The typical owner-occupied home in Water Valley is worth about $135,500, 20% below the Mississippi median of $169,800 and 59% below the national median of $332,700. Owners pay a median $1,084 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 $42,684 a year, so the median home costs 3.2 times the median income (3.0 times for Mississippi). 49% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Water Valley at a glance
| Water Valley | Mississippi | U.S. | |
|---|---|---|---|
| Median home value | $135,500 | $169,800 | $332,700 |
| Median property tax paid per year | $1,084 | $1,215 | $3,119 |
| Property tax as a share of value | 0.80% | 0.72% | 0.94% |
| Median household income | $42,684 | $56,447 | $80,734 |
| Homes lived in by their owners | 49% | 70% | 65% |
| Owner homes with a mortgage | 58% | 49% | 61% |
| Median monthly costs, owners with a mortgage | $1,081 | $1,394 | $1,963 |
| Those costs as a share of the owners' income | 23.1% | 19.8% | 21.0% |
| Median rent | $606 | $954 | $1,413 |
| Rent as a share of renters' income | 23.2% | 30.7% | 30.6% |
| Median year homes were built | 1972 | 1986 | 1980 |
| Vacant homes | 21.9% | 14.6% | 10.1% |
| Population | 3,376 | 2,946,779 | 334,922,499 |
What a typical home costs per month in Water Valley
At this week's average 30-year rate of 7.11%, buying the median Water Valley home of $135,500 with 20% down costs about $876 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,102, 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 $37,543 for the 20%-down payment. That payment is 25% of the median Water Valley household income of $42,684; at that income and 20% down, the 28% guideline points to a home of about $154,000.
The median rent here is $606 a month, so owning the median home costs about $270 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $27,100 |
|---|---|
| Loan amount | $108,400 |
| Principal and interest | $729 |
| Property taxes (0.80% a year) | $90 |
| Homeowners insurance (our estimate, 0.5% a year) | $56 |
| PMI | $0 |
| Total per month | $876 |
Change the numbers in the calculator
| Down payment | $4,742 |
|---|---|
| Loan amount | $133,046 |
| Principal and interest | $895 |
| Property taxes (0.80% a year) | $90 |
| Homeowners insurance (our estimate, 0.5% a year) | $56 |
| FHA mortgage insurance | $60 |
| Total per month | $1,102 |
Change the numbers in the calculator
Questions about home buying in Water Valley
What is the median home value in Water Valley?
About $135,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Water Valley?
Homeowners pay a median $1,084 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 Water Valley?
For the median home with 20% down at 7.11%, the payment is about $876 a month. Keeping that under 28% of gross income takes about $37,543 a year.
More about Water Valley
- Mortgage Refinance in Water Valley
- Debt Relief in Water Valley
- Home Equity Loans in Water Valley
- 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