Cost of Living & Housing in New Albany
New Albany's cost of living centers on genuinely affordable housing and a favorable, below-national-median property tax proxy, alongside Mississippi's low, declining income tax.
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Learn moreGenuinely affordable housing
New Albany's own average home value runs approximately $205,625 (up 5.7% year-over-year), well below national norms, though this pass found a likely small-sample $299,000 median-sale outlier (up 39.2% year-over-year) in 2026 (base record).
A favorable property tax picture, using the best available proxy
No New-Albany-city-specific property tax rate was found this pass; Union County's own 0.86% effective rate (Ownwell) runs below the national median (1.02%), with a modest $664 median annual bill (base record).
Mississippi's 4.0% flat income tax applies statewide
Mississippi's real, current flat 4.0% individual income tax rate (2026), with a further legislated path toward 3% by 2030, applies in New Albany as it does statewide (base record).
A real furniture-manufacturing job base
New Albany carries a real, current furniture-manufacturing heritage -- named employers include Albany Industries, Homestead Furniture, and Fusion Furniture -- Manufacturing is the city's single largest employment sector (base record).
Key takeaways
- New Albany's housing runs genuinely affordable, approximately $205,625 as an average value.
- Union County's own 0.86% effective property tax rate (the best available proxy) runs below the national median.
- Mississippi's 4.0% flat income tax applies statewide.
- New Albany carries a real, current furniture-manufacturing job base -- Manufacturing is the largest local employment sector.
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