income | 33.2% | 30.7% | 30.6% |
| Median year homes were built | 2003 | 1986 | 1980 |
| Vacant homes | 15.6% | 14.6% | 10.1% |
| Population | 7,062 | 2,946,779 | 334,922,499 |
What a typical home costs per month in Waveland
At this week's average 30-year rate of 7.11%, buying the median Waveland home of $218,900 with 20% down costs about $1,404 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,769, 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 $60,182 for the 20%-down payment. That payment is 25% of the median Waveland household income of $68,693; at that income and 20% down, the 28% guideline points to a home of about $250,000.
The median rent here is $927 a month, so owning the median home costs about $477 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $43,780 |
|---|---|
| Loan amount | $175,120 |
| Principal and interest | $1,178 |
| Property taxes (0.74% a year) | $135 |
| Homeowners insurance (our estimate, 0.5% a year) | $91 |
| PMI | $0 |
| Total per month | $1,404 |
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| Down payment | $7,662 |
|---|---|
| Loan amount | $214,935 |
| Principal and interest | $1,446 |
| Property taxes (0.74% a year) | $135 |
| Homeowners insurance (our estimate, 0.5% a year) | $91 |
| FHA mortgage insurance | $97 |
| Total per month | $1,769 |
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Questions about home buying in Waveland
What is the median home value in Waveland?
About $218,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Waveland?
Homeowners pay a median $1,627 a year, which is about 0.74% 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 Waveland?
For the median home with 20% down at 7.11%, the payment is about $1,404 a month. Keeping that under 28% of gross income takes about $60,182 a year.
More about Waveland
- Mortgage Refinance in Waveland
- Debt Relief in Waveland
- Home Equity Loans in Waveland
- 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