What is the current cost of living in Mississippi compared to other states?
Mississippi has one of the lowest costs of living in the United States, making it attractive for many individuals looking for affordability, with overall costs around 13% lower than the national average.
The median home price in Mississippi is approximately $114,500, significantly lower than the national median home price of around $350,000, contributing to lower housing costs and making home ownership more accessible.
Transportation costs in Mississippi rank at a perfect score of 10 out of 10 based on affordability, indicating that managing transportation expenses in the state is cheaper compared to most other states across the country.
Food expenses in Mississippi are generally lower than the national average as well, with grocery costs approximately 7% below the national average, allowing residents to stretch their food budgets further.
As of August 2024, the healthcare costs in Mississippi are comparable to the national average, with the state facing challenges such as limited access to specialists and healthcare facilities, which can affect overall health expenses for residents.
Mississippi's sales tax is relatively high, at 7%, which can impact overall living expenses.
This contrasts with lower property taxes, balancing the tax burden for residents in some ways.
The average wage needed to maintain a comfortable lifestyle in Mississippi is estimated to be around $20 per hour, which allows many workers to afford housing and daily expenses comfortably.
The cost of utilities in Mississippi can be slightly higher than average due to the humid climate, which drives up air conditioning costs, especially during the long summer months.
The state also has one of the highest poverty rates in the US at about 19%, which affects the overall economic conditions and accessibility of essential services for many residents.
In Jackson, the capital of Mississippi, residents living comfortably may require a household income of approximately $68,000, showcasing the variations in income needs even within the same state.
Mississippi has a unique real estate market influenced by its rural landscape, often resulting in larger properties at lower prices compared to urban areas in other states.
While Mississippi's cost of living is lower, the economic opportunities can be more limited compared to states with a higher cost of living; this affects career growth, job availability, and overall economic mobility.
The agriculture sector is a significant contributor to the Mississippi economy, with farming making up a sizable portion of both employment and income, which in turn keeps some living costs low.
Mississippi's cultural and recreational activities are often available at low or no cost, providing residents with additional avenues to enjoy life without a hefty price tag.
The state's climate and geographical features can impact housing costs due to demand influenced by tourism related to natural attractions like rivers and lakes.
Rent prices in Mississippi are usually lower than those found in more urbanized states or areas, with the average rent for a one-bedroom apartment being under $1,000.
Mississippi's diverse economic landscape includes reliance on industries such as manufacturing and healthcare, which can lead to fluctuations in living costs based on economic shifts and policy changes.
Educational institutions and their funding can affect property taxes in local areas, influencing overall living costs for residents living near these schools.
The Consumer Price Index (CPI) for Mississippi indicates ongoing changes in inflation and purchasing power that are unique to the region, affecting everything from groceries to housing availability.
Recent trends show a gradual increase in migration to Mississippi due to its affordable living conditions, leading to shifts in the housing market and economic growth, potentially affecting costs in the near future.