The typical owner-occupied home in Carthage is worth about $154,800, 9% below the Mississippi median of $169,800 and 53% below the national median of $332,700. Owners pay a median $1,695 a year in property taxes, about 1.09% of their home's value, higher than the Mississippi rate of 0.72%. The median household earns $42,254 a year, so the median home costs 3.7 times the median income (3.0 times for Mississippi). 65% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Carthage at a glance
| Carthage | Mississippi | U.S. | |
|---|---|---|---|
| Median home value | $154,800 | $169,800 | $332,700 |
| Median property tax paid per year | $1,695 | $1,215 | $3,119 |
| Property tax as a share of value | 1.09% | 0.72% | 0.94% |
| Median household income | $42,254 | $56,447 | $80,734 |
| Homes lived in by their owners | 65% | 70% | 65% |
| Owner homes with a mortgage | 49% | 49% | 61% |
| Median monthly costs, owners with a mortgage | $1,154 | $1,394 | $1,963 |
| Those costs as a share of the owners' income | 20.8% | 19.8% | 21.0% |
| Median rent | $705 | $954 | $1,413 |
| Rent as a share of renters' income | 28.4% | 30.7% | 30.6% |
| Median year homes were built | 1979 | 1986 | 1980 |
| Vacant homes | 6.8% | 14.6% | 10.1% |
| Population | 4,866 | 2,946,779 | 334,922,499 |
What a typical home costs per month in Carthage
At this week's average 30-year rate of 7.11%, buying the median Carthage home of $154,800 with 20% down costs about $1,038 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,296, 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 $44,494 for the 20%-down payment. That payment is 29% of the median Carthage household income of $42,254; at that income and 20% down, the 28% guideline points to a home of about $147,000.
The median rent here is $705 a month, so owning the median home costs about $333 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $30,960 |
|---|---|
| Loan amount | $123,840 |
| Principal and interest | $833 |
| Property taxes (1.09% a year) | $141 |
| Homeowners insurance (our estimate, 0.5% a year) | $64 |
| PMI | $0 |
| Total per month | $1,038 |
Change the numbers in the calculator
| Down payment | $5,418 |
|---|---|
| Loan amount | $151,996 |
| Principal and interest | $1,022 |
| Property taxes (1.09% a year) | $141 |
| Homeowners insurance (our estimate, 0.5% a year) | $64 |
| FHA mortgage insurance | $68 |
| Total per month | $1,296 |
Change the numbers in the calculator
Questions about home buying in Carthage
What is the median home value in Carthage?
About $154,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Carthage?
Homeowners pay a median $1,695 a year, which is about 1.09% 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 Carthage?
For the median home with 20% down at 7.11%, the payment is about $1,038 a month. Keeping that under 28% of gross income takes about $44,494 a year.
More about Carthage
- Mortgage Refinance in Carthage
- Debt Relief in Carthage
- Home Equity Loans in Carthage
- 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