Cost of living in Mississippi: Affordable housing prices. Low property taxes. Inexpensive groceries. Reasonable utility costs. Affordable healthcare options. Lower average transportation expenses. Budget-friendly dining options. Minimal state income tax. Economical childcare services. Competitive salary rates.
Affordable housing prices
The median sale price for homes in Mississippi is currently $239,200, with cities like Jackson offering highly affordable options at a median price of $120,000. However, the state faces a significant shortage of affordable housing for low-income residents, with an estimated 49,478 to 52,421 affordable and available rental homes needed. For a detailed analysis of these trends, you may visit the Mississippi Housing Market Trends Forecast to explore further insights.
Low property taxes
In Mississippi, property taxes are notably low, with a rate of 0.67% of assessed home value, and homeowners age 65 and older or those who are totally disabled benefit from a homestead exemption on the first $75,000 of assessed value. For more detailed insights, visit the Kiplinger Website to explore a comprehensive state-by-state guide on taxes and to learn more about the specific benefits applicable in Mississippi.
Inexpensive groceries
Mississippi does not offer inexpensive groceries; it has the third most expensive groceries in the U.S., with households spending $290 per week, and it also has the highest grocery tax at 7%, making it challenging for residents to afford basic food items. For more information on how this impacts local communities, visit the WXXV 25 website.
Reasonable utility costs
In Mississippi, utility costs are significantly lower than the national average, with an index of 97.1. The average monthly utility costs, which include electricity, water, garbage, and cooling, range from $265.67 in Jackson to around $267 in smaller cities. For those interested in a detailed comparison of living expenses between different states, you can explore the Cost of Living Comparison on the Spyder Moving Services website.
Affordable healthcare options
In Mississippi, affordable healthcare options are accessible through the Affordable Care Act (ACA) Marketplace, where a significant 98% of enrollees qualify for premium subsidies, effectively reducing average monthly premiums to approximately $25. Additionally, cost-sharing reductions are available for individuals with incomes up to 250% of the poverty level, making Silver plans particularly beneficial. For more detailed insights and guidance, you can visit the Health Insurance Marketplace in Mississippi to explore these options further and understand the various plans that work best for your financial situation.
Lower average transportation expenses
In Mississippi, transportation costs are significantly lower than the national average, with cities like Jackson, Meridian, and Tupelo offering public transportation options that are 8-22% below the national average. The affordability is further enhanced by the absence of toll roads, making both private and public transportation more accessible. For more comprehensive information on the expenses associated with living in this Southern state, you can explore the detailed insights provided by the Cost Of Living In Mississippi article. This overall cost efficiency underscores the state's commitment to promoting economical living conditions.
Budget-friendly dining options
Mississippi offers several budget-friendly dining options, including Connie's Chicken in Tupelo for affordable fried chicken and homemade donuts, Brooklyn Pizzeria in Gulfport for New York-style pizza by the slice, and Bully's Restaurant in Jackson for soul food classics at extremely low prices. For more information on these and other economical dining spots, you can visit the website Only In Your State to discover more hidden gems across the region.
Minimal state income tax
Mississippi has a graduated income tax rate ranging from 0% to 5%, with the highest rate of 5% applied only to taxable income over $10,000. This structure ensures that a significant portion of income is taxed at lower rates, making the state income tax relatively minimal. For more detailed information on the state's tax rates, you can visit the H&R Block Tax Center.
Economical childcare services
In Mississippi, the typical annual cost of child care for an infant is around $8,186, and the Child Care and Development Block Grant only reaches 21% of eligible families. This highlights significant affordability and accessibility issues for low-income parents, underscoring the urgent need for improved financial support and resources to aid those who struggle with the rising costs of child care services.
Competitive salary rates
To live comfortably in Mississippi, an individual would need to earn around $30,000 a year, or approximately $14.42 an hour, based on a budget where rent does not exceed 30% of total expenses. However, the living wage in Mississippi, which accounts for housing, healthcare, food, and other necessities, is estimated to be $19.89 an hour, significantly higher than the current minimum wage and many prevailing wages in the state. For a more detailed analysis, you can explore the Cost of Living in Mississippi on Apartment List.