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City · 7,663 residents · Union County, Mississippi

New Albany , Mississippi

In New Albany, a typical home is worth $161,400 and typical rent is $973 a month. Compared with all of Union County, typical rent is 12% higher, typical household income is 8% lower, and the share of households that own their home is 13 points lower.

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  • Typical home value

    $161,400

    About the same as the county

    5% below Mississippi

    • New Albany
    • Union
    • Mississippi

  • Typical rent

    $973a month

    12% above the county

    About the same as Mississippi

    • New Albany
    • Union
    • Mississippi

  • Typical household income

    $51,332a year

    8% below the county

    9% below Mississippi

    • New Albany
    • Union
    • Mississippi

  • Households that own their home

    62%

    13 points below the county

    8 points below Mississippi

    • New Albany
    • Union
    • Mississippi

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$212,655
8% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

New Albany is in Union County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Union County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets New Albany apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Booneville, the typical rent is $645: 34% less than in New Albany ($973).

  2. According to Zillow, in the 12 months to September 2026 the typical home value in New Albany rose 8%; in Mississippi, it rose 2.2%.

  3. Nearby, in Ripley, the typical home value is $117,200: 27% less than in New Albany ($161,400).

  4. 62% of households in New Albany own their home, against 75% in Union County.

  5. 6% of households in New Albany have no internet at home (11% in Union County).

Sources: U.S. Census Bureau (Average 2020–2024); Zillow (September 2026 data). Zillow data

The homes here

Housing in New Albany

What homes there are in New Albany, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In New Albany, 8 in 10 homes are single-family detached houses; in Union County, 7.

Year built

Homes in New Albany are older: the typical year built is 1974; in Union County, 1985.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

The FHA limit for Union County is high ($541,287): at least 98% of owner-occupied homes in New Albany are worth less than $500,000.

Monthly rent with utilities

With a mortgage

$1,144 a month

Union County: $1,126 a month

Without a mortgage

$389 a month

Union County: $360 a month

Owners with a mortgage

53%

Union County: 51%

In New Albany, 53% of owners have a mortgage; their typical cost is $1,144 a month, about the same as in Union County.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in New Albany rose 32%; in Union County, it rose 62%.

The typical rent in New Albany rose 29% over the same time; in Union County, it rose 24%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureNew AlbanyUnion CountyMississippiUnited States
Rental vacancy Unreliable estimateUnreliable estimate8.2%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.8%0.9%
More than one person per room Unreliable estimateUnreliable estimate2.2%3.4%
People per household 2.612.832.492.53
Drive alone 89%91%82%69%
Carpool Unreliable estimate7%9%9%
Public transit Unreliable estimateUnreliable estimate0%3%
Walk or bike Unreliable estimateUnreliable estimate1%3%
Work from home Unreliable estimateUnreliable estimate6%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

Households in New Albany are smaller: 2.61 people on average; in Union County, 2.83.

To get to work, 89% of workers in New Albany drive alone; in Union County, 91%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in New Albany?

A typical home is tight for the typical income

We start with a typical home in New Albany, worth $161,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 30% of the typical household income in New Albany, which is $51,332 a year. For that payment to be 28% of income, a household would need to earn about $55,411 a year.

The calculator's FHA and conventional loan limits are those of all of Union County.

Your numbers

Local data
$

Starts at the typical home value in New Albany. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $5,649 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,293

at 7.18% · 30 years

Loan amount
$158,477
Total interest
$228,011
Paid off in
November 2056

Includes $2,726 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,198 a month

  • Tight

    $1,198 to $1,540 a month

    Your payment · 30%

  • Hard

    more than $1,540 a month

Compared with the typical household income in New Albany ($51,332 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,293
Principal & interest$1,074
Property tax$81
Home insurance$67
FHA mortgage insurance (MIP)$71

You need at least $5,649 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

New Albany and Union County

New Albany is in Union County, Mississippi. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

New Albany's own numbers

Typical home value
$161,400
Typical monthly rent
$973
Typical yearly household income
$51,332
Households that own their home
62%
Effective property tax rate
0.6%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Union County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$905
Price change over 5 years (FHFA)
+58%
Homes in a high flood-risk zone
1.3%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Union County.

Everything about Union County

Buying

Buying a home in New Albany

A typical home in New Albany is worth $161,400: about the same as the county and 5% below Mississippi. With the typical household income in New Albany ($51,332 a year), a typical home costs 3.1 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • New Albany 3.1 years
  • Union 2.9 years
  • Mississippi 3.0 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Union County

According to FHFA’s house price index, home prices in Union County rose 84% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Union County.

Period County Mississippi U.S.
Last year (2025) +3.7% +3.5% +2.9%
5 years (2020–2025) +58% +42% +47%
10 years (2015–2025) +84% +62% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

New Albany next to Union County, Mississippi and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • New Albany $161,400
  • Union $163,400
  • Mississippi $169,800
  • United States $332,700
Typical monthly rent
  • New Albany $973
  • Union $865
  • Mississippi $954
  • United States $1,413
Typical yearly household income
  • New Albany $51,332
  • Union $55,505
  • Mississippi $56,447
  • United States $80,734
See the full table
New Albany next to Union County and Mississippi
Measure New Albany Union County Mississippi U.S.
Typical home value $161,400 $163,400 $169,800 $332,700
Typical monthly rent $973 $865 $954 $1,413
Typical yearly household income $51,332 $55,505 $56,447 $80,734
Households that own their home 62% 75% 70% 65%
Typical yearly property tax $965 $918 $1,215 $3,119
Effective property tax rate 0.6% 0.56% 0.72% 0.94%
Renters with high rent for their income 52% 43% 51% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Union County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in New Albany

For a typical $161,400 home in New Albany, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, New Albany's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,293a month

    Least cash to close
    Down payment
    $5,649
    Cash to close
    $10,491
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $71

  • Conventional, 5% down $1,263a month

    Down payment
    $8,070
    Cash to close
    $12,912
    Rate
    7.18%
    Mortgage insurance
    PMI · $77

  • Conventional, 20% down, no PMI $1,023a month

    Down payment
    $32,280
    Cash to close
    $37,122
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,172a month

    Down payment
    $24,210
    Cash to close
    $29,052
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for New Albany and for Union County.

Property tax

Effective rate in New Albany

0.6%of the home’s value each year

$965 a year for the typical owner in New Albany.

  • New Albany 0.6%
  • Union 0.56%
  • Mississippi 0.72%

What Mississippi publishes Regular homestead exemption (Tier 1) (Mississippi Department of Revenue)

Exemptions and deadlines in Mississippi

Flood risk in Union County

FEMA does not publish these numbers by city: they are for all of Union County.

Homes in the high-risk zone
1.3%
150
Of those, with NFIP insurance
6.7%
County Mississippi U.S.
Homes in the high-risk zone 1.3% 7.6% 3.5%
Of those, with NFIP insurance 6.7% 33% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in New Albany

Typical rent in New Albany is $973 a month: 12% above the county. In New Albany, 52% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Union County, by unit size. To pay the 2-bedroom one ($905 a month) without spending more than 30% of your income, you would need to earn $17.40 an hour working full time.

HUD fair market rent for all of Union County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $798 $15.35 $31,920
1 bedroom $831 $15.98 $33,240
2 bedrooms $905 $17.40 $36,200
3 bedrooms $1,128 $21.69 $45,120
4 bedrooms $1,189 $22.87 $47,560

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in New Albany

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). New Albany is in ZIP code 38652.

For 2 bedrooms it is $920: $15 more than the fair market rent for Union County ($905).

  • 38652 $920$1,150

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for New Albany when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in New Albany

HUD lists 4 buildings with rents for lower incomes in New Albany. These are the largest.

  • Fairgrounds/Forrest Heights/Beasley 819 Reed St, New Albany 38652 119 low-income homes · For families (662) 539-6072
  • Union Apts 701 Moss Hill Dr, New Albany 38652 38 low-income homes · 2 bd: 38 · In service since 1997 · For families
  • Fairview Apts 100 Fairview St, New Albany 38652 32 homes, 30 low-income · For families (601) 534-4603
  • Twin Oaks Elderly Handicap 419 Chestnut Dr, New Albany 38652 20 low-income homes · 1 bd: 12 · 2 bd: 4 · 3 bd: 4 · In service since 1998 · For older adults

See all 4 buildings in Union County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in New Albany

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Union County. The nearest ones are below; many serve by phone or online.

A young woman and a young man point to a line in their notes beside a laptop in a library.

HUD counseling is free or low-cost

Assistance programs in New Albany

No down payment, repair or rent-help program on our list is for New Albany or Union County. The ones below are statewide in Mississippi: they work in New Albany the same as in the rest of the state.

Which programs do I qualify for? All programs in Mississippi

  • Smart7 Mortgage Program

    Statewide in Mississippi

    Mississippi state corporation 30-year mortgage with $7,000 for the down payment or closing costs as a 0% second mortgage, repaid when you sell, refinance, stop living in the home or pay off the mortgage; no first-time buyer requirement. Offered by Mississippi Home Corporation (MHC).

    Deferred

    See the program Official page

  • Easy8

    Statewide in Mississippi

    Mississippi state corporation 30-year mortgage with $8,000 at 0% as a second mortgage for the down payment, closing costs or prepaid expenses, repaid when you sell, refinance, stop living in the home or pay off the mortgage; for first-time buyers, except in designated areas and for veterans. Offered by Mississippi Home Corporation (MHC).

    Deferred

    See the program Official page

  • Home4All

    Statewide in Mississippi

    Mississippi state corporation forgivable grant, with federal HOME funds, of up to $25,000 for the down payment, closing costs or to reduce the principal; for first-time buyers with incomes under 80% of the area median and a fixed-rate mortgage; if you sell before 5 or 10 years (depending on the amount), you may repay part of it. Offered by Mississippi Home Corporation (MHC).

    Grant

    See the program Official page

Housing counselors near New Albany

The HUD-approved agencies closest to the center of New Albany, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • North Mississippi Rural Legal Services

    493 Ryland Way, Oxford · 29 miles away · Spanish

    • Mortgage delinquency and default
    • Workshops for new owners
    • and 2 more
    (662) 234-8731

  • Tunica Co. Community Dev. Coalition

    1097 Antioch St, Tunica · 79 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (662) 357-5990

  • Southern Bancorp Community Partners

    875 S State St, Clarksdale · 92 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    662-624-5776-3112

All counseling agencies in Mississippi

Help in Spanish near New Albany

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of New Albany

HUD lists no housing authority with an office in Union County. One in a neighboring county or the state’s may serve the area.

All housing agencies in Mississippi Source: HUD

Cities

Nearby cities

The cities closest to New Albany, with the typical home value.

Everything about Union County Housing in Mississippi

Neighboring counties

If Union County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in New Albany.

All guides
Two girls write and draw together at the living-room table.

Questions

Housing questions about New Albany

Short answers with the numbers for New Albany and all of Union County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in New Albany?

The typical home value in New Albany is $161,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Union County it is $163,400.

How much does it cost to rent in New Albany?

Typical rent in New Albany is $973 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Union County is $905.

What is the FHA loan limit in New Albany?

New Albany uses the FHA limit for all of Union County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in New Albany?

The typical homeowner in New Albany pays $965 a year, according to the U.S. Census Bureau. That is 0.6% of the home’s value; in Union County, the rate is 0.56%.

Where can I find free help to buy or rent in New Albany?

We found no HUD-approved counseling agencies with an office in Union County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).