This article looks at the 15 best places in Mississippi for a couple to live on only Social Security. If you wish to skip our detailed analysis on Mississippi, a low-cost retirement haven with hidden high grocery expenses, you may go to 5 Best Places in Mississippi for a Couple to Live on Only Social Security.
Mississippi: A Low-Cost Retirement Haven with Hidden High Grocery Expenses
According to the Missouri Economic Research & Information Center, Mississippi had the fifth lowest cost of living in the United States for the first quarter of 2024. Living expenses in the state are reported to be 11.7% lower than the national average. Moreover, housing costs are over 40% lower than the national median. According to Redfin, the median home price in the US is around $442,451, while homes in Mississippi are selling for a median price of $263,500. Due to its affordability, it is a preferred state to live for many. The Magnolia State is also a retiree-favorite, with all the retirement income exempt from state income taxes. Income from retirement savings, such as 401(k)s, Social Security, and IRAs, are all exempt from taxation in the state. Property taxes in the state are quite low as well. However, not everything glitters in the Magnolia State.
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Mississippi shares a surprising similarity with California, a state notorious for its high cost of living. According to Sun Herald, the one similarity that the Golden State has with Mississippi is its high grocery prices. US Census Data reveals that Mississippi is the third most expensive state to buy groceries, while California is the most expensive. Even though California being at the top of the list is no surprise, Mississippi surely is. It has the highest state-imposed grocery tax in the nation — a 7% tax on food sales. An average household in the state spends an estimated $290.66 per week on groceries, while the national average stands at $270.21 per week.
Despite the high grocery bills, Mississippi is still the best state to live on Social Security alone. The average Social Security in Mississippi is around $1,395, and there are plenty of affordable areas in the state where it is possible to retire on this amount. This is if they choose to retire anyway. As per Prudential Financial, Inc. (NYSE: PRU), inflation has been upending everyone’s plans. One-third of 55-year-olds and 43% of 65-year-olds have postponed retirement because of higher living costs and inflation. Such is the difficulty in managing living expenses that 35% of 55-year-olds, 19% of 65-year-olds, and 15% of 75-year-olds state that they have trouble putting together a meager sum of $400 within a month to cover for emergency expenses.
“With the retirement model evolving beyond traditional pensions, lump sums, and Social Security, it is critical that we work together to prepare for better and longer lives throughout retirement”
-Dylan Tyson, president of Retirement Strategies at Prudential Financial, Inc. (NYSE: PRU)
Saving for retirement is a crucial goal that workers should consider seriously if they wish to outlive their savings. Otherwise, they will be forced to rely on assistance programs, credit, and other forms of help to get by. According to the survey by Prudential Financial, Inc. (NYSE: PRU), 67% of 55-year-olds fear outliving their retirement savings. Meanwhile, 59% of 65-year-olds and 52% of 75-year-olds fear the same.
Prudential Financial, Inc. (NYSE: PRU) is a global financial services leader and premier active global investment manager operating in the US, Asia, Europe, and Latin America. It was recently featured on our list of 20 Largest Financial Services Companies in the US, with a trailing twelve-month revenue of $62.18 billion. Prudential Financial’s revenue exceeded analyst expectations by 2.3%, with earnings per share meeting estimates. Recently, the company has entered an agreement with Wilton Re to reinsure approximately $11 billion of its guaranteed universal life block, with an expected $350 million in proceeds. This transaction, covering policies issued through 2019, aims to enhance Prudential’s growth and capital efficiency while maintaining existing customer service and relationships.
While we acknowledge the potential of PRU as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PRU but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Katherine Welles/Shutterstock.com
Methodology
To compile the list of best places in Mississippi for a couple to live on only a Social Security, we began by identifying the most affordable locations in the state using cost of living indexes. These locations were then evaluated based on key metrics, including median home price, average rent, and overall livability score, to assess their suitability for retirement living. We calculated a total Insider Monkey score for each location and ranked them in ascending order based on this score. The median home prices were sourced from Redfin, rental data was obtained from Zumper, and livability scores were derived from AreaVibes.
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Here are the best places in Mississippi for a couple to live on only Social Security:
15. Sturgis
Insider Monkey Score: 24
IM Cost of Living Index: 80
Average Rent (2-bedroom): $959
Median Home Price: $182,268
Livability Score: 62
Sturgis is a friendly town in Oktibbeha County with a surprisingly small population of around 200 people. For those seeking a small-town atmosphere away from the hustle and bustle of large cities, this place offers an ideal retreat, with a cost of living that’s 20% below the national average. Retirees will need to travel to nearby cities like Starkville for healthcare and other amenities, which are just a half-hour drive away.
14. Vicksburg
Insider Monkey Score: 25
IM Cost of Living Index: 79.4
Average Rent (2-bedroom): $950
Median Home Price: $219,500
Livability Score: 63
Situated in Western Mississippi, Vicksburg lands on our list of best places in Mississippi for a couple to live on only Social Security owing to its appealing blend of affordability, it’s designation as a Certified Retirement City, and abundant Southern charm. The living expenses in the city are 20.6% lower than the national average. Rent for a two-bedroom in the city is under $1,000, leaving enough for a couple to spend on utilities and other essentials. Historical sites, healthcare facilities, and scenic locations along the Mississippi River make it an all-rounded retirement destination.
13. Gulfport
Insider Monkey Score: 27
IM Cost of Living Index: 83.3
Average Rent (2-bedroom): $1,126
Median Home Price: $190,000
Livability Score: 71
Set amidst recreation adventures, hallmark locations, and abundant eateries, Gulfport is the place to be for active and energetic retirees. This coastal escape located along the Gulf of Mexico offers a plethora of parks, water recreation areas, and other modern amenities. Houses are quite affordable here, and living expenses are 16.7% lower than the national average.
12. Brookhaven
Insider Monkey Score: 27
IM Cost of Living Index: 81.6
Average Rent (2-bedroom): $742
Median Home Price: $199,000
Livability Score: 62
A small city in Lincoln County, Brookhaven is a certified Retirement town known for its Southern hospitality, affordable living, and friendly community. It features a historic downtown featuring local cafes, restaurants, and an inviting atmosphere. The city’s calendar brims with joy and celebration, showcasing vibrant festivities like the Exchange Club Fair, the Christmas Parade, and many more events that highlight its lively spirit.
11. Caledonia
Insider Monkey Score: 30
IM Cost of Living Index: 80.2
Average Rent (2-bedroom): $941
Median Home Price: $244,932.00
Livability Score: 71
An idyllic town hiding in the hills of Mississippi, Caledonia offers retirees a relaxing retirement destination for spending their golden years. Caledonian residents often move to Columbus for employment opportunities, but this lively town is the perfect place to come back to for retirement. The cost of living in Caledonia is 19.8% lower than the national average, while rent is affordable enough to be covered on a couple’s Social Security.
10. New Hope
Insider Monkey Score: 31
IM Cost of Living Index: 80.2
Average Rent (2-bedroom): $800
Median Home Price: $271,500
Livability Score: 71
There is certainly hope for retirees with no savings in New Hope, a census-designated place in Lowndes County, Mississippi. Living here is 19.8% cheaper than the national average, and a retired couple can afford a 2-bedroom apartment on a monthly average of $800. New Hope also boasts a solid livability score of 71, appreciated for its peaceful setting, proximity to Columbus, and a strong sense of community.
9. Columbia
Insider Monkey Score: 31
IM Cost of Living Index: 78.3
Average Rent (2-bedroom): $1,273
Median Home Price: $165,000
Livability Score: 63
Making it to the ninth place on our list of best places in Mississippi for a couple to live on only Social Security is Columbia. A town in Marion County, Columbia hits all the right notes when it comes to offering an ideal retirement environment for seniors. Historic charm, strong sense of community, and small-town vibe describe this location best. This budget-friendly retirement destination also sits in proximity to attractions such as the Red Bluff (Grand Canyon of Mississippi) and the Pearl River.
8. McComb
Insider Monkey Score: 33
IM Cost of Living Index: 77.9
Average Rent (2-bedroom): $976
Median Home Price: $225,000
Livability Score: 69
Located about 80 miles south of Jackson, McComb is ideal for retirees looking for a slow pace of life. Living expenses in the town are 22.1% lower than the national average, while houses are quite affordable too. Embraced by natural beauty, attractions such as the Percy Quin State Park located just outside of McComb offer the perfect opportunity for a day out fishing, hiking, and picnicking.
7. Natchez
Insider Monkey Score: 35
IM Cost of Living Index: 76.7
Average Rent (2-bedroom): $756
Median Home Price: $227,000
Livability Score: 62
Set on the Mississippi River, Natchez is a picturesque city lauded for its rich history and well-preserved antebellum mansions. Besides offering stunning river views and lush greenery to residents, Natchez also appeals to retirees with its close-knit community, easy access to healthcare, and affordable cost of living
6. Meridian
Insider Monkey Score: 37
IM Cost of Living Index: 77.1
Average Rent (2-bedroom): $945
Median Home Price: $169,500
Livability Score: 63
Lovingly known as Mississippi’s Queen City, Meridian promises its residents a flourishing arts scene and gorgeous architecture. Downtown is home to some of the most mesmerizing museums, craft beers, specialty shops, historic theaters, and even a new boutique hotel. There’s fun events and festivals all-year round, too.
5. Jackson
Insider Monkey Score: 38
IM Cost of Living Index: 79.5
Average Rent (2-bedroom): $892
Median Home Price: $170,000
Livability Score: 67
Jackson isn’t just the best place to retire in Mississippi, its one of the top places in the state to live on only Social Security. The capital of the state is home to a vibrant cultural scene, reputable hospitals and healthcare facilities, and many parks, golf courses, and community centers. The cherry on top is that living expenses here are 20.5% lower than the national average, and home prices are well below the national median.
4. Laurel
Insider Monkey Score: 40
IM Cost of Living Index: 78.9
Average Rent (2-bedroom): $950
Median Home Price: $159,000
Livability Score: 69
Making it to the fourth place on our list of best places in Mississippi for a couple to live on only Social Security is Laurel, an affordable city to retire in Jones County. Laurel suits retirees looking for a place with a small-town vibe, mild climate, and proximity to nature. Larger cities such as Hattiesburg are in close proximity, offering access to additional amenities.
3. Tupelo
Insider Monkey Score: 40
IM Cost of Living Index: 78.1
Average Rent (2-bedroom): $848
Median Home Price: $280,000
Livability Score: 72
Situated in northeast Mississippi, Tupelo is more than just the birthplace of Elvis Presley. Of Course, there is live music and festivals, but Tupelo also boasts numerous historical and cultural attractions, a wide range of amenities, and a vibrant downtown. The Natchez Trace Parkway, a scenic drive that passes through Tupelo, offers retirees the opportunity for hiking, biking, and enjoying the outdoors. There are also golf courses and lakes in the area for those who enjoy like to lead active lifestyles.
2. Grenada
Insider Monkey Score: 48
IM Cost of Living Index: 74.9
Average Rent (2-bedroom): $675
Median Home Price: $196,500
Livability Score: 66
Characterized by a woody landscape, Grenada is the ideal place for nature lovers. It homes many expansive parks, green spaces, and the beautiful Grenada Lake, a large reservoir known for its recreational opportunities. Living expenses here are 25% lower than the national average, making it feasible to manage life on only a Social Security.
1. Mathiston
Insider Monkey Score: 51
IM Cost of Living Index: 78.5
Average Rent (2-bedroom): $794
Median Home Price: $121,000
Livability Score: 70
Based on our methodology, the best place in Mississippi for a couple to live on only Social Security is Mathiston. Located in Choctaw County and Webster County, Mathiston boasts rural charm, mild climate, and proximity to outdoor recreational areas. Financially, it allows retirees to stretch their retirement incomes the farthest with its low home prices and overall living expenses. Larger cities such as Starkville and Columbus are within reasonable distance, offering access to additional amenities.
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Disclosure: None. This article was originally published at Insider Monkey.