Rising costs, local restrictions, and regulatory burdens weighing on Mississippi housing market

Lawmakers encouraged to consider ways to lower development costs and ease restrictions.

On paper, the Mississippi housing market looks better than much of the country but look beyond the headlines and there are several cracks in the foundation of the state’s real estate sector, a state Senate Study Committee was recently told.

Mississippi’s low housing costs and high rates of homeownership are being challenged by increases in prices and dips in purchases, Mississippi Realtors said.

Real estate agent DeShawn Davis said many Mississippians earning $50,000 to $60,000 annually, with house payments of $1,600 to $1,900, including principal, insurance, and interest, are approaching the industry’s recommendation of 30 percent of yearly income. He added that areas seeing increased housing prices