Cost of Living in Shannon, MS

With a cost of living index of 63, Shannon, MS is one of the most affordable cities in the country. Living here is 37% cheaper than the national average and 7% below the Mississippi state average of 71. Shannon is a small community of 1,719 residents.

Housing costs are the biggest factor in Shannon's cost of living. The median monthly rent is $723 (45% below the US median of $1,319), and the median home value sits at $120,200 (61% 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 Shannon is $42,208, which is 44% lower than the national median of $75,149. Residents spend roughly 21% 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 Shannon. 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.