An Overview of Cost of Living in Pascagoula, MS
Getting a feel for the cost of living in Pascagoula is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Pascagoula is 87, which is 13% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Is Pascagoula Affordable?
Is Pascagoula affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Pascagoula, the median home price is 38.1% lower than the national average and monthly rent prices are 19.9% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Pascagoula boasting a median household income of $41,167, 25.6% lower than the national average.
What Factors can Influence the Cost of Living in Pascagoula?
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Pascagoula, the housing index stands at 32.7% lower than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Pascagoula, the transportation index is 7.4% lower than the national average.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Pascagoula, healthcare costs are 6.3% higher than the national average.
Where is the Data From?
The cost of living in Pascagoula, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
Here are the best places to live in Mississippi
Check out the 10 safest cities in Mississippi
10 Best cities in Mississippi for employment
See the best places to live in & around Pascagoula