Median Household Income Continues Upward Trend
The affordability advantage of moving to Mississippi is a 15% bonus in purchasing power, or more than $67,000 in the average U.S. market.
This brief summarizes Mississippiās gains in median household income, including data from metro areas across the state, based on the 2024 American Community Survey. The analysis shows that household income in Mississippi increased 25% over five years and 58% over the past decade, making the state one of the strongest performers in the region. This growth is a key indicator of significant economic momentum driven largely by expansions in data centers and transportation, as well as growth in advanced manufacturing sectors like aerospace, shipbuilding and defense.
- Mississippiās median household income has risen steadily over the past five years, from $44,790 in 2019 to $55,980 in 2024.[1]
- According to State Economist Corey Miller, nominal personal income in 2025 is projected to increase 4.3%, with a cumulative increase of 4.5% projected in 2026.[2] These gains reflect increases in wages, salaries and transfer payments.
- From 2021 through 2023, during a period of elevated inflation, Mississippiās nominal household earnings continued to rise and ultimately accelerated, with gains strengthening as inflation eased and year-over-year increases reaching +13.2% (+$6,450).
- Strong wage and earnings growth has been observed across major industries, including agriculture, manufacturing, health care and social assistance and professional and technical services.
- Policy changes, such as Mississippiās personal income tax phase-down to a flat 4% by 2026, are expected to raise after-tax household income and potentially increase consumption, though effects on pre-tax median income are indirect.
Mississippi consistently ranks among the states with the lowest regional price parity, at 87.3 nationwide. The stateās median household income was about $55,980 in 2024, with a projected increase of roughly 4.4% in 2025 ($58,438), and its low cost of living significantly boosts purchasing power. The affordability advantage of moving to Mississippi is a 15% bonus in purchasing power, or more than $67,000 in the average U.S. market.
The economic benefit is clear: companies locating in Mississippi enjoy lower operating costs and competitive labor expenses, Mississippians keep more of what they earn, enabling them to enjoy a higher quality of life.
[1] Median Household Income in Mississippi (MEHOINUSMSA646N) | FRED | St. Louis Fed
[2] https://www.mississippi.edu/sites/default/files/ihl/files/0125mseo.pdf
[3] https://www.census.gov/quickfacts/fact/table/