Photo: Thomas R Machnitzki · CC BY-SA 3.0Measured against area pay, Hernando costs more to live in than 73% of U.S. towns
It ranks #90 of 99 in Mississippi for affordability. Up 2.1% in a year, 79% above the Mississippi typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Memphis, TN-MS-AR metro area ($66K). How TownRatings grades cost of living
The grade compares costs with what households across the Memphis metro earn ($66K, Census 2020–24). Even so, the typical home costs 4.8 years of metro income, and 56% of renters pay 30% or more of income for housing.
In dollars
- $348Ktypical home, 79% above the Mississippi typical homeZillow, September 2026
- $1,330a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
- 92prices across the Memphis metro, where the U.S. is 100 (housing 80)BEA Regional Price Parities, 2024
In paychecks the grade
- 4.8 yrsof area income buys the typical home; the typical U.S. town: 3.3$66K, Memphis-area income
- 24%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 56%of renters pay 30%+ of income for housing; across Mississippi: 51%Census 2020–24
- 20%of owners do; the typical U.S. town: 20%Census 2020–24
What Hernando’s housing numbers say
Mostly newer homes
Half of Hernando’s homes were built after 2002, against 1986 for Mississippi as a whole. Property taxes ↓
New building is almost all single-family houses
Of the 1,453 homes permitted in Hernando’s past 10 years, 99% were single-family houses. New homes ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through September 2026; sales and supply are Redfin’s for September 2026; permits are Census figures through 2025; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Hernando’s grade
Measured against what households in the area earn, Hernando is more affordable than 27% of U.S. towns, #90 of 99 in Mississippi. Rent pulls the grade down most; property tax holds it up.
Values have outpaced Mississippi: the typical Hernando home is up 16.6% in five years, against 11.3% statewide (Zillow).
Up 16.6% in five years
Faster than Mississippi (11.3%).
Show as a table
| January | Hernando | Mississippi |
|---|---|---|
| 2017 | $219,000 | $136,000 |
| 2018 | $227,000 | $138,000 |
| 2019 | $241,000 | $142,000 |
| 2020 | $252,000 | $148,000 |
| 2021 | $275,000 | $160,000 |
| 2022 | $314,000 | $183,000 |
| 2023 | $334,000 | $186,000 |
| 2024 | $338,000 | $186,000 |
| 2025 | $339,000 | $192,000 |
| 2026 | $345,000 | $192,000 |
| September 2026 | $348,000 | $195,000 |
A typical Hernando home worth $218K in October 2016 is worth about $348K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
A seller's market
Supply is tight — about 3.7 months of homes for sale at the current pace. Buyers should expect competition on well-priced homes.
Under ~4 months of supply favors sellers; over ~6 favors buyers.
Redfin Data Center, all residential sales, September 2026.
A typical home costs 4.8 years of area income
The calculator starts from the area income the grade uses. Switch to Hernando’s own median, or type yours.
That’s $80K short of a typical Hernando home.
A two-bedroom rents for about $1,330 a month here, $670 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Hernando’s typical property tax (0.61% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,330
Renters already here pay a median of $1,302.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Memphis, TN-MS-AR HUD Metro FMR Area): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
109 new homes permitted in 2025
Builders were permitted 109 new homes in Hernando in 2025, all single-family houses, worth about $17.4 million to build. That's 6.1 per 1,000 residents, faster than across Mississippi (4). Over the past 10 years, Hernando has permitted 1,453 homes in all.
Between the 2010 and 2020 censuses, Hernando gained 3,048 residents while 1,058 new homes were permitted: about 2.9 new residents per new home. Building and growth moved roughly in step.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 83 | 83 | 0 | $16.6 million |
| 2025 | 109 | 109 | 0 | $17.4 million |
| 2024 | 142 | 142 | 0 | $22.1 million |
| 2023 | 102 | 102 | 0 | $20.1 million |
| 2022 | 134 | 126 | 8 | $27.4 million |
| 2021 | 273 | 273 | 0 | $44.5 million |
| 2020 | 164 | 164 | 0 | $28 million |
| 2019 | 214 | 214 | 0 | $37.3 million |
| 2018 | 96 | 96 | 0 | $13.2 million |
| 2017 | 135 | 135 | 0 | $18.6 million |
| 2016 | 84 | 84 | 0 | $11.4 million |
| 2015 | 64 | 64 | 0 | $8.5 million |
| 2014 | 92 | 92 | 0 | $12.2 million |
| 2013 | 99 | 99 | 0 | $13.3 million |
| 2012 | 102 | 102 | 0 | $16.5 million |
| 2011 | 85 | 85 | 0 | $13.8 million |
| 2010 | 87 | 87 | 0 | $14.1 million |
| 2009 | 85 | 85 | 0 | $13.8 million |
| 2008 | 108 | 108 | 0 | $17.4 million |
| 2007 | 187 | 187 | 0 | $31.1 million |
| 2006 | 309 | 309 | 0 | $43.8 million |
| 2005 | 275 | 275 | 0 | $30.3 million |
| 2004 | 209 | 209 | 0 | $24.9 million |
| 2003 | 279 | 279 | 0 | $28.8 million |
| 2002 | 239 | 239 | 0 | $24 million |
| 2001 | 221 | 221 | 0 | $20.2 million |
| 2000 | 192 | 152 | 40 | $11.2 million |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
High tax bills, but a low tax rate
The median bill is $1,920 (Mississippi: $1,215), because homes cost more. As a share of value it’s 0.61% a year, against 0.72% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
The rest of a budget near Hernando
Only figures published free for the whole country, each labeled with the area it covers: the Memphis, TN-MS-AR metro area, or Mississippi. Groceries follow the goods price level; nobody publishes them town by town.
| Cost | Here | Compared with | Area | Source |
|---|---|---|---|---|
| Prices overall U.S. = 100 | 92 | MS 87 | metro | BEA, 2024 |
| Goods (groceries, clothing, cars…) U.S. = 100 | 96 | MS 96 | metro | BEA, 2024 |
| Utilities U.S. = 100 | 74 | MS 78 | metro | BEA, 2024 |
| Other services U.S. = 100 | 95 | MS 96 | metro | BEA, 2024 |
Price levels: U.S. Bureau of Economic Analysis, Regional Price Parities 2024 (metro area and state). Electricity: U.S. Energy Information Administration, Electric Power Monthly, table 5.6.A.
Hernando vs. its neighbors
Of the 2 towns here with a Zillow value, Hernando has the 2nd-lowest.
Questions about the cost of living in Hernando
Is Hernando expensive to live in?
Measured against what households in the area earn, Hernando costs more than 73% of U.S. towns: a C for cost of living, #90 of 99 in Mississippi. The typical home costs 4.8 years of the median household income of the Memphis, TN-MS-AR metro area ($66K).
How much does a house cost in Hernando?
About $348K, Zillow’s typical value for September 2026, up 2.1% in a year. The Mississippi typical home is $195K.
What salary do you need to live in Hernando?
To buy the typical home with 20% down at 6.3%, about $86,000 a year, keeping the payment (about $2,000 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $53,000.
How much is rent in Hernando?
HUD puts a two-bedroom at about $1,330 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $1,302 (Census 2020–24).
What are property taxes in Hernando?
The median bill is $1,920 a year, 0.61% of the median home value (Mississippi: $1,215, 0.72%), from the Census 2020–24.
Are home prices in Hernando going up?
Yes: up 2.1% in the past year and 16.6% in five years, against 11.3% across Mississippi (Zillow).
Neighbors talk housing
What Hernando buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.