Cost of Living in Summit, MS

With a cost of living index of 68, Summit, MS is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 3% below the Mississippi state average of 71. Summit is a small community of 2,684 residents.

Housing costs are the biggest factor in Summit's cost of living. The median monthly rent is $936 (29% below the US median of $1,319), and the median home value sits at $101,700 (67% below the national median of $304,900). At current prices, the median home costs roughly 3x the median household income — well within traditional affordability guidelines.

The median household income in Summit is $33,983, which is 55% lower than the national median of $75,149. Residents spend roughly 33% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened. 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 Summit. The area sees an average annual temperature of 66.2°F, with summers averaging 80°F and winters around 51°F. Annual rainfall totals 60.6 inches spread over roughly 121 days.

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.