New Albany, MS Cost Of Living
Cost Of Living In New Albany, MS Summary
Cost of living in New Albany research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means New Albany is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Mississippi, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in New Albany is 83, with 100 being the average.
The cost of living index in New Albany is 0.8x lower than the national average.
New Albany ranks as the #30 cheapest in Mississippi out of 69.
New Albany ranks as the #491 cheapest out of 6,412 in the US.
The median home value in New Albany is $116,300.
The median income in New Albany is $42,154.
Table Of Contents
New Albany's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in New Albany, MS?
According to the most recent data on the cost of living, New Albany has an overall cost of living index of 83, which is 0.8x lower than the national index of 100.
Compared to Mississippi, New Albany has a cost of living index that's 1.0x lower than Mississippi's index of 86.
The standard of living in New Albany ranks as #30 most affordable out of the 69 places we measured in Mississippi. By definition, that implies New Albany ranks as the #39 most expensive place in the Magnolia State.
For more reading on life in New Albany, check out:
- Living In New Albany
- Search Homes For Sale In New Albany, MS
In Mississippi
In America
New Albany Cost Of Living Vs. Mississippi
Six factors go into calculating the cost of living index in New Albany. Here is how it fairs on each of the criteria:
The Services index in New Albany is 90.
The Groceries index in New Albany is 84.
The Health index in New Albany is 79.
The Housing index in New Albany is 68.
The Transportation index in New Albany is 87.
The Utilities index in New Albany is 88.
| Living Expense | New Albany | Mississippi | National Average | |
|---|---|---|---|---|
| Overall | 83 | 86 | 100 | |
| Services | 90 | 92 | 100 | |
| Groceries | 84 | 94 | 100 | |
| Health | 79 | 98 | 100 | |
| Housing | 68 | 69 | 100 | |
| Transportation | 87 | 91 | 100 | |
| Utilities | 88 | 87 | 100 | |
New Albany, MS Housing Cost Breakdown
Housing swings affordability the most between places in Mississippi, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in New Albany is $116,300.
The Median Rent in New Albany is $825.
The Median Income in New Albany is $42,154.
The Home Value To Income in New Albany is 2.8x.
The Rent To Monthly Income in New Albany is 0.23x.
| Statistic | New Albany | Mississippi | United States |
|---|---|---|---|
| Median Home Value | $116,300 | $133,000 | $244,900 |
| Median Rent | $825 | $830 | $1,163 |
| Median Income | $42,154 | $49,111 | $69,021 |
| Home Value To Income | 2.8x | 2.7x | 3.5x |
| Rent To Monthly Income | 0.23x | 0.2x | 0.2x |
Median Home Value
Median Rent
Median Income
New Albany, MS Costs By Category
Detailed New Albany Services Costs Vs. Mississippi
| Item | New Albany | Mississippi |
|---|---|---|
| Shampoo | $0.91 | $1.06 |
| Movie | $9.75 | $10.68 |
| Bowling | $10.0 | $14.67 |
| Haircut | $16.33 | $18.62 |
| Beauty Salon | $21.89 | $39.05 |
Detailed New Albany Groceries Costs Vs. Mississippi
| Item | New Albany | Mississippi |
|---|---|---|
| Ground Beef | $3.44 | $4.22 |
| Fried Chicken | $0.95 | $1.39 |
| Milk | $1.03 | $2.05 |
| Potatoes | $2.86 | $3.29 |
| Pizza | $10.08 | $10.62 |
| Beer | $8.7 | $9.38 |
| Toothpaste | $1.63 | $2.34 |
Detailed New Albany Health Costs Vs. Mississippi
| Item | New Albany | Mississippi |
|---|---|---|
| Optometrist | $97.78 | $108.57 |
| Doctor | $58.33 | $116.17 |
| Dentist | $81.11 | $99.13 |
Detailed New Albany Transportation Costs Vs. Mississippi
| Item | New Albany | Mississippi |
|---|---|---|
| Gasoline | $1.91 | $2.22 |
| Tire Balancing | $45.33 | $50.07 |
Detailed New Albany Utilities Costs Vs. Mississippi
| Item | New Albany | Mississippi |
|---|---|---|
| All Electricity | $131.41 | $167.67 |
| Phone | $181.26 | $175.64 |
New Albany SnackAbility
/10
Cost Of Living In Cities Around New Albany
The cost of living varies in the cities and towns around New Albany. Here's a quick look at the cost of living in the most populous nearby places:
Tupelo, MS has a cost of living index of 82, 1.0x New Albany.
Oxford, MS has a cost of living index of 96, 1.2x New Albany.
Corinth, MS has a cost of living index of 82, 1.0x New Albany.
| City | Population | Cost Of Living | Vs. New Albany |
|---|---|---|---|
| Tupelo, MS | 37,872 | 82 | 1.0x |
| Oxford, MS | 25,859 | 96 | 1.2x |
| Corinth, MS | 14,545 | 82 | 1.0x |
| Booneville, MS | 8,702 | 79 | 1.0x |
| Holly Springs, MS | 6,743 | 77 | 0.9x |
| Amory, MS | 6,665 | 79 | 1.0x |
| Pontotoc, MS | 5,621 | 80 | 1.0x |
| Ripley, MS | 5,412 | 78 | 0.9x |
