Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Arkansas and Mississippi. Updated for 2026.
Metric
Arkansas
Mississippi
Median Home Price
$195K
$175K
Property Tax Rate
0.62%
0.8%
Avg Closing Costs
$3K
$2K
Closing Cost %
1.5%
1.4%
Transfer Tax
0.33%
None
Homeowners Insurance
$2,500/yr
$2,400/yr
First-Time Buyer Program
ADFA Down Payment Assistance
Up to $15,000 DPA
MHC Smart Solution
Up to $10,000 DPA
Verdict
Mississippi wins 5 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $175K and lower overall costs, Mississippi offers meaningful savings compared to Arkansas. Both states offer first-time buyer programs — explore the state pages for full details.