Mississippi Cost Of Living Statistics


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Mississippi Cost Of Living Statistics 2023: Facts about Cost Of Living in Mississippi reflect the current socio-economic condition of the state.

mississippi

LLCBuddy editorial team did hours of research, collected all important statistics on Mississippi Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Mississippi LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Mississippi Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Mississippi Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 5 Mississippi Cost Of Living Statistics on this page 🙂

Mississippi Cost Of Living “Latest” Statistics

  • Mississippi has the highest poverty rate in the U.S., at about 20% of its population, while having a cheap cost of living.[1]
  • Mississippi offers healthcare services at a 5% cheaper cost than the national average for procedures like dental cleanings and doctor exams.[2]

Mississippi Cost Of Living “Other” Statistics

  • Although Mississippi’s proportion of people 50 and older is comparable to the national average, the state’s median age of 37.7 is much lower than the national average of 38.5.[3]
  • According to statistics from Insure.com, Mississippi’s average vehicle insurance premium is $912 less than the $1,517 national average.[4]
  • The EPI reports that the typical single adult in the state spends $10,527 on transportation per year.[4]

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How Useful is Mississippi Cost of Living

On the surface, it’s easy to see the benefits of a low cost of living. For many residents, being able to stretch their dollars further means a higher quality of life overall. Housing costs are significantly lower in Mississippi compared to other states, making it easier for families to afford a comfortable home. In addition, everyday expenses such as groceries, transportation, and healthcare are also more affordable in Mississippi, freeing up more money for other expenses or savings.

In terms of attracting new residents and businesses, a low cost of living can also be a major draw. For individuals looking to relocate or start a new chapter in their lives, the appeal of being able to live comfortably without breaking the bank is a major selling point. Similarly, businesses looking to establish or expand operations may find Mississippi’s affordable living costs to be an attractive feature, allowing them to offer competitive salaries and benefits to employees while keeping overhead costs low.

However, it’s important to consider the flip side of the coin when discussing Mississippi’s cost of living. While it may be cheaper to live in the state overall, this does not necessarily translate to higher wages or economic prosperity. In fact, Mississippi consistently ranks near the bottom in terms of median household income and poverty rates, indicating that many residents are living on limited means despite the low cost of living.

Additionally, the low cost of living in Mississippi may also reflect limited economic opportunities and resources in the state. While it’s true that individuals can live comfortably with lower expenses, this may come at the expense of job availability, career advancement, and quality of public services such as education and infrastructure. As a result, residents may find themselves facing challenges in achieving upward mobility and long-term financial security.

Furthermore, the low cost of living in Mississippi may also perpetuate a cycle of economic stagnation and reliance on low-wage jobs. Without investing in areas such as education, workforce development, and economic diversification, the state may struggle to attract and retain skilled workers and businesses who can contribute to long-term growth and prosperity.

In conclusion, while Mississippi’s low cost of living may offer certain benefits in terms of affordability and accessibility for residents, it is important to consider the larger implications of living in a state with limited economic opportunities and resources. Without addressing root causes of poverty, income inequality, and economic stagnation, the cost of living in Mississippi may continue to be a double-edged sword for residents and policymakers alike.

Reference

  1. worldpopulationreview – https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state
  2. rentcafe – https://www.rentcafe.com/cost-of-living-calculator/us/ms/
  3. seniorliving – https://www.seniorliving.org/mississippi/
  4. 247wallst – https://247wallst.com/state/cost-of-living-in-mississippi/

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