A+
21%
Overall NAT. AVG.
14%
Goods & Services NAT. AVG.
42%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
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 Grenada Mississippi National
Cost of living7983100
Goods & Services8692100
Groceries9697100
Health care8698100
Housing5863100
Transportation8988100
Utilities8586100

An Overview of Cost of Living in Grenada, MS

Are you thinking about relocating, but curious about the potential cost of living in Grenada? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Grenada stands at 79, making it 21% 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.

The cost of living in Grenada is highly regarded for its affordability, with everyday expenses well below the national average. Grenada is among the select few cities with a cost of living index at least 20% lower than the national average, showcasing its outstanding affordability compared to other areas.

Grenada housing costs are 41.5% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Grenada residents can earmark a more manageable portion of their income to housing.

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 Grenada, 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.

Is Grenada Affordable?

Is Grenada 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 Grenada, for instance, where the median home price falls 46.9% lower than the national average, and monthly rent rates are 29% lower than usual. Additionally, median income levels contribute to the equation, with Grenada flaunting a median household income of $31,322, 43.4% lower than the national norm.

What Factors can Influence the Cost of Living in Grenada?

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Grenada, the transportation index is 10.8% lower than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Grenada, the groceries index is 4.5% lower than the national average.

Where is the Data From?

The Grenada cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Grenada is 5% lower than the Mississippi average
  • The cost of living in Grenada is 21% lower than the national average
  • Grenada housing is 42% 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

Most Affordable Places to Live in and Around Grenada

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Compare Grenada, MS Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$41,125$3,427$960$1,234
      Renters$25,510$2,126$595$765
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Grenada, MS, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Grenada homeowners, is $41,125. This would allow for a maximum of $960 per month to be spent on housing costs. For renters, the median monthly income is $25,510 which would result in a maximum of $595 to be spent on rental costs.

      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 Grenada National avg. Difference
      Haircut $23.45$24.263.4%
      Beauty Salon $26.75$45.5641.3%
      Toothpaste $3.71$3.700.3%
      Shampoo $1.06$1.2817.2%
      Movie $10.65$12.1312.3%
      Bowling $12.50$18.0030.6%

      Groceries

      Item Grenada National avg. Difference
      Ground Beef $6.01$5.842.9%
      Fried Chicken $1.62$1.573.3%
      Milk $4.51$4.673.4%
      Potatoes $5.06$4.932.5%
      Pizza $11.06$12.098.5%
      Beer $9.17$10.4112.0%

      Health Care

      Item Grenada National avg. Difference
      Optometrist $120.17$125.684.4%
      Doctor $78.94$135.7841.9%
      Dentist $108.33$113.294.4%
      Ibuprofen $10.05$10.655.7%
      Lipitor $486.28$468.603.8%

      Housing

      Item Grenada National avg. Difference
      Home Price $98,100.00$184,700.0046.9%
      Avg. Mortgage Payment $1,755.69$2,346.6925.2%
      Apartment Rent $674.00$949.0029.0%

      Transportation

      Item Grenada National avg. Difference
      Gasoline $3.00$3.4613.4%
      Tire Balancing $57.33$59.924.3%

      Utilities

      Item Grenada National avg. Difference
      All Electricity $148.63$193.9923.4%
      Phone $186.87$192.252.8%
      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.
      Tillatoba, MS488812.1%
      Elliott, MS7687327.3%
      Duck Hill, MS9817525.0%
      Coffeeville, MS1,0137723.2%
      Holcomb, MS3308614.2%
      Grenada, MS12,3497921.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Centralia, IL12,3548019.9%
      Terrace, BC12,342n/a 
      Goldenrod, FL12,3411087.9%
      Wellesley, ON12,358n/a 
      Lincolnwood, IL12,33813838.4%
      Grenada, MS12,3497921.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.