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 one hand, a low cost of living means that essentials like groceries, housing, and transportation are more affordable in Mississippi compared to other states. This can be particularly beneficial for low-income families or individuals who may struggle to make ends meet in more expensive areas. In addition, a lower cost of living can attract businesses and workers to the state, fostering economic growth and job creation.

However, it is important to consider the reasons behind Mississippi’s lower cost of living. A significant factor contributing to the state’s affordability is its lower wages compared to national averages. While essentials may be cheaper, lower earnings can offset these savings for many residents. This can contribute to financial insecurity and limited opportunities for advancement, as individuals may struggle to save, invest, or afford education and other expenses.

Furthermore, Mississippi’s low cost of living may be a reflection of its economic challenges. The state has historically struggled with poverty, unemployment, and limited economic development opportunities. While a low cost of living can be attractive to some, it may also be indicative of an underperforming economy that fails to provide its residents with robust opportunities for growth and prosperity.

Another consideration is the quality of life that comes with a low cost of living. While affordability is certainly important, it is not the only factor that determines a good standard of living. Mississippi’s cost of living may be low, but this does not necessarily translate to high-quality infrastructure, healthcare, education, or other public services that are essential for a high quality of life. Residents may find themselves sacrificing quality for affordability, which can impact their overall well-being and happiness.

In conclusion, the usefulness of Mississippi’s cost of living depends on one’s perspective and circumstances. While affordability can be a benefit for many residents, it also raises questions about the state’s economic situation and the opportunities available to its residents. It is important for policymakers to consider both the positives and negatives of a low cost of living and work towards a more balanced economy that provides affordability without compromising on quality of life for all residents.

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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