Cost of Living in New Albany, MS
Population 7,661 · Mississippi · Data vintage 2023
(100 = US avg)
At $46,276, median household incomes in New Albany land roughly 38% below the US median, a gap that tends to persist across local labor-market indicators. The labor market has been unusually tight, with unemployment around 1.7% — below most comparable cities in the state.
New Albany is about 70 miles southeast of Memphis, the nearest large metro — close enough that regional housing and labor patterns are shaped largely by the larger market. Housing prices track closely with Memphis' $157,000 median.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in New Albany
The median home value in New Albany is $150,000 — 51% below the national median of $305,000. Median rent runs $956/month, 27% lower than the national median of $1,314/month. The median household income of $46,276/year is 38% lower than the US median of $74,580. The local unemployment rate is 1.7%, below the national average of 4.8%. Mississippi's top state income tax rate is 4.7% and the combined sales tax is 7.1%. Overall, New Albany has a cost of living index of 59 versus the US average of 100, meaning it is 41% less expensive.
New Albany has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in New Albany, MS?
New Albany has a cost index of 59 (100 = national average). It is 41% below the national average.
What is average rent in New Albany, MS?
The median gross rent in New Albany is $956 per month based on 2023 Census data.
What is the average home price in New Albany?
The median home value in New Albany is $150,000 according to Zillow and Census data.
What is the median income in New Albany?
The median household income in New Albany is $46,276 per year (2023 ACS 5-year estimates).
What is the sales tax in New Albany, MS?
The combined state and local sales tax rate in New Albany is 7.1%. The Mississippi state income tax top rate is 4.7%.
Is New Albany, MS affordable?
Yes, New Albany is generally considered affordable, with a cost of living index of 59 — about 41% below the US national average of 100.
New Albany at a Glance
- Population
- 7,661
- Median Income
- $46,276
- Home Value
- $150,000
- Median Rent
- $956/mo
- Unemployment
- 1.7%
- Sales Tax
- 7.1%
Explore county-level cost of living data
Mississippi Rankings
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