MS has 2 of most affordable lake towns in US, new ranking says. One is best in nation
A Mississippi town was named the most affordable lake town in the United States in a September ranking by GOBankingRates, a personal finance and consumer banking website.
Grenada, located about 275 miles northwest from Biloxi, earned the number one spot on the ranking because of its low monthly cost of living, including an average mortgage cost of $708 a month, according to GOBankingRates.
Grenada has a population of more than 12,500 people, according to the U.S. Census Bureau.
“Residents still enjoy easy access to Grenada lake, a 90,000-plus acre reservoir that is a haven for fishing, boating and other activities,” according to GOBankingRates.
Another small Mississippi town landed among the top 10 most affordable lake towns in the country.
Corinth, which has easy access to both Bay Springs Lake and Pickwick Lake, is ranked #6 on GOBankingRates’ list.
Here’s the full list of top 10 most affordable lake towns along with a breakdown of the costs of living.
Most affordable US lake towns
These are the top 10 most affordable lake towns in the country, according to GOBankingRates’ survey:
1. Grenada, Mississippi
Monthly cost of living: $2,493
Average single-family home value: $123,711
Median household income: $42,470
2. Ashtabula, Ohio
Monthly cost of living: $2,524
Average single-family home value: $143,233
Median household income: $43,782
3. Lorain, Ohio
Monthly cost of living: $2,635
Average single-family home value: $151,018
Median household income: $45,799
4. Morgan City, Louisiana
Monthly cost of living: $2,660
Average single-family home value: $133,647
Median household income: $56,729
5. Muskogee, Oklahoma
Monthly cost of living: $2,696
Average single-family home value: $140,587
Median household income: $48,735
6. Corinth, Mississippi
Monthly cost of living: $2,748
Average single-family home value: $169,955
Median household income: $41,243
7. Michigan City, Indiana
Monthly cost of living: $2,796
Average single-family home value: $177,358
Median household income: $52,979
8. Alpena, Michigan
Monthly cost of living: $2,813
Average single-family home value: $184,896
Median household income: $47,604
9. Corsicana, Texas
Monthly cost of living: $2,849
Average single-family home value: $173,643
Median household income: $51,240
10. Eufaula, Alabama
Monthly cost of living: $2,851
Average single-family home value: $164,612
Median household income: $45,550
How did banking website come up with ranking?
GOBankingRates found the 20 most affordable lake towns to live in across the U.S. by compiling rankings from Travel + Leisure, MSN and Thrillist.
Then, the banking website analyzed data points — including community demographics, cost-of-living indexes, estimated average household expenditures and home affordability — for each town using information from the U.S. Census Bureau’s American Community Survey, Sperling’s BestPlaces, the Bureau of Labor Statistics’ Consumer Expenditure Survey and the Zillow Home Value Index to come up with the ranking.
