Cost of Living in Panola County, Mississippi
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Panola County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Panola County ranks #2,255 of 3,144 counties for affordability (bottom 28%)
Data Story
About Cost of Living in Panola County, Mississippi
Panola renters stretched thin
Panola County's rent-to-income ratio of 23.4% significantly exceeds the national average, placing renters here among the most burdened in this comparison. With a median household income of $43,990 and median rent at $859, housing consumes nearly a quarter of typical household income.
Above-average housing burden statewide
Panola's 23.4% rent-to-income ratio ranks among the worst in Mississippi, beating the state average of 19.6% only in absolute affordability terms—but the burden on residents is notably higher. The median rent of $859 sits $77 above the state median, reflecting stronger regional demand.
Premium pricing in north Mississippi
Panola's $859 rent is second-highest in this eight-county group, trailing only Oktibbeha's university-driven $873. Among comparable counties, Panola residents pay a north Mississippi premium without the economic draw of a major institution.
Housing dominates Panola budgets
Households earning $43,990 annually dedicate $859 monthly to rent—23.4% of income—leaving limited resources for other essentials. Homeowners pay $637 monthly, easing pressure for those who own, but the rental market creates genuine affordability stress for renters.
Panola: compare before committing
Panola's $859 median rent consumes 23.4% of the county's $43,990 median income—a higher burden than most regional alternatives. If relocating to north Mississippi, compare Panola against neighboring counties with better affordability ratios like Neshoba or Montgomery before deciding.
Cost of Living Advisory: Panola County
Affordability Verdict
For renters in Panola County, the market is affordable. Expect to pay around $859/month in gross rent, with 32.0% of renter households considered cost-burdened.
Rent vs. Own
At $859/month rent versus $637/month in owner costs, owning is roughly $222/month cheaper — a 26% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $34,360/year. For owner costs at the 28% rule, the required income is roughly $27,300/year. With a median household income of $43,990, most households can comfortably afford rent here. Notably, 32.0% of renter households in Panola County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Mississippi, Panola County is less affordable than Union County by roughly 6% ($859/mo vs $910/mo).
Affordability Calculator
See how your income compares to housing costs in Panola County
Rent Burden
23.4%
of gross income
Max Housing (28% Rule)
$1,026
per month
Owner Cost Burden
17.4%
of gross income
You can likely afford the median home in Panola County
Median home value is $121,500. Estimated monthly cost: $970 vs. your max of $1,026.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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