Cost Of Living in New Albany, MS

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	New Albany	Mississippi	National
Cost of living	81	83	100
Goods & Services	86	92	100
Groceries	96	97	100
Health care	86	98	100
Housing	66	63	100
Transportation	89	88	100
Utilities	85	86	100

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Cost Of Living Quick Facts

The cost of living in New Albany is 3% lower than the Mississippi average
The cost of living in New Albany is 19% lower than the national average
New Albany housing is 34% lower than the national average
Mississippi general sales tax is 37% higher than the national average
Mississippi state income tax is 93% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$55,753	$4,646	$1,301	$1,673
Renters	$30,228	$2,519	$705	$907

To approximate the cost of living and the housing affordability in New Albany, MS, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in New Albany have a median income of $55,753. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,301 per month to avoid calamity and poverty. The renters in the city have an income of about $30,228, which would make their monthly maximum allowable rental costs $705.

Mississippi Sales Tax

State	General Sales Tax	With Max Surtax
Mississippi	7%	7.25%

Mississippi Income Tax

State	Income Tax (Low)	Income Tax (High)
Mississippi	5%	5%

Goods & Services

Item	New Albany	National avg.	Difference
Haircut	$23.45	$24.26	3.4%
Beauty Salon	$26.75	$45.56	41.3%
Toothpaste	$3.71	$3.70	0.3%
Shampoo	$1.06	$1.28	17.2%
Movie	$10.65	$12.13	12.3%
Bowling	$12.50	$18.00	30.6%

Groceries

Item	New Albany	National avg.	Difference
Ground Beef	$6.01	$5.84	2.9%
Fried Chicken	$1.62	$1.57	3.3%
Milk	$4.51	$4.67	3.4%
Potatoes	$5.06	$4.93	2.5%
Pizza	$11.06	$12.09	8.5%
Beer	$9.17	$10.41	12.0%

Health Care

Item	New Albany	National avg.	Difference
Optometrist	$120.17	$125.68	4.4%
Doctor	$78.94	$135.78	41.9%
Dentist	$108.33	$113.29	4.4%
Ibuprofen	$10.05	$10.65	5.7%
Lipitor	$486.28	$468.60	3.8%

Housing

Item	New Albany	National avg.	Difference
Home Price	$111,200.00	$184,700.00	39.8%
Avg. Mortgage Payment	$1,755.69	$2,346.69	25.2%
Apartment Rent	$743.00	$949.00	21.7%

Transportation

Item	New Albany	National avg.	Difference
Gasoline	$3.00	$3.46	13.4%
Tire Balancing	$57.33	$59.92	4.3%

Utilities

Item	New Albany	National avg.	Difference
All Electricity	$148.63	$193.99	23.4%
Phone	$186.87	$192.25	2.8%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Blue Mountain, MS	1,222	73	26.8%
Hickory Flat, MS	668	74	26.4%
Dumas, MS	404	78	22.0%
Ecru, MS	1,321	79	21.4%
Myrtle, MS	518	80	20.1%
New Albany, MS	8,723	81	18.8%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Swissvale, PA	8,724	92	7.6%
Park Ridge, NJ	8,721	166	66.0%
Brigantine, NJ	8,725	126	26.1%
Fort Riley, KS	8,720	104	3.6%
Andalusia, AL	8,719	87	12.9%
New Albany, MS	8,723	81	18.8%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in New Albany, MS