The typical owner-occupied home in Marion is worth about $193,800, 14% above the Mississippi median of $169,800 and 42% below the national median of $332,700. Owners pay a median $1,554 a year in property taxes, about 0.80% of their home's value, higher than the Mississippi rate of 0.72%. The median household earns $46,500 a year, so the median home costs 4.2 times the median income (3.0 times for Mississippi). 52% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Marion at a glance
| Marion | Mississippi | U.S. | |
|---|---|---|---|
| Median home value | $193,800 | $169,800 | $332,700 |
| Median property tax paid per year | $1,554 | $1,215 | $3,119 |
| Property tax as a share of value | 0.80% | 0.72% | 0.94% |
| Median household income | $46,500 | $56,447 | $80,734 |
| Homes lived in by their owners | 52% | 70% | 65% |
| Owner homes with a mortgage | 59% | 49% | 61% |
| Median monthly costs, owners with a mortgage | $1,809 | $1,394 | $1,963 |
| Those costs as a share of the owners' income | 30.9% | 19.8% | 21.0% |
| Median rent | $1,057 | $954 | $1,413 |
| Rent as a share of renters' income | 24.0% | 30.7% | 30.6% |
| Median year homes were built | 1998 | 1986 | 1980 |
| Vacant homes | 14.6% | 14.6% | 10.1% |
| Population | 2,030 | 2,946,779 | 334,922,499 |
What a typical home costs per month in Marion
At this week's average 30-year rate of 7.11%, buying the median Marion home of $193,800 with 20% down costs about $1,253 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,576, 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 $53,696 for the 20%-down payment. That payment is 32% of the median Marion household income of $46,500; at that income and 20% down, the 28% guideline points to a home of about $168,000.
The median rent here is $1,057 a month, so owning the median home costs about $196 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $38,760 |
|---|---|
| Loan amount | $155,040 |
| Principal and interest | $1,043 |
| Property taxes (0.80% a year) | $129 |
| Homeowners insurance (our estimate, 0.5% a year) | $81 |
| PMI | $0 |
| Total per month | $1,253 |
Change the numbers in the calculator
| Down payment | $6,783 |
|---|---|
| Loan amount | $190,290 |
| Principal and interest | $1,280 |
| Property taxes (0.80% a year) | $129 |
| Homeowners insurance (our estimate, 0.5% a year) | $81 |
| FHA mortgage insurance | $86 |
| Total per month | $1,576 |
Change the numbers in the calculator
Questions about home buying in Marion
What is the median home value in Marion?
About $193,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Marion?
Homeowners pay a median $1,554 a year, which is about 0.80% 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 Marion?
For the median home with 20% down at 7.11%, the payment is about $1,253 a month. Keeping that under 28% of gross income takes about $53,696 a year.
More about Marion
- Mortgage Refinance in Marion
- Debt Relief in Marion
- Home Equity Loans in Marion
- 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