Booneville cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexBoonevilleMississippiNational
Cost of living index7881100
IndexBoonevilleMississippiNational
Goods & Services index8987100
Groceries index8793100
Health care index9692100
Housing index5463100
Transportation index9692100
Utilities index7886100
The above illustration supplies generalized information for the Booneville, MS cost of living index. Compared to other cities in Mississippi and cities across the country, the cost of living index in Booneville, MS is 78, which is 4% lower than the Mississippi average and 22% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Booneville, MS are 2% higher than the average for Mississippi and 11% lower than the rest of the country.

Did you know?

  • The cost of living in Booneville is 4% lower than the Mississippi average.
  • The cost of living in Booneville is 22% lower than the national average.
  • The cost of housing in Booneville is 46% lower than the national average.
  • Mississippi general sales tax is 37% higher than the national average.
  • Mississippi state income tax is 35% higher than the national average.

Find Real Estate Listings In Booneville

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Booneville

Compare Booneville, MS Cost of living To Other Cities

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
Use the salary calculator to compare your current salary in Booneville, MS to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Booneville, MS, then you would need to earn more income in order to maintain the same standard of living. To use the Booneville, MS salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$43,963$3,664$1,026$1,319
Renters$19,024$1,585$444$571
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Booneville, MS, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Booneville, MS has a median income of about $43,963 for people who own homes. Based on that number, a person should spend a maximum of $1,026 on expenses related to housing. Renters have a slightly different median income, which is $19,024. Based on this average, renters should spend no more than $444 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Mississippi Sales Tax

StateGeneral Sales TaxWith Max Surtax
Mississippi7%7.25%

Mississippi Income Tax

StateIncome Tax (Low)Income Tax (High)
Mississippi3%5%
The Mississippi sales tax and Mississippi income tax rates should definitely be considered when determining the overall cost of living in Booneville, MS. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Mississippi sales tax is 7% and the maximum surtax is 7.25%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Mississippi income tax rates range from 3% to 5%.

Goods & Services

ItemBoonevilleNational avg.Difference
Haircut $14.80$14.591.4%
Beauty Salon $25.98$34.6825.1%
Toothpaste $1.68$2.4732.1%
Shampoo $0.80$1.0221.7%
Movie $9.25$9.876.3%
Bowling $3.50$4.3920.3%

Groceries

ItemBoonevilleNational avg.Difference
Ground Beef $3.90$4.4812.9%
Fried Chicken $1.08$1.4626.2%
Milk $2.36$2.360.1%
Potatoes $2.81$3.068.2%
Pizza $9.95$9.247.6%
Beer $7.64$8.6311.5%

Health Care

ItemBoonevilleNational avg.Difference
Optometrist $99.67$99.780.1%
Doctor $80.67$105.0323.2%
Dentist $97.00$88.709.4%
Ibuprofen $7.64$9.4118.8%
Lipitor $299.58$298.500.4%

Housing

ItemBoonevilleNational avg.Difference
Home Price $93,400.00$175,700.0046.8%
Avg. Mortgage Payment $781.10$1,081.0327.7%
Apartment Rent $520.00$920.0043.5%

Transportation

ItemBoonevilleNational avg.Difference
Gasoline $1.93$2.097.8%
Tire Balancing $47.96$45.295.9%

Utilities

ItemBoonevilleNational avg.Difference
All Electricity$119.71$170.8029.9%
Phone $25.01$28.2611.5%
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, StatePopulationCost of Living IndexNational Avg.
Rienzi, MS42573-27%
Burnsville, MS1,15279-21%
Marietta, MS36074-26%
Jumpertown, MS51376-24%
Baldwyn, MS3,19876-24%
Booneville, MS8,77578-22%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Scott, LA8,77589-11%
Picture Rocks, AZ8,77591-9%
Collingdale, PA8,7781055%
Airmont, NY8,77014343%
Wharton, TX8,76881-19%
Booneville, MS8,77578-22%
Source: The Booneville, MS cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.