Cost of Living in Water Valley, MS

With a cost of living index of 59, Water Valley, MS is one of the most affordable cities in the country. Living here is 41% cheaper than the national average and 12% below the Mississippi state average of 71. Water Valley is a small community of 3,380 residents.

Housing costs are the biggest factor in Water Valley's cost of living. The median monthly rent is $592 (55% below the US median of $1,319), and the median home value sits at $111,000 (64% below the national median of $304,900). At current prices, the median home costs roughly 2.4x the median household income — well within traditional affordability guidelines.

The median household income in Water Valley is $47,167, which is 37% 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 Water Valley. 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.

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.