Living in Mississippi: Income, Housing, Taxes & Cost of Living (2026)
By Wealthvieu
·
Updated
Table of Contents
Mississippi at a Glance
| Metric |
Value |
National Rank |
| Population (2024) |
2.9 million |
34th |
| Median household income |
$52,985 |
Lowest in US |
| Median home price |
$175,000 |
Lowest in US |
| Cost of living index |
84 |
Lowest/2nd lowest |
| State income tax |
0% on first $10K, then 4.7% |
Below average |
| Sales tax |
7% |
Above average |
| Property tax (effective rate) |
0.63% |
Very low |
Income and Housing
| City/Area |
Median Income |
Median Home Price |
Median Rent (2BR) |
| Jackson (metro) |
$55,000 |
$165,000 |
$950 |
| DeSoto County (Memphis suburb) |
$72,000 |
$260,000 |
$1,250 |
| Gulfport-Biloxi |
$52,000 |
$195,000 |
$1,000 |
| Hattiesburg |
$43,000 |
$160,000 |
$900 |
| Oxford (Ole Miss) |
$47,000 |
$250,000 |
$1,100 |
| Tupelo |
$48,000 |
$175,000 |
$900 |
| Columbus/Starkville |
$42,000 |
$155,000 |
$850 |
Hidden Costs
Despite lowest COL, Mississippi has hidden financial costs:
- Health insurance: Higher premiums (limited marketplace competition)
- Auto insurance: Above-average rates
- Flood insurance: Needed in many areas, especially Gulf Coast
- Lower earnings: Lowest median income means less to save/invest
Mississippi Pros and Cons
| Financial Pros |
Financial Cons |
| Cheapest or 2nd cheapest state to live |
Lowest median income in US |
| Very low property taxes (0.63%) |
Limited high-paying job market |
| Homes under $200K widely available |
Higher healthcare costs per outcome |
| Income tax being phased down |
High sales tax (7%) |
| Low property taxes |
Natural disaster risk (hurricanes, flooding) |
Related: Cost of Living by State | State Income Tax Rates | Property Tax by State
