An Overview of Cost of Living in Tupelo, MS
Are you thinking about relocating, but curious about the potential cost of living in Tupelo? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Tupelo stands at 86, making it 14% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Tupelo, these essential goods and services are priced 14.3% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.
What Do Locals Say About the Cost of Living in Tupelo?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 6 locals to understand their opinions on the cost of living in Tupelo. The results indicated that 83% found it reasonably priced with decreasing prices of goods and services, while 17% viewed it as quite expensive, with increasing prices.
Is Tupelo Affordable?
Is Tupelo affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Tupelo, for instance, where the median home price falls 19.4% lower than the national average, and monthly rent rates are 16.2% lower than usual. Additionally, median income levels contribute to the equation, with Tupelo flaunting a median household income of $54,691, 1.1% lower than the national norm.
What Factors can Influence the Cost of Living in Tupelo?
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Tupelo, the transportation index is 10.8% lower than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Tupelo, the prevailing sales tax rate starts at 7%, and income tax rates kick off at 0%.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Where is the Data From?
The cost of living in Tupelo, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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