Here are some of the things you should consider if you are looking into retiring in Mississippi.
Cost of Living
Mississippi ranks as lowest on the list of most expensive states to live in. Our cost of living index is based on a US average of 100. An amount below 100 means Mississippi is cheaper than the US average. A cost of living index above 100 means Mississippi is more expensive than the US average. Mississippi’s index is 85.7. The average home in Mississippi costs $129,200 compared to the national average of $219,700. Here are the average costs of renting in Mississippi. A studio apartment rents for $554 per month. A one bedroom rents for $612. A two bedroom rents for $746 per month. A three bedroom rents for $979 per month. The average energy bill for residents is $122 per month.
Climate
Mississippi has a humid subtropical climate with long, hot and humid summers, and short, mild winters. Temperatures average about 81°F in July and about 48 °F in January. The temperature varies little statewide in the summer; however, in winter, the region near Mississippi Sound is significantly warmer than the inland portion of the state. Yearly precipitation normally increases from north to south, with the regions closer to the Gulf being the most humid. Thus, Clarksdale, in the northwest, gets about 50 inches of precipitation annually and Biloxi, in the south, about 61 inches. Small amounts of snowfall in northern and central Mississippi; snow is occasional in the southern part of the state. The late summer and fall is the seasonal period of risk for hurricanes moving inland from the Gulf of Mexico, especially in the southern part of the state. As in the rest of the Deep South, thunderstorms are common in Mississippi, especially in the southern part of the state
Taxes
Mississippi has some of the most generous exemptions for retirement income of any state in the country. Income streams that are exempt from state taxes include Social Security retirement benefits, pensions, 401(k)s and IRAs. Work income earned by seniors is, however, subject to the state income tax (3%-5%). Additionally, the state has property taxes that rank among the lowest in the country. The median annual property tax paid in the state is just $841, which ranks as the sixth-lowest amount in the country. Mississippi’s sales tax rate is 7% and it has no estate or inheritance tax. This is the rate collected across the state, with one exception. There is an additional 1% tax in Jackson, the state capital. Mississippi is one of just a few states to apply sales tax to groceries. However, prescription drugs are exempt from the sales tax in Mississippi.
All Mississippi homeowners whose home is their principal residence are eligible for the regular Mississippi homestead exemption. The regular homestead exemption can credit a homeowner for up to $300 in taxes, based on the first $75,000 in home value. The bonus exemption for the elderly is available only to homeowners over the age of 65. It fully exempts the first $75,000 in home value. Given that the median home value in Mississippi is about $100,000, for many homeowners, this will reduce property taxes by more than half.
Things To Do
Mississippi is a state with a ton of history. That being said a lot of things to do in the state revolve around its history. Jackson, the state’s capital, is a great place to explore and enjoy the city. The Beau Rivage Casino offers the whole package: accommodations, dining, gaming, shopping, charter boat fishing, access to 19 championship golf courses and big-name acts for nighttime entertainment. The Beauvoir Estate in Biloxi, Mississippi, is the home of Jefferson Davis, the former President of the Confederate States of America. The plantation surrounding the property and the home were turned into a museum in the late 1990s. This is just one of the many museums in the state, displaying the state’s rich history. Other museums in Mississippi include the U.S.S. Cairo, Rock & Blues, B.B. King, Tupelo Automobile, and the Elvis Presley Birthplace and Museum.
Food
If you’re a true Mississippian then you have a biscuit recipe that has most likely been passed down from generation to generation. Natchez is famous for its antebellum mansions and riverboats. It’s also the Biscuit Capital of the World. Regina Charboneau, a seventh-generation native daughter, helped her hometown earn the official designation in 2008 and launch a biscuit festival, with a cook-off, demos and a crowning of a biscuit queen. Like their Cajun neighbors, Mississippians are skilled in the art of crawfish-eating. During crawfish season in the winter and spring, seafood houses like Taranto’s along the Gulf serve crawfish by the pound in spicy seasonings, with corn on the cob, sausages and plenty of paper towels.
Catfish is as synonymous with Mississippi as cotton. Since Mississippi is the largest producer of farm-raised catfish in the United States, it only makes sense that state locals love the perfectly battered and fried fish. One of the most popular places to experience an old-school Mississippi catfish fry is Taylor Grocery, a ramshackle building at the end of a dirt road in the north Mississippi village of Taylor, near Oxford.
Transportation
Transportation is not an issue in Mississippi. Mississippi has public bus service for every part of the state. Amtrak has eleven stations throughout Mississippi. There are two main airports in the state. The largest of the two being Jackson-Evers International Airport located in the city of Jackson. The second largest being Gulfport-Biloxi International Airport in the city of Gulfport.
Communities
The Village of Brambles is a 55+ community made up of 90 attached homes located in Southaven, Mississippi. The Village of Brambles features a clubhouse, which includes a banquet room, kitchen, and exercise room. Residents will also enjoy the community’s many walking and bike trails, which surround a park in the center of the community. Homes in this community come in floor plans that have 1,185 to 1,584 square feet of living space. They have two or three bedrooms, two bathrooms, and a two-car garage. These homes include features like high ceilings, gourmet kitchens, and private patios. Homes in The Village of Brambles range in price from the mid to high $100s.
The Oaks at Parkview is an active lifestyle community comprised of 148 attached homes located in Olive Branch, Mississippi. The community’s clubhouse is where homeowners can skip driving to a gym by utilizing the exercise room. Residents can also socialize in the multi-purpose room and play some poker on the card tables or just relax with their favorite book. The Oaks at Parkview has a beautiful outdoor pool and a spacious patio where homeowners can relax and enjoy the sunshine. They can also take strolls along the community’s walking and biking trails to get some fresh air.
There are four modern floor plans to choose from that offer spacious master suites, plenty of storage space, patios, and energy-efficient designs. Attached homes within the Classic Series offer between 1,325 and 1,925 square feet of living space. These homes have one to three bedrooms, one-and-a-half to two-and-a-half bathrooms, and an attached two-car garage. These homes feature open living areas and walk-in closets in the master suites. The Chateau model features an optional second floor with a third bedroom. Homes within the Cathedral Series feature vaulted ceilings, expansive floor plans, luxurious fixtures, and comfortable sunrooms. They offer between 1,700 and 1,850 square feet and have two or three bedrooms, two bathrooms, and an attached two-car garage. Homes in The Oaks at Parkview range in price from the low to mid $200s.
Conclusion
If you were considering retiring in Mississippi I hope this helped you with your decision.
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