62% of recent homebuyers were married couples, while 20% were single women and 8% were single men, indicating one-income households face an uphill climb in many states. Mississippi ranks among the most affordable states for solo homebuyers. The median home price in Mississippi is $295,680, with a monthly mortgage payment (excluding taxes and insurance) of $1,544. A solo buyer needs about $86,320 in income based on SmartAsset's 50/30/20 rule. The state's low housing costs relative to income provide single buyers flexibility in spending and savings. Single-income buyers often prefer smaller, practical homes.
For many would-be homeowners, buying on a single income can feel like a stretch. According to recent data from the National Association of Realtors®, 62% of recent homebuyers were married couples, while only 20% were single women and 8% were single men. That means one-income households still face an uphill climb-especially in states where housing prices and living costs continue to rise.
In Mississippi, the median home price is just $295,680, with a monthly mortgage payment (excluding taxes and insurance) of $1,544. To live comfortably, a solo buyer needs an income of about $86,320, according to SmartAsset's 50/30/20 rule-50% for essentials, 30% for discretionary spending, and 20% for savings or debt payments.
"Owning a home on one income may be feasible in affordable states in the Midwest and the South," says Hannah Jones, senior economic research analyst at Realtor.com ®. In Mississippi, where housing costs remain well below the national average, solo buyers can make homeownership work without the financial strain.
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