Cost of Living in Falkner, MS

With a cost of living index of 62, Falkner, MS is one of the most affordable cities in the country. Living here is 38% cheaper than the national average and 9% below the Mississippi state average of 71. Falkner is a small community of 786 residents.

Housing costs are the biggest factor in Falkner's cost of living. The median monthly rent is $700 (47% below the US median of $1,319), and the median home value sits at $100,300 (67% below the national median of $304,900). At current prices, the median home costs roughly 1.8x the median household income — well within traditional affordability guidelines.

The median household income in Falkner is $56,354, which is 25% lower than the national median of $75,149. Residents spend roughly 15% 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 Falkner. The area sees an average annual temperature of 59.6°F, with summers averaging 77°F and winters around 42°F. Annual rainfall totals 55.5 inches spread over roughly 119 days.

Everyday prices in the Memphis, TN-MS-AR (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.