Pearl, Mississippi Cost Of Living

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B+

Overall 14%

Goods & Services 5%

Housing 31%

Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Pearl	Mississippi	National
Cost of living	86	84	100
Goods & Services	95	94	100
Groceries	89	94	100
Health care	89	91	100
Housing	69	63	100
Transportation	87	90	100
Utilities	104	95	100

Key findings

The cost of living in Pearl is 2% higher than the Mississippi average
The cost of living in Pearl is 14% lower than the national average
Pearl housing is 31% lower than the national average
Mississippi general sales tax is 37% higher than the national average
Mississippi state income tax is 22% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$50,978	$4,248	$1,189	$1,529
Renters	$32,402	$2,700	$756	$972

A good way to judge both the affordability of the housing and the cost of living in Pearl is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Pearl has a median income of about $50,978 for people who own homes. Based on that number, a maximum of $1,189 should be spent on expenses related to housing. Renters have a slightly different median income, which is $32,402. Based on this average, renters should spend no more than $756 on all rental costs if they want to maintain a non-impoverished standard of living.

Mississippi Sales Tax

State	General Sales Tax	With Max Surtax
Mississippi	7%	7.25%

Mississippi Income Tax

State	Income Tax (Low)	Income Tax (High)
Mississippi	3%	5%

Goods & Services

Item	Pearl	National avg.	Difference
Haircut	$13.32	$17.49	23.9%
Beauty Salon	$23.38	$38.17	38.8%
Toothpaste	$3.06	$2.32	31.8%
Shampoo	$0.76	$1.01	25.2%
Movie	$9.08	$10.72	15.3%
Bowling	$7.08	$13.86	48.9%

Groceries

Item	Pearl	National avg.	Difference
Ground Beef	$5.35	$3.90	37.1%
Fried Chicken	$1.05	$1.40	24.8%
Milk	$1.78	$1.96	9.3%
Potatoes	$2.36	$3.18	25.9%
Pizza	$9.32	$10.39	10.3%
Beer	$9.72	$9.23	5.4%

Health Care

Item	Pearl	National avg.	Difference
Optometrist	$83.00	$106.34	21.9%
Doctor	$90.50	$115.25	21.5%
Dentist	$86.63	$98.38	11.9%
Ibuprofen	$7.97	$9.26	13.9%
Lipitor	$390.75	$466.47	16.2%

Housing

Item	Pearl	National avg.	Difference
Home Price	$115,000.00	$184,700.00	37.7%
Avg. Mortgage Payment	$942.41	$1,273.32	26.0%
Apartment Rent	$792.00	$949.00	16.5%

Transportation

Item	Pearl	National avg.	Difference
Gasoline	$2.01	$2.59	22.5%
Tire Balancing	$37.66	$48.90	23.0%

Utilities

Item	Pearl	National avg.	Difference
All Electricity	$122.36	$167.60	27.0%
Phone	$40.59	$163.42	75.2%

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, State	Population	Cost of Living Index	National Avg.
Robinhood, MS	1,436	77	-23%
Jackson, MS	172,039	83	-17%
Cleary, MS	1,100	83	-17%
Terry, MS	1,466	87	-13%
Richland, MS	7,069	87	-13%
Pearl, MS	26,344	86	-14%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Independence, KY	26,317	98	-2%
Edgewood, MD	26,303	103	3%
Greenville, TX	26,303	81	-19%
Timberwood Park, TX	26,388	113	13%
Paradise, CA	26,396	111	11%
Pearl, MS	26,344	86	-14%

Source: The Pearl, MS cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.