The typical owner-occupied home in Mill Spring is worth about $21,700, 91% below the Missouri median of $230,300 and 93% below the national median of $332,700. Owners pay a median $270 a year in property taxes, about 1.24% of their home's value, higher than the Missouri rate of 0.85%. The median household earns $24,250 a year, so the median home costs 0.9 times the median income (3.3 times for Missouri). 85% of occupied homes here are lived in by their owners, and 37% of those owners still have a mortgage.
Mill Spring at a glance
| Mill Spring | Missouri | U.S. | |
|---|---|---|---|
| Median home value | $21,700 | $230,300 | $332,700 |
| Median property tax paid per year | $270 | $1,948 | $3,119 |
| Property tax as a share of value | 1.24% | 0.85% | 0.94% |
| Median household income | $24,250 | $70,702 | $80,734 |
| Homes lived in by their owners | 85% | 68% | 65% |
| Owner homes with a mortgage | 37% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $825 | $1,524 | $1,963 |
| Those costs as a share of the owners' income | 38.1% | 19.0% | 21.0% |
| Median rent | $363 | $1,033 | $1,413 |
| Rent as a share of renters' income | 27.5% | 28.1% | 30.6% |
| Median year homes were built | 1980 | 1978 | 1980 |
| Vacant homes | 25.6% | 11.2% | 10.1% |
| Population | 145 | 6,191,814 | 334,922,499 |
What a typical home costs per month in Mill Spring
At this week's average 30-year rate of 7.11%, buying the median Mill Spring home of $21,700 with 20% down costs about $148 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $184, 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 $6,354 for the 20%-down payment. That payment is 7% of the median Mill Spring household income of $24,250; at that income and 20% down, the 28% guideline points to a home of about $83,000.
The median rent here is $363 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $4,340 |
|---|---|
| Loan amount | $17,360 |
| Principal and interest | $117 |
| Property taxes (1.24% a year) | $22 |
| Homeowners insurance (our estimate, 0.5% a year) | $9 |
| PMI | $0 |
| Total per month | $148 |
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| Down payment | $760 |
|---|---|
| Loan amount | $21,307 |
| Principal and interest | $143 |
| Property taxes (1.24% a year) | $22 |
| Homeowners insurance (our estimate, 0.5% a year) | $9 |
| FHA mortgage insurance | $10 |
| Total per month | $184 |
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Questions about home buying in Mill Spring
What is the median home value in Mill Spring?
About $21,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mill Spring?
Homeowners pay a median $270 a year, which is about 1.24% 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 Mill Spring?
For the median home with 20% down at 7.11%, the payment is about $148 a month. Keeping that under 28% of gross income takes about $6,354 a year.
More about Mill Spring
- Mortgage Refinance in Mill Spring
- Debt Relief in Mill Spring
- Home Equity Loans in Mill Spring
- 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