Cost of Living in New Hope, MS

With a cost of living index of 79, New Hope, MS is a very affordable place to live. Living here is 21% cheaper than the national average and 8% above the Mississippi state average of 71. New Hope is a small community of 3,587 residents.

Housing costs are the biggest factor in New Hope's cost of living. The median monthly rent is $963 (27% below the US median of $1,319), and the median home value sits at $223,900 (27% below the national median of $304,900). At current prices, the median home costs roughly 2.8x the median household income — well within traditional affordability guidelines.

The median household income in New Hope is $79,250, which is 5% higher 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.

Climate is another factor for anyone considering a move to New Hope. The area sees an average annual temperature of 64°F, with summers averaging 80°F and winters around 47°F. Annual rainfall totals 60 inches spread over roughly 109 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.