Petal, MS

Very Low · 62

Mississippi · Population 11,195 · Updated March 2026

$958
Median Rent / Month
$72,845
Median Income
$161,400
Median Home Value
$962
Owner Costs / Month

Affordability

How far your income goes in Petal

15.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

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

$11,496
Annual Rent
$3,642
State Income Tax
$1,081
Property Tax (est.)

Cost of Living Overview

Petal is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 62 (where 100 equals the national median), Petal residents can expect to pay median rent of $958/month while earning a median household income of $72,845/year.

The median home value in Petal, MS is $161,400, with typical monthly owner costs around $962 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.8% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

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 Petal.

Frequently Asked Questions

Common questions about living costs in Petal

What is the cost of living in Petal, MS?
The cost of living index in Petal, MS is 62 (US average = 100). Median monthly rent is $958, median household income is $72,845/year, and the median home value is $161,400.
Is Petal, MS affordable?
Yes, Petal is more affordable than the national average with a cost index of 62. The rent-to-income ratio is 15.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Petal, MS?
The median gross rent in Petal, MS is $958 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,496.
What is the median household income in Petal?
The median household income in Petal, MS is $72,845 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%.