Tate County ranks 43rd in the state in residents’ percentage of monthly income that pays for housing, according to a study released by stacker.com which used data from a U.S. Census survey to compile the list.
Data revealed many Americans are forgoing homeownership in favor of renting. There were an estimated 43,378,800 renter-occupied homes in the United States as of 2017, which makes up 36.1% of all households in the country.
In 2019, renting was more affordable than buying a median-priced home in 59% of the U.S. counties. The opposite is true in 2021 where owning a home is more affordable than renting in 63% of counties across the country.
Stacker compiled a list of the top 50 of 82 counties in Mississippi where people spend the highest percent of income on housing using data from the U.S. Census Bureau.
Tate County was listed 43rd in the rankings where 17.8% of income is spent on monthly mortgage or rent. According to the study, less than 20% of local households spend 50.3% percent on housing, while less than 30% spend 26% on housing.
Data shows there are 10,324 occupied households in Tate County and the median monthly housing cost is $756. The survey also revealed the median household income in Tate County is $51,030.
Other counties in north Mississippi that made the top 50 in percentage of monthly income spent on housing include:
• Tunica at No. 8 (23.1%)
• Lafayette at 12 (22.5%)
• Quitman at No. 18 (21.5%)
• Panola at No. 27 (19.5%)
• Marshall at No. 30 (19.2%)
• Tallahatchie at No. 32 (19.0%)
• DeSoto at No. 35 (18.6%)
The Stacker website said saving money by owning a home is unattainable for many Americans who don’t have savings that could cover a down payment, those who are denied a mortgage, or both.