What is the Cost of Living in Mississippi?

Are you planning to move to Mississippi? You should then know what is the cost of living in Mississippi. Mississippi has low housing, healthcare, and living costs, making it attractive for many people.

The state allows comfortable living without high expenses. You can choose from beautiful coastlines to charming towns. Each option is budget-friendly. However, costs vary by location. But what does living in Mississippi truly cost? We’ll break down the costs. You’ll see if Mississippi is right for you.

What is the Average Cost of Living in Mississippi?

Mississippi offers a lower cost of living due to its lower housing and everyday costs. Thus, it’s a great choice for budget-conscious people.

Here’s a summary of monthly living costs:

• For a single person: $1,918.
• For a family of four: $4,868.

This includes rent, utilities, food, and transport costs. However, the cost varies by location. Places like Jackson and Gulfport are more expensive than rural areas.

Read Related Article: What is the Cost of Living in Michigan?

What are Housing Costs in Mississippi?

Property costs are below the national average. Here’s a quick look at housing in Mississippi.

The average home cost $162,292 in 2023. Prices vary by city:

• Jackson: $68,103.
• Gulfport: $183,145.
• Southaven: $251,450.

These low prices attract buyers and renters alike. Mississippi offers competitive rates for both. The state combines low living costs with affordable homes. This makes it a top choice for avoiding high housing expenses.

How Much Taxes Do I Pay in Mississippi?

The low taxes make Mississippi more affordable. The state’s policies attract those seeking a low-tax, good life. Here’s a tax overview:

• Income Tax: Mississippi’s flat income tax is 4.7%, which is relatively low compared to the other states.
• Sales Tax: The rate is 7%, the national average. However, local taxes can raise costs for some items.
• Property Tax: At 0.81%, it’s lower than the national average of 1.07%.

Read Related Article: What is the Cost of Living in Alaska?

How to Manage Cost of Living in Mississippi?

• Live in Smaller Towns or Suburbs: Living in smaller towns or suburbs, rather than cities like Jackson or Gulfport, cuts housing and living costs. You still get access to amenities. This choice offers a quieter environment, less congestion, and lower expenses.
• Utilize Farmers’ Markets: Mississippi’s farmers’ markets offer fresh, cheap produce. Shopping there can save money on fruits, vegetables, and staples. Local markets also sell seasonal items at lower prices.
• Use Local Healthcare Resources: Healthcare costs can be high, but Mississippi offers affordable options. Look for community health centers with low-cost services. Free clinics and screenings are also available. These options help manage medical expenses.
• Take Advantage of Tax Breaks and Deductions: Take deductions for property taxes, medical expenses, and education. Tax-free weekends for certain purchases are also available. Staying informed about tax breaks leads to savings.
• Negotiate Bills and Services: Many service providers are open to negotiation. Long-term customers should ask for discounts. Switching plans or consolidating services can lower bills, and regularly reviewing bills can lead to savings.
• Embrace DIY Projects: DIY projects save money on home improvements and repairs. Learning basic skills eliminates the need for professionals. This approach can be a rewarding hobby, allowing more funds for other priorities.

Utility Expenses in Mississippi: What to Expect?

Mississippi’s utility costs are slightly below the national average, making living there more affordable. Low rates for essential services also lower the cost of living, making Mississippi a good choice for budget-friendly living.

Here’s a breakdown (monthly costs):

• Electricity: $135.31.
• Water: $23.
• Internet: $30.
• Natural Gas: $63.

Yet Mississippi’s utility costs remain lower than many states, adding to its appeal for affordable living.

Read Related Article: What is the Cost of Living in Maine?

Grocery Prices and Food Costs in Mississippi

Grocery prices in Mississippi are lower than the national average. Here’s a summary of typical prices:

Monthly Costs:

• A single person spends about $561.
• A family of four spends around $1,454.

Here is an overview of Grocery items:

• Milk (1 gallon): $4.05.
• Eggs (dozen): $3.51.
• Bread (loaf): $2.93.
• Chicken breast (1 lb): $2.50.

Farmers’ markets boost Mississippi’s food scene by offering fresh, cheap produce. Residents can buy quality fruits and vegetables while supporting local farmers.

Transportation Costs in Mississippi

Mississippi’s transportation costs are low due to affordable fuel and insurance. However, limited public transit makes owning a car necessary.

Here’s a quick look at costs:

• Annual Costs: $5,400 a year.
• Local transport ticket: $2.03.
• Monthly ticket Pass: $43.50.
• Taxi Ride (8 km): $15.
• Petrol: $0.79 per liter.

How Much Does Healthcare Cost in Mississippi?

A single adult pays about $3,150 a year for healthcare. A family of four spends around $9,394. These figures include insurance, out-of-pocket costs, and regular care.

Typical Costs

• Doctor Visits: A visit to a general doctor costs about $136.
• Prescriptions: Prices vary widely. Generic drugs are usually cheaper. Specialty drugs can be very expensive without good insurance. For instance, the cold medicine costs $6.71 per week.

Costs are manageable. But, careful planning and the right insurance are key. They help keep expenses down and ensure good care.

What Are Education and Childcare Costs in Mississippi?

Mississippi has affordable education and childcare, making it family-friendly. Here is the overview:

• Daycare or Preschool: $1,487 per month.
• International Primary School: $16,327 per year.

With low childcare and education costs, Mississippi helps families grow without financial stress.

Read Related Article: What is the Cost of Living in Kentucky?

Entertainment and Leisure Expenses in Mississippi

Mississippi provides affordable entertainment and leisure for everyone.

• Dining Out for two: $67.70.
• Gym Membership: $41.5.
• Cinema Ticket: $12.3.
• Haircut: $15.
• Branded Jeans: $41.4.
• Branded Sneakers: $79.6.

How Much Does It Cost to Live in Mississippi?

The living costs in Mississippi are lower compared to most states in the US. This is perfect for families or persons working within a tight budget. Within a month, a single person can expect to spend $1,918 on average, while a family of four would take about $4,868. This is because housing, electricity, and grocery prices are much lower.

Mississippi has a low median house price of $162,292 and an average rental cost of about $982. Monthly utility costs average $412. Groceries are 9% cheaper than the national average, costing one person $420 to $561. Transportation is also affordable. Gas averages $3.20 per gallon, and vehicle costs are around $5,400 annually. Most people drive, as public transit is limited. The low cost of living in Mississippi boosts savings.

How Beem Can Help Manage Costs in Mississippi

In Mississippi, Beem is a helpful tool for managing personal finances. Its BFF Budget Planner lets you spend, save, plan, and protect your money like an expert with on-point financial insights and recommendations. By monitoring spending, users can spot saving opportunities. Download the app here!

Beem also aids in debt reduction. It tracks loans and credit cards, offering efficient pay-off strategies. It also tracks financial trends, helping users adjust spending to stay affordable and secure their future.

Read Related Article: What is the Cost of Living in Indiana?

Conclusion

Mississippi’s low costs, unique charm, and opportunities make it appealing. It offers affordable housing, groceries, taxes, and healthcare, ensuring a high standard of living at lower costs than elsewhere. This makes it easier to save while enjoying Mississippi.

Whether moving to Mississippi or boosting your finances, understanding expenses is key. Tools like Beem help in budgeting and planning. It helps users track spending, save money, and manage daily expenses. Beem’s features make living in Mississippi more manageable.

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