Cost of Living in Mount Vernon, MO

With a cost of living index of 67, Mount Vernon, MO is one of the most affordable cities in the country. Living here is 33% cheaper than the national average and 7% below the Missouri state average of 75. Mount Vernon is a small community of 4,532 residents.

Housing costs are the biggest factor in Mount Vernon's cost of living. The median monthly rent is $691 (48% below the US median of $1,319), and the median home value sits at $175,000 (43% below the national median of $304,900). At current prices, the median home costs roughly 3.6x the median household income — a moderately affordable ratio by today's standards.

The median household income in Mount Vernon is $49,153, which is 35% lower than the national median of $75,149. Residents spend roughly 17% 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.

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.