What is the cost of living in Mississippi?
The cost of living in Mississippi is 10.3% lower than the US average. According to MIT, the required living wage for a family of four with two working parents in Mississippi is $80,523 vs the national average for a family of four with two working parents of $89,744. The median income of a Mississippi household is $46,511.
The average home price in Mississippi is $125,500, which is lower than the US average home price of $229,800. Median rent in Mississippi is $789/mo which is lower than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 2.7 to 1. That means it takes roughly 2.7 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Mississippi has a low cost of living compared to America as a whole.
People Also Ask About Mississippi
Is Mississippi a dangerous state?
No, Mississippi is not a dangerous state as it ranks as the #17 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Mississippi ranks 37th most dangerous in the United States -- 21.27% better than US average violent crime rate. The property crime rate in the Magnolia State ranks 23rd most dangerous in the United States -- 7.53% worse than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Jackson, MS a dangerous city?
Yes, Jackson is a dangerous city. Jackson ranks as the #89 most dangerous out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Jackson might be considered dangerous you still need to be aware of where you are. For example, Fondren North is the safest in Jackson, while Enochs Street-Hyde Park is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in Jackson ranks 328th highest in America -- 100.0% better than US average violent crime rate. The property crime rate in the ranks 50th highest in the United States -- 47.1% worse than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Mississippi has the lowest cost of living?
The county in Mississippi with the lowest cost of living is Holmes County. The average living wage in Holmes County is $72,424 according to MIT data. Holmes County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Mississippi as a whole. Childcare costs $4,791 a year in Holmes County for two children compared to the Mississippi average of $10,663. Housing costs, defined as a blend of the average rent and average mortgage payment, are $8,208 per year in Holmes County compared to $9,444 on average in Mississippi.
What is the cheapest housing market in Mississippi?
The cheapest housing market in Mississippi is Clarksdale. The average home value in Clarksdale is $65,100, the lowest in the state. The average home value in Mississippi is $125,500, almost 1.9 times higher than Clarksdale.