A
1%
Overall NAT. AVG.
14%
Goods & Services NAT. AVG.
33%
Housing NAT. AVG.
Search Homes for Sale
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 Oxford Mississippi National
Cost of living10183100
Goods & Services8692100
Groceries9697100
Health care8698100
Housing13363100
Transportation8988100
Utilities8586100

An Overview of Cost of Living in Oxford, MS

Getting a feel for the cost of living in Oxford is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Oxford is 101, which is 1% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Oxford aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Oxford residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Housing costs are a very significant part of the Oxford cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 33.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Everyday staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Oxford, these goods are 14.3% cheaper than the national average. So, you can enjoy what you need and love without emptying your wallet. Plus, you'll have more cash to put towards your savings or any other money goals you have, which is a real boost for your financial well-being.

What Do Locals Say About the Cost of Living in Oxford?

Nobody knows their city better than the people who actually live there. So, we asked 6 local residents how they would rate the cost of living in Oxford and this is how they responded. 33% of people said that the cost of living was affordable, with prices decreasing, while 67% of people said that the cost of living was very expensive and prices continue to rise.

Is Oxford Affordable?

Is Oxford 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 Oxford, for instance, where the median home price falls 46.2% higher than the national average, and monthly rent rates are 2.5% higher than usual. Additionally, median income levels contribute to the equation, with Oxford flaunting a median household income of $48,566, 12.2% lower than the national norm.

What Factors can Influence the Cost of Living in Oxford?

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Oxford, the healthcare costs are 14.4% lower than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Oxford, the general sales tax rate starts at 7%, and income tax rates begin at 0%.

Where is the Data From?

The Oxford cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Oxford is 22% higher than the Mississippi average
  • The cost of living in Oxford is 1% higher than the national average
  • Oxford housing is 33% higher 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 Oxford

See all the best places to live around Oxford

Compare Oxford, 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$89,152$7,429$2,080$2,675
      Renters$28,642$2,387$668$859
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Oxford, 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 Oxford homeowners, is $89,152. This would allow for a maximum of $2,080 per month to be spent on housing costs. For renters, the median monthly income is $28,642 which would result in a maximum of $668 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 Oxford 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 Oxford 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 Oxford 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 Oxford National avg. Difference
      Home Price $270,000.00$184,700.0046.2%
      Avg. Mortgage Payment $1,755.69$2,346.6925.2%
      Apartment Rent $973.00$949.002.5%

      Transportation

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

      Utilities

      Item Oxford 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.
      University, MS3,7498812.1%
      Water Valley, MS3,3007723.3%
      Abbeville, MS3638217.7%
      Taylor, MS2988910.8%
      Oxford, MS27,6621011.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Garfield Heights, OH27,6738515.2%
      Windsor, CA27,63517776.8%
      Frankfort, KY27,705928.0%
      Lansing, IL27,614982.5%
      Tualatin, OR27,60114039.8%
      Oxford, MS27,6621011.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.