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Franklin County, MS

Rent vs Own in Franklin County, Mississippi

Owning the median home in Franklin County clears the monthly bar: about $607/mo versus HUD's $842/mo 2-bedroom rent. The stack below shows which line items create that edge. Owner-occupied homes: 2,511.

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Buying is cheaper in Franklin County

Owning runs about $607/mo here, under $842/mo to rent a comparable 2-bedroom. That is a $235/mo difference.

Based on 20% down, 6.5% rate, 30-year mortgage. Adjust below.

What This Data Tells Us About Renting vs Owning in Franklin County

Primary driver

Income supports the median purchase price

Median household income is $52,939, and the 1.9x home-price-to-income ratio leaves room for the ownership stack (property tax alone is 1.4% of median income). The monthly gap above is more about mortgage rate and insurance assumptions than about the purchase price being out of reach.

Decision signal 2

HUD moved the rent benchmark down

HUD cut its 2-bedroom Fair Market Rent for Franklin County from $933/mo in FY2025 to $842/mo in FY2026: it decreased by $91/mo (-9.8%). A falling benchmark narrows the case for buying here, and it usually reflects HUD re-estimating the local market rather than existing rents being cut.

Decision signal 3

Owning clears the monthly bar here

Franklin County's median home ($101,900) carries $739/yr in property tax at 0.73%. Under a 20% down, 6.5%, 30-year stack the all-in ownership bill is about $607/mo, which undercuts HUD's $842/mo 2-bedroom Fair Market Rent by roughly $235/mo before maintenance, HOA, or closing costs.

Decision signal 4

The county sits near the state middle

Using the assumptions above, Franklin County ranks 22 of 81 Mississippi counties for buy-vs-rent value (rank 1 = the best relative deal for buying). It sits ahead of 59 other Mississippi counties on this measure.

Methodology & disclaimer

This calculator is for informational purposes only and is not tax, legal, or financial advice. Property tax figures come from the U.S. Census Bureau ACS 5-Year Estimates and rent figures come from HUD Fair Market Rents; both describe area medians, not individual transactions. Insurance is estimated at 0.35% of home value annually and closing costs, maintenance, HOA, and PMI are not included. Consult a licensed mortgage, tax, or real-estate professional before making a buy-or-rent decision based on these numbers.

Monthly Cost Breakdown

Estimated Monthly Ownership
$607
Mortgage (P&I) $515
Property Tax $62
Insurance (est.) $30
Monthly Rent (2-BR FMR)
$842
Studio$727
1-Bedroom$759
2-Bedroom$842
3-Bedroom$1,115
4-Bedroom$1,118

Adjust Your Scenario

Affordability Context

Median Household Income
$52,939
$4,412/mo
Home Price / Income
1.9x
Affordable (≤3x)
Tax-to-Income Ratio
1.4%
National benchmark: 2-4%

Who actually pays it here

In Franklin County, once the mortgage ends staying put is close to free: the largest cluster of debt-free households faces a yearly charge under $800, so insurance and upkeep, not the tax office, set what the home costs to keep.

Franklin County matches the national pattern: six-figure earners between $100,000 and $200,000 account for more of these write-offs than any other local group.

Against that holding-cost profile, the monthly ownership stack already undercuts HUD rent here, so the long-run tax bill is an ownership feature more than a reason to keep renting.

Bill bands are Census ACS counts of owner-occupied homes without a mortgage. Income brackets are IRS Statistics of Income county data for tax year 2022, counted over FILERS reporting real-estate taxes on Schedule A, which is a smaller group than homeowners: most filers take the standard deduction.

Nearby Counties

DeSoto County
Home: $269,600 Tax: $1,613/yr
Hinds County
Home: $159,900 Tax: $1,403/yr
Harrison County
Home: $212,200 Tax: $1,370/yr
Rankin County
Home: $237,400 Tax: $1,428/yr
Jackson County
Home: $193,100 Tax: $1,366/yr
Madison County
Home: $311,100 Tax: $2,108/yr

Frequently Asked Questions

Is it cheaper to rent or buy in Franklin County, Mississippi? ▼
On the standard 20%-down / 6.5% stack, owning the median Franklin County home undercuts HUD's 2-bedroom rent by about $235/mo. Change the down payment, rate, or time horizon in the calculator and that gap can flip - owning also builds equity that rent never does.
How much house can you afford in Franklin County? ▼
On the common 3x-income guideline, a $52,939 household here can afford up to $158,817, which comfortably covers this county's $101,900 median home price -- a healthier affordability picture than many of the counties tracked on this site.
What is the median home price in Franklin County? ▼
$101,900, per the Census Bureau's ACS 5-Year Estimates. The property tax on that value works out to roughly 0.73% a year, in line with typical rates for the area.
What is the average rent in Franklin County? ▼
HUD prices a 2-bedroom unit at $842/mo here. Sizing up matters: going from a studio to a 4-bedroom adds about $391/mo, so the per-bedroom jump is worth checking against your actual space needs before assuming the 2-BR figure applies to your situation.
Is rent going up or down in Franklin County? ▼
HUD's 2-bedroom Fair Market Rent figure has fallen 9.8% between the FY2025 and FY2026 publications, the two most recent years tracked here.
How does Franklin County compare to other Mississippi counties for renting vs buying? ▼
Out of 81 Mississippi counties ranked here on buy-vs-rent value, Franklin County lands at spot 22, roughly in the middle of the pack statewide. The <a href="/states/mississippi">Mississippi state page</a> lists every peer county's tax bill beside this one.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from the U.S. Census Bureau (American Community Survey). See our methodology for details. Retrieved and formatted by PlainPropertyTax

Source: U.S. Census Bureau, Government Finances State and local property tax revenue by jurisdiction · 2025

Verify with HUD →