Cost of Living in New Hope, MS
Population 3,587 · Mississippi · Data vintage 2023
(100 = US avg)
Housing costs in New Hope stay well under national norms: a median home value of $224,000 against median household incomes of $79,250 gives the city one of the more comfortable price-to-income ratios in Mississippi. An unemployment rate of 0.4% points to a labor market well on the tight side of the national distribution.
Geographically, New Hope is about 50 miles west of Tuscaloosa, the nearest large metro. Housing prices track closely with Tuscaloosa's $237,000 median.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in New Hope
The median home value in New Hope is $223,900 — 27% below the national median of $305,000. Median rent runs $963/month, 27% lower than the national median of $1,314/month. The median household income of $79,250/year is 6% higher than the US median of $74,580. The local unemployment rate is 0.4%, 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 Hope has a cost of living index of 73 versus the US average of 100, meaning it is 27% less expensive.
New Hope 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
Frequently Asked Questions
What is the cost of living in New Hope, MS?
New Hope has a cost index of 73 (100 = national average). It is 27% below the national average.
What is average rent in New Hope, MS?
The median gross rent in New Hope is $963 per month based on 2023 Census data.
What is the average home price in New Hope?
The median home value in New Hope is $223,900 according to 2023 Census ACS data.
What is the median income in New Hope?
The median household income in New Hope is $79,250 per year (2023 ACS 5-year estimates).
What is the sales tax in New Hope, MS?
The combined state and local sales tax rate in New Hope is 7.1%. The Mississippi state income tax top rate is 4.7%.
Is New Hope, MS affordable?
Yes, New Hope is generally considered affordable, with a cost of living index of 73 — about 27% below the US national average of 100.
New Hope at a Glance
- Population
- 3,587
- Median Income
- $79,250
- Home Value
- $223,900
- Median Rent
- $963/mo
- Unemployment
- 0.4%
- Sales Tax
- 7.1%
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Mississippi Rankings
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