A+
6%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
6%
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 Southaven Mississippi National
Cost of living9483100
Goods & Services9492100
Groceries10097100
Health care8798100
Housing9463100
Transportation8888100
Utilities9086100

An Overview of Cost of Living in Southaven, MS

Getting a feel for the cost of living in Southaven 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 Southaven is 94, which is 6% lower 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 Southaven closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Southaven can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Southaven Affordable?

Is Southaven affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Southaven, the median home price is 13.1% lower than the national average and monthly rent prices are 11.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Southaven boasting a median household income of $63,321, 14.5% higher than the national average.

What Factors can Influence the Cost of Living in Southaven?

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Southaven, the groceries index is 0.2% higher than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Southaven, healthcare costs are 13.5% lower than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Southaven, the transportation index stands at 11.8% lower than the national average.

Where is the Data From?

The cost of living in Southaven, 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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Cost Of Living Quick Facts

  • The cost of living in Southaven is 12% higher than the Mississippi average
  • The cost of living in Southaven is 6% lower than the national average
  • Southaven housing is 6% 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 Southaven

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Compare Southaven, 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$73,659$6,138$1,719$2,210
          Renters$45,679$3,807$1,066$1,371
          A good way to judge both the affordability of the housing and the cost of living in Southaven is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Southaven has a median income of about $73,659 for people who own homes. Based on that number, a maximum of $1,719 should be spent on expenses related to housing. Renters have a slightly different median income, which is $45,679. Based on this average, renters should spend no more than $1,066 on all rental costs if they want to maintain a non-impoverished standard of living.

          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 Southaven National avg. Difference
          Haircut $26.94$24.2611.0%
          Beauty Salon $41.92$45.568.0%
          Toothpaste $3.62$3.702.1%
          Shampoo $1.11$1.2813.1%
          Movie $11.99$12.131.2%
          Bowling $13.75$18.0023.6%

          Groceries

          Item Southaven National avg. Difference
          Ground Beef $6.10$5.844.5%
          Fried Chicken $1.46$1.577.0%
          Milk $4.71$4.670.8%
          Potatoes $5.15$4.934.3%
          Pizza $10.66$12.0911.8%
          Beer $9.95$10.414.4%

          Health Care

          Item Southaven National avg. Difference
          Optometrist $77.39$125.6838.4%
          Doctor $124.94$135.788.0%
          Dentist $91.51$113.2919.2%
          Ibuprofen $10.19$10.654.4%
          Lipitor $518.09$468.6010.6%

          Housing

          Item Southaven National avg. Difference
          Home Price $160,500.00$184,700.0013.1%
          Avg. Mortgage Payment $2,240.45$2,346.694.5%
          Apartment Rent $1,055.00$949.0011.2%

          Transportation

          Item Southaven National avg. Difference
          Gasoline $3.14$3.469.3%
          Tire Balancing $55.67$59.927.1%

          Utilities

          Item Southaven National avg. Difference
          All Electricity $163.38$193.9915.8%
          Phone $192.72$192.250.2%
          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.
          West Memphis, AR24,6568218.2%
          Walls, MS1,4158614.2%
          Memphis, TN650,9108613.9%
          Horn Lake, MS27,2348811.6%
          Lynchburg, MS2,2168910.7%
          Southaven, MS55,026946.5%

          Cities with similar population

          City Population Cost of Living Index National Avg.
          Bel Air South, MD55,02412121.0%
          Lakewood, NJ55,03914545.5%
          Manhattan, KS55,0451010.9%
          Dollard-Des Ormeaux, QC55,066n/a 
          Hempstead, NY55,15313635.8%
          Southaven, MS55,026946.5%
          Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.