Cost of Living in Rankin County, Mississippi
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Rankin County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Rankin County ranks #1,225 of 3,144 counties for affordability (top 39%)
Data Story
About Cost of Living in Rankin County, Mississippi
Rankin's prosperity comes at a cost
Rankin County residents spend 18.8% of income on rent, slightly below Mississippi's 19.6% average and well within national norms. With a median household income of $77,454—the highest in this analysis and above the national average of $74,755—Rankin's residents enjoy both higher earnings and manageable housing costs.
Mississippi's wealthiest, most housing-affluent county
Rankin County ranks as Mississippi's economic leader in this peer group, with a median household income of $77,454 and a rent-to-income ratio of 18.8%. This combination of high wages and reasonable rent burdens makes Rankin the state's most naturally affordable housing market by income standards.
Highest income, highest rents
Rankin's $1,210 monthly rent is double Prentiss County's $620 and significantly exceeds all peers, yet Rankin's $77,454 median income far surpasses neighboring counties—Pontotoc at $52,741 and Simpson at $54,111. Rankin residents can afford premium housing that would overwhelm other regional counties.
High earners absorb high housing costs
Rankin renters pay $1,210 monthly while homeowners spend $1,091, with renting costing only 11% more—the smallest gap in this analysis. Housing consumes just 18.8% of the $77,454 median income, leaving substantial room for savings, investments, and quality of life.
Mississippi's premium option for movers
Rankin County offers Mississippi's strongest economic fundamentals and the most housing choices, though at premium prices compared to rural alternatives. Relocating professionals and families with higher incomes will find Rankin's cost-to-earning ratio genuinely affordable and its economic dynamism unmatched in the state.
Cost of Living Advisory: Rankin County
Affordability Verdict
For renters in Rankin County, the market is affordable. Expect to pay around $1,210/month in gross rent, with 31.0% of renter households considered cost-burdened.
Rent vs. Own
The median rent in Rankin County is $1,210/month, while owner costs run $1,091/month. Owning saves approximately $119/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $48,400/year. For owner costs at the 28% rule, the required income is roughly $46,757/year. With a median household income of $77,454, most households can comfortably afford rent here. Notably, 31.0% of renter households in Rankin County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Mississippi, Rankin County is more affordable than Madison County by roughly 10% ($1,210/mo vs $1,097/mo).
Affordability Calculator
See how your income compares to housing costs in Rankin County
Rent Burden
18.7%
of gross income
Max Housing (28% Rule)
$1,807
per month
Owner Cost Burden
16.9%
of gross income
You can likely afford the median home in Rankin County
Median home value is $223,400. Estimated monthly cost: $1,783 vs. your max of $1,807.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
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
What is the cost of living in Rankin County, Mississippi?
What is the median rent in Rankin County?
Is Rankin County affordable?
How does Rankin County's rent compare to the state average?
What is the median home value in Rankin County?
Counties with Similar Housing Costs
Planning a Move?
Researching the cost of living in Rankin County, Mississippi? Compare moving quotes from top providers and save on your relocation.
Compare Moving QuotesCompare Mortgage Rates in Rankin County
Whether you're buying your first home or refinancing, compare rates from top lenders to find the best deal.
See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
CostByCounty participates in affiliate programs. We may earn a commission when you use our links, at no extra cost to you.