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Cost of Living in Mississippi

Is it better to rent or buy in Mississippi? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$60,810
$997/mo

Median in area: $997

$175,468

Median in area: $175,468

$35,094

If you Rent

🔑
$1,186 /mo
Base Rent$997
Est. Utilities$189
% of Income23.4%
Pre-tax Residual$3,882

If you Buy

🏠
$1,330 /mo
P&I (6.93%)$927
Taxes & Ins$214
Est. Utilities$189
% of Income26.3%
Pre-tax Residual$3,737

Cost of Living FAQs

Is it cheaper to rent or buy in Mississippi?›

Based on median housing data, renting is currently more affordable on a monthly basis in Mississippi. The estimated all-in monthly cost for renting is $1,186, while owning a median-priced home with a 20% down payment is roughly $1,330 per month (a difference of $144).

How much do utilities cost in Mississippi?›

The average monthly utility cost (electricity and natural gas) for a typical home in Mississippi is approximately $189. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Mississippi?›

To comfortably afford the median rent and utilities in Mississippi without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $47,440 per year.