Overview of the Commercial and Residential
Real Estate Market in Mississippi
Mississippi suffered a higher percentage of casualties during the Civil War than any other southern state. Of the 78,000 Mississippians who served the Confederate army during the war, 59,000 were either dead or wounded by the time it ended on April 9, 1865. It was on April 25, 1866 that ladies from Columbus decorated the graves of both Union and Confederate soldiers in Friendship Cemetery with flowers. That was the origin of America's Memorial Day. The only city in the entire state with a population above 100,000 is the capital city of Jackson at 172,638, with the median home value averaging $89,700 and the median household income $32,708. The city has a poverty rate of just over 30 percent, according to the U.S. Census. The state of Mississippi has a median home value of $99,900, a median household income of $39,031, and a poverty rate of 22.7 percent.
The American Legislative Exchange Council ranked Mississippi 14th in the country for future economic performance in their Rich States, Poor States, 2014 Edition. Jackson, Mississippi was ranked as least expensive commercial real estate market in the country in 2012 by the Building Owners and Managers Association (BOMA). The BOMA ranking was based on rental income and operating cost from 2011. The total operating expenses for Jackson at that time were approximately $4.71 per square foot. Total operating cost for New York, the most expensive city, during the same time were about $12.46 per square foot. Jackson's homeownership rate is 52.5 percent and 27.9 percent of residents live in multi-unit structures. The city has about 1,562 people per square mile compared with 63 people per square mile for the state. This means there is always a need for affordable apartments near the city.
How to Become a Realtor in Mississippi
Located in Jackson, the Mississippi Real Estate Commission regulates and oversees the commercial real estate agents, residential real estate agents, appraisers, and home inspectors. People wishing to become a real estate agent in Mississippi must be at least 18 years old and be a resident of the state at the time of their application. They must also successfully complete 60 hours of pre-licensing education. After passing the state exam, the applicant must submit a letter from their sponsoring broker recommending the applicant for licensure and certifying that they believe the applicant is honest and worthy of the public's trust. If the applicant has ever been a licensed real estate agent in another state, they must also include a Certificate of Licensure. First-year agents are required to complete 30 hours of post-license education. Mississippi has reciprocity agreements with a few other states. Agents with active licenses in those states are able to use that state's pre-license education to fulfil Mississippi's requirements.