Greenwood, MS

Very Low · 45

Mississippi · Population 13,983 · Updated March 2026

$743
Median Rent / Month
$34,659
Median Income
$98,500
Median Home Value
$756
Owner Costs / Month

Affordability

How far your income goes in Greenwood

25.7%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Mississippi

State-level tax rates that affect your costs

5.0%
Income Tax (Top Rate)
7.0%
Sales Tax
0.67%
Property Tax Rate

Estimated Annual Costs

$8,916
Annual Rent
$1,733
State Income Tax
$660
Property Tax (est.)

Cost of Living Overview

Greenwood is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 45 (where 100 equals the national median), Greenwood residents can expect to pay median rent of $743/month while earning a median household income of $34,659/year.

The median home value in Greenwood, MS is $98,500, with typical monthly owner costs around $756 including mortgage, insurance, and taxes. With a rent-to-income ratio of 25.7%, Greenwood falls within the generally affordable range, though it's approaching the 30% burden threshold.

Mississippi has a moderate income tax rate of 5.0%. Combined with a 7.0% sales tax rate and 0.67% effective property tax rate, the overall tax environment is a factor in the total cost of living in Greenwood.

Frequently Asked Questions

Common questions about living costs in Greenwood

What is the cost of living in Greenwood, MS?
The cost of living index in Greenwood, MS is 45 (US average = 100). Median monthly rent is $743, median household income is $34,659/year, and the median home value is $98,500.
Is Greenwood, MS affordable?
Yes, Greenwood is more affordable than the national average with a cost index of 45. The rent-to-income ratio is 25.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Greenwood, MS?
The median gross rent in Greenwood, MS is $743 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $8,916.
What is the median household income in Greenwood?
The median household income in Greenwood, MS is $34,659 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Mississippi?
Mississippi has a top income tax rate of 5.0%, a sales tax of 7.0%, and an effective property tax rate of 0.67%.