Named after the Mississippi River, which provides a lifeline of shipping through the heart of the country, the state of Mississippi sits in the Deep South, with a long history of agrarian development and farming. The city of Jackson, named after President Andrew Jackson, is the state capital and its largest urban center. Agriculture remains important to the economy, but Mississippi's employment base has broadened over the decades to include manufacturing, healthcare, shipbuilding, and Gulf Coast tourism and gaming. The state enjoys a coast on the Gulf of Mexico to the south, while rivers criss-cross the interior and form its western border. Vicksburg in the west and the cities of Tupelo, Aberdeen, and Biloxi make up some of the other notable urban locations, offering visitors and new residents a varied mix of climate and environment.

The Magnolia State is home to roughly 2.9 million people as of the latest Census Bureau estimate, ranking it among the less populous states in the country. Mississippi remains an affordable place to live, and it has long reported one of the lowest per-capita incomes in the nation.

Top Cities

The typical home in Mississippi is valued at roughly $190,000 according to Zillow, well below the national figure. Values vary across the state: more expensive suburbs such as Madison and Ridgeland run considerably higher than the statewide typical value, while many smaller communities remain well below it. Popular places to live include Oxford, Hattiesburg, and Natchez, along with the fast-growing DeSoto County suburbs near Memphis.

Jackson

Population: about 141,000

Mississippi's largest city is also its capital and a long-standing center for value-conscious living. Jackson is home to publicly traded companies including Cal-Maine Foods and Trustmark, and it anchors the state's largest metropolitan area, which also includes fast-growing suburbs like Madison, Ridgeland, and Brandon.

Gulfport

Population: about 74,000

Gulfport, on the Mississippi Gulf Coast, was one of the cities hit hardest by Hurricane Katrina in 2005 and has rebuilt substantially in the years since. Major employers along the coast include the U.S. Navy, area school districts, and Gulfport-headquartered Hancock Whitney. Nearby Biloxi, Southaven, and Hattiesburg round out the state's largest cities.

Financial Institutions in Mississippi

Whether you're new to the state or a lifelong resident, finding the right bank can make managing your personal finances easier. The choice often comes down to a community bank or credit union versus a larger regional or national bank with branches near where you live. If you'd like a more personal relationship with your bank, you'll likely lean toward the former. If you're more interested in a wide branch and ATM network and full-featured online and mobile banking, a larger institution may suit you better.

Banks headquartered in Mississippi include:

  1. Trustmark Bank
  2. Renasant Bank
  3. BankPlus
  4. Hancock Whitney
  5. Community Bank

Some of the largest credit unions serving the state include:

  1. Keesler Federal Credit Union
  2. Hope Credit Union
  3. Navigator Credit Union
  4. Magnolia Federal Credit Union
  5. Singing River Federal Credit Union
  6. Central Sunbelt Federal Credit Union

Larger regional and national banks with branches in Mississippi include:

  1. Regions Bank
  2. Wells Fargo

Once you've weighed your options, the next step is finding the best deal. One of the easiest ways to start is to compare offers on a financial search engine like RateZip, where you can review products from multiple financial institutions on certificates of deposit (CDs), auto loans, checking accounts, and more.

MS Mortgage Rates

For those considering Mississippi as a new home, RateZip.com is a good first place to look for competitive mortgage rates from participating lenders. All of the typical loan options are available in Mississippi, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), and FHA and VA loans. One option many buyers overlook is a USDA loan.

The U.S. Department of Agriculture (USDA) offers the Rural Development Guaranteed Housing Loan Program. It is designed for eligible rural properties, and for qualified borrowers it can be one of the most affordable financing options available, since it typically requires no down payment. Eligibility generally depends on the property being in a designated rural area and the household income falling within program limits for the local area. Because mortgage rates change constantly, check RateZip for current rates rather than relying on a fixed figure.

First-time buyers in Mississippi should also look into the Mississippi Home Corporation (MHC), the state's housing finance agency. MHC offers programs that pair a mortgage with down-payment and closing-cost assistance for eligible buyers, and it has also offered a Mortgage Credit Certificate (MCC) that can provide a federal tax credit on a portion of mortgage interest. Program names, funding, and availability change periodically, so confirm current details with MHC or a participating lender.