Cost of Living & Housing in Philadelphia
Philadelphia's cost of living centers on genuinely affordable housing, offset by an effective property tax rate that runs above both the national median and Mississippi's own statewide figures.
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Learn moreGenuinely affordable housing, at the zip-code level
Philadelphia's own zip-code-level median home price runs approximately $138,000 (June 2026), below Mississippi's own statewide typical value -- this record explicitly excludes an outlier ~$649,000 luxury-listing figure as unrepresentative (base record).
A 1.23% effective property tax rate, above Mississippi's own statewide figure
Philadelphia's own 1.23% effective property tax rate (Ownwell) produces a $566 median annual tax bill -- above both the national median rate and Mississippi's own genuinely low statewide figure, even though the low home prices keep the dollar bill modest (base record).
Mississippi's flat 4.0% income tax and full retirement-income exemption
Mississippi's real, current individual income tax is a flat 4.0% rate for tax year 2026, with qualified retirement income -- Social Security, 401(k)/403(b), IRA, and pension income -- fully exempt from state tax (base record).
Pearl River Resort as a real economic anchor
Philadelphia's proximity to Pearl River Resort, the Mississippi Band of Choctaw Indians' casino-resort complex, is a real, significant driver of local hospitality and gaming employment, though a fully current 2026 employment figure was not independently reconfirmed this pass (base record).
Key takeaways
- Philadelphia's housing runs genuinely affordable: approximately $138,000 at the zip-code level.
- Philadelphia's own 1.23% effective property tax rate runs above both the national and Mississippi statewide medians, producing a $566 median annual bill.
- Mississippi's flat 4.0% income tax and full retirement-income exemption apply in Philadelphia as they do statewide.
- Pearl River Resort is a real, significant nearby employer -- confirm current employment figures directly.
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