The typical owner-occupied home in Fernwood is worth about $445,000, 2.6 times the Mississippi median of $169,800 and 34% above the national median of $332,700. Owners pay a median $3,450 a year in property taxes, about 0.78% of their home's value, higher than the Mississippi rate of 0.72%. The median household earns $91,125 a year, so the median home costs 4.9 times the median income (3.0 times for Mississippi). 100% of occupied homes here are lived in by their owners, and 29% of those owners still have a mortgage.
Fernwood at a glance
| Fernwood | Mississippi | U.S. | |
|---|---|---|---|
| Median home value | $445,000 | $169,800 | $332,700 |
| Median property tax paid per year | $3,450 | $1,215 | $3,119 |
| Property tax as a share of value | 0.78% | 0.72% | 0.94% |
| Median household income | $91,125 | $56,447 | $80,734 |
| Homes lived in by their owners | 100% | 70% | 65% |
| Owner homes with a mortgage | 29% | 49% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,394 | $1,963 |
| Median rent | – | $954 | $1,413 |
| Median year homes were built | 2000 | 1986 | 1980 |
| Vacant homes | 0.0% | 14.6% | 10.1% |
| Population | 57 | 2,946,779 | 334,922,499 |
What a typical home costs per month in Fernwood
At this week's average 30-year rate of 7.11%, buying the median Fernwood home of $445,000 with 20% down costs about $2,870 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,611, 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 $122,979 for the 20%-down payment. That payment is 38% of the median Fernwood household income of $91,125; at that income and 20% down, the 28% guideline points to a home of about $330,000.
| Down payment | $89,000 |
|---|---|
| Loan amount | $356,000 |
| Principal and interest | $2,395 |
| Property taxes (0.78% a year) | $289 |
| Homeowners insurance (our estimate, 0.5% a year) | $185 |
| PMI | $0 |
| Total per month | $2,870 |
Change the numbers in the calculator
| Down payment | $15,575 |
|---|---|
| Loan amount | $436,940 |
| Principal and interest | $2,939 |
| Property taxes (0.78% a year) | $289 |
| Homeowners insurance (our estimate, 0.5% a year) | $185 |
| FHA mortgage insurance | $197 |
| Total per month | $3,611 |
Change the numbers in the calculator
Questions about home buying in Fernwood
What is the median home value in Fernwood?
About $445,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Fernwood?
Homeowners pay a median $3,450 a year, which is about 0.78% 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 Fernwood?
For the median home with 20% down at 7.11%, the payment is about $2,870 a month. Keeping that under 28% of gross income takes about $122,979 a year.
More about Fernwood
- Mortgage Refinance in Fernwood
- Debt Relief in Fernwood
- Home Equity Loans in Fernwood
- 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