Real estate in popular MS cities
Located in the Deep South, Mississippi is where cotton was king, where the Blues was born and where a natural disaster recently reared its ugly head killing more than 230 people and impacting more than one million Mississippians. Mississippi was one of several states in the Gulf of Mexico, slammed by Hurricane Katrina in 2005. The storm caused billions of dollars in damage in the state. The 35-foot storm surges, 11 tornadoes spawned from Katrina and flooding, demolished much of the southern most tip of the state and caused at least some damage to all Mississippi counties.
Rebuilding Mississippi's gulf coast has been underway since just one month after the hurricane hit. Casinos forced to shut down prior to the disaster sustained damage and are now rebuilding and opening their doors once again.
Despite the damage to homes in Biloxi, along the Gulf of Mexico, home prices are up by 25 percent for both newly constructed homes and homes that incurred little damage. Because Mississippi has the river on its western border, the Gulf to Mexico on its south, along with mild winters and relatively low home prices, real estate in Mississippi is still attractive to many buyers. Because disasters such as Katrina are infrequent, residents and new-comers are still willing to buy homes along the coast. Newly constructed, three-bedroom homes near the water cost about $400,000 in mid-2007. Median home prices in the Gulfport-Biloxi area overall were $131,400 in 2005. With an increase of business, casino expansion, and lack of houses, buying a home in Gulfport-Biloxi can still be considered a good investment. Real estate taxes in Mississippi are low compared to the rest of the nation. Another bonus to owning a vacation home in Mississippi: the average real estate tax bill is just $416.
During the first quarter of 2007, real estate in Mississippi enjoyed near double digit appreciation. Mississippi was one of the top ten states in the nation with the highest appreciation rate, topping off at 9.51 percent. Mississippi is expected to see a lot of affordable houses in the near future. One home materials supplier has developed home kits or Katrina Cottages. These cottages will run between $25,000 and $50,000. The homes were designed to withstand heavy rain and winds up to 140 miles per hour. The home plans range from 544 square feet to 936 square feet. The homes can also be expanded to 1,200 square feet or 1,340 square feet.
Mississippi officials have been touting the Magnolia State as a place to retire and it has been working. Places such as Natchez, Vicksburg, and Starkville, MS have been attracting a large population of retirees. Oxford, MS, in particular, has seen a major increase in retired folks because of its low cost of living, low crime rate, good medical care, and the cultural and recreational opportunities of Ole Miss - the University of Mississippi. Homes in Oxford average $137,000. Mississippi's state-wide home price average is $71,000.
Mississippi has a population of 2.9 million people, of whom 37.2 percent are African American. This makes the state home to the largest percentage of African Americans in the nation. A number of famous black entertainers and actors were born in Mississippi, including Oprah Winfrey, James Earl Jones and Morgan Freeman.
|NUMBER OF HOMES AND APARTMENTS||1,115,768|
|MISSISSIPPI HOME OWNERSHIP|
|% OWNER OCCUPIED||71.03%|
|% RENTER OCCUPIED||28.97%|
|TYPE OF MISSISSIPPI HOMES|
|SINGLE FAMILY DETACHED||69.91%|
|ROWHOUSES AND ATTACHED HOMES||1.27%|
|SMALL APARTMENT BUILDINGS||5.23%|
|COMPLEXES OF HIGH RISE APARTMENTS||8.14%|
|SIZE OF MISSISSIPPI HOMES|
|5 OR MORE BEDROOMS||2.42%|
|AGE OF MISSISSIPPI HOMES|
|NEWER HOMES (2000 OR LATER)||16.45%|
|ESTABLISHED, BUT NOT OLD HOMES (1970-1999)||53.37%|
|WELL-ESTABLISHED, OLD HOMES (1940-1969)||24.90%|
|HISTORIC (1939 OR BEFORE)||5.29%|
|MISSISSIPPI REAL ESTATE INFORMATION||DETAILS|
|MEDIAN HOME VALUE||$91,466|
|MEDIAN RENTAL PRICE||$691|
|HOME VALUE RANGE|
|$0 - $47,000||21.47%|
|$47,001 - $95,000||28.90%|
|$95,001 - $190,000||31.41%|
|$190,001 - $284,000||11.15%|
|$284,001 - $379,000||3.77%|
|$379,001 - $474,000||1.27%|
|$474,001 - $711,000||1.13%|
|$711,001 - $948,000||0.35%|
|PEOPLE OF MISSISSIPPI||DETAILS|
|UNDER 5 YEARS||7.11%|
|5 TO 17||18.35%|
|18 TO 24||10.27%|
|25 TO 34||13.05%|
|35 TO 54||26.69%|
|55 TO 64||11.71%|
|65 YEARS AND OVER||12.82%|
|EDUCATION ATTAINMENT OF ADULTS|
|HIGH SCHOOL GRADUATES||80.35%|
|MEDIAN HOUSEHOLD INCOME||$38,718|
|PER CAPITA INCOME||$20,521|
|INDIVIDUALS BELOW POVERTY LEVEL||21.60%|
|INDUSTRIES PEOPLE WORK IN||Healthcare (13.78%)
Public Service (5.49%)
Professional, scientific, and technical services (3.39%)
|BLACK OR AFRICAN AMERICAN||37.02%|
|AMERICAN INDIAN AND ALASKA NATIVE||0.51%|
|NATIVE HAWAIIAN AND OTHER PACIFIC ISLANDERS||0.04%|
|SOME OTHER RACE ALONE||1.29%|
|TWO OR MORE RACES||1.15%|
|HISPANIC OR LATINO (OF ANY RACE)||2.75%|
|ETHNICITIES PRESENT||Other groups (43.86%)
|LANGUAGES SPOKEN||English (96.10%)
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