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.
Displayed above is a general overview of the Canton, MS cost of living index. The overall cost of living index in Canton, MS is 87, which is 5% higher than the Mississippi average and 13% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Canton, MS are 6% higher than the Mississippi average and 5% lower than the national average.
Find Real Estate Listings
New Real Estate Listings In Canton
Did you know?
The cost of living in Canton is 5% higher than the Mississippi average.
The cost of living in Canton is 13% lower than the national average.
The cost of housing in Canton is 29% 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.
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Use the salary calculator to compare your current income in Canton, MS to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Canton, MS, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Canton, MS salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Canton, 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 Canton, MS homeowners, is $44,384. This would allow for a maximum of $1,036 per month to be spent on housing costs. For renters, the median monthly income is $36,761 which would result in a maximum of $858 to be spent on rental costs.
Mississippi Sales Tax
General Sales Tax
With Max Surtax
Mississippi Income Tax
Income Tax (Low)
Income Tax (High)
The Mississippi sales tax and Mississippi income tax rates should definitely be considered when determining the overall cost of living in Canton, 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
Avg. Mortgage Payment
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.