| Index | Greenwood | Mississippi | National |
| Cost of living | 82 | 86 | 100 |
| Groceries | 96 | 97 | 100 |
| Health care | 97 | 95 | 100 |
| Housing | 51 | 63 | 100 |
| Transportation | 98 | 94 | 100 |
| Utilities | 97 | 98 | 100 |
| Lifestyle & Entertainment | 92 | 94 | 100 |
| Household Items | 96 | 96 | 100 |
| Education & Childcare | 95 | 94 | 100 |
Knowing the cost of living in Greenwood allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Greenwood stands at 82, marking it 18% lower than the national average.
It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Greenwood stands out by reporting housing costs that are 48.8% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.
Is Greenwood affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Greenwood, for instance, where the median home price falls 51.5% lower than the national average, and monthly rent rates are 42.7% lower than usual. Additionally, median income levels contribute to the equation, with Greenwood flaunting a median household income of $47,723, 41.3% lower than the national norm.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Greenwood, the groceries index is 4.4% lower than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Greenwood comes in at 2.6% lower than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
The Greenwood cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $64,865 | $5,405 | $1,513 | $1,946 |
| Renters | $23,010 | $1,918 | $537 | $690 |
| State | General Sales Tax | With Max Surtax |
| Mississippi | 7% | 7.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Mississippi | 5% | 5% |
| City | Population | Cost of Living Index | National Avg. |
| Cruger, MS | 356 | 77 | 23.4% |
| Schlater, MS | 243 | 78 | 22.1% |
| Itta Bena, MS | 1,740 | 80 | 20.1% |
| Morgan City, MS | 273 | 81 | 19.3% |
| Sidon, MS | 328 | 81 | 18.8% |
| Greenwood, MS | 14,347 | 82 | 17.6% |
| City | Population | Cost of Living Index | National Avg. |
| Waunakee, WI | 14,346 | 122 | 21.6% |
| North Mankato, MN | 14,344 | 102 | 1.8% |
| Lakeland North, WA | 14,342 | 135 | 35.5% |
| Collingswood, NJ | 14,353 | 120 | 19.9% |
| Chicago Ridge, IL | 14,340 | 99 | 1.3% |
| Greenwood, MS | 14,347 | 82 | 17.6% |
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