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Affordable
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These days, finding an affordable place to live in the Velma area can be challenging. Home prices in Velma are now at a median cost of $115,424, lower than the Mississippi average of $183,008.
The average cost of rent is $641/mo in Velma, primarily driven by the current value of real estate in the Velma area. In Velma, 33.91% of households rent, and 52.95% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Velma is $3,935 per month. Households that rent pay about 16.29% of their income on rent here. Velma’s most expensive areas are in the northern regions, while the cheapest areas are in the northwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Water Valley, MS: higher priced homes
- Springdale, MS: higher priced homes
- Paris, MS: higher priced homes
- Taylor, MS: higher priced homes
- Shuford, MS: less expensive homes
- Banner, MS: equally priced homes
- DeLay, MS: higher priced homes
- Gatewood, MS: higher priced homes
- Yocona, MS: higher priced homes
- Ellard, MS: higher priced homes
Cities with Similar Populations
- Oak Level, KY: higher priced homes
- Reklaw, TX: higher priced homes
- Rappahannock Academy, VA: higher priced homes
- Quenemo, KS: higher priced homes
- Packard Heights, MA: higher priced homes
- Olcott, NY: higher priced homes
- Ohiopyle, PA: higher priced homes
- Oakhurst, SC: higher priced homes
- Oakfield, GA: higher priced homes
- Oak Ridge, LA: higher priced homes
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