Cost of Living in Algoma, MS

With a cost of living index of 76, Algoma, MS is a very affordable place to live. Living here is 24% cheaper than the national average and 5% above the Mississippi state average of 71. Algoma is a small community of 1,065 residents.

Housing costs are the biggest factor in Algoma's cost of living. The median monthly rent is $910 (31% below the US median of $1,319), and the median home value sits at $201,500 (34% below the national median of $304,900). At current prices, the median home costs roughly 3.4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Algoma is $60,000, which is 20% lower than the national median of $75,149. Residents spend roughly 18% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Algoma. The area sees an average annual temperature of 63.6°F, with summers averaging 81°F and winters around 46°F. Annual rainfall totals 57.7 inches spread over roughly 115 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.