The typical owner-occupied home in Summit is worth about $113,600, 33% below the Mississippi median of $169,800 and 66% below the national median of $332,700. Owners pay a median $733 a year in property taxes, about 0.65% of their home's value, lower than the Mississippi rate of 0.72%. The median household earns $29,375 a year, so the median home costs 3.9 times the median income (3.0 times for Mississippi). 53% of occupied homes here are lived in by their owners, and 37% of those owners still have a mortgage.
Summit at a glance
| Summit | Mississippi | U.S. | |
|---|---|---|---|
| Median home value | $113,600 | $169,800 | $332,700 |
| Median property tax paid per year | $733 | $1,215 | $3,119 |
| Property tax as a share of value | 0.65% | 0.72% | 0.94% |
| Median household income | $29,375 | $56,447 | $80,734 |
| Homes lived in by their owners | 53% | 70% | 65% |
| Owner homes with a mortgage | 37% | 49% | 61% |
| Median monthly costs, owners with a mortgage | $1,021 | $1,394 | $1,963 |
| Those costs as a share of the owners' income | 21.1% | 19.8% | 21.0% |
| Median rent | $929 | $954 | $1,413 |
| Rent as a share of renters' income | 46.0% | 30.7% | 30.6% |
| Median year homes were built | 1978 | 1986 | 1980 |
| Vacant homes | 21.5% | 14.6% | 10.1% |
| Population | 2,451 | 2,946,779 | 334,922,499 |
What a typical home costs per month in Summit
At this week's average 30-year rate of 7.11%, buying the median Summit home of $113,600 with 20% down costs about $720 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $909, 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 $30,867 for the 20%-down payment. That payment is 29% of the median Summit household income of $29,375; at that income and 20% down, the 28% guideline points to a home of about $108,000.
The median rent here is $929 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $22,720 |
|---|---|
| Loan amount | $90,880 |
| Principal and interest | $611 |
| Property taxes (0.65% a year) | $62 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| PMI | $0 |
| Total per month | $720 |
Change the numbers in the calculator
| Down payment | $3,976 |
|---|---|
| Loan amount | $111,542 |
| Principal and interest | $750 |
| Property taxes (0.65% a year) | $62 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| FHA mortgage insurance | $50 |
| Total per month | $909 |
Change the numbers in the calculator
Questions about home buying in Summit
What is the median home value in Summit?
About $113,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Summit?
Homeowners pay a median $733 a year, which is about 0.65% 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 Summit?
For the median home with 20% down at 7.11%, the payment is about $720 a month. Keeping that under 28% of gross income takes about $30,867 a year.
More about Summit
- Mortgage Refinance in Summit
- Debt Relief in Summit
- Home Equity Loans in Summit
- 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