The cost of living index is based on a U.S. average of 100. On this scale, the cost of living in Louisiana is 89.9, meaning that it’s 10.1% less expensive to live in Louisiana than in the United States on average.
Cost of living in Louisiana breakdown
If you’re considering a move to Louisiana but you’re not sure about the cost of living, take a look at this breakdown.
The cost of housing in Louisana
According to Sperling’s Best Places, the cost of housing in Louisiana is just 64.9% of the U.S. average for both renting and buying. The median Lousiana home value is $217,758, which is 39% lower than the U.S. median value of $357,544. Values here have increased 9.7% year-over-year, but major real estate industry experts have predicted overall falling home prices for 2023.
The cost of living in major Louisiana cities differs slightly from the state overall. Both Bossier City and Shreveport have overall cost of living index scores lower than the state of Louisiana at 82.1 and 76.6 respectively. Housing here is cheaper as well, with Bossier City’s cost at 57.7% of the state’s and Shreveport’s just 40.3%. That makes SBC a great choice for you if you’re looking to save money in the long term.
As a general rule, you shouldn’t spend more than 33% of your monthly income on housing costs. In Louisiana, the median household income is $53,571 annually. The average mortgage payment is $1,073 per month, which breaks down to a 24% monthly expenditure on housing—well within the recommended limit.
Groceries, utilities, and other costs
The cost of living in Louisiana is lower than the U.S. average across all categories except health and transportation. Groceries here will cost you about 7% less, while utilities cost about 10% less, and miscellaneous categories such as clothing, entertainment, and other services cost about 19% less than the U.S. average. On the flip side, standard healthcare costs are about 13% higher here, and transportation costs about 8% more.
Ready to start racking up the savings in Louisiana?
Ready to make your move?
If living in a cultural center with a rich history and an ultra-low cost of living sounds like it’s for you, get in touch. We’re the #1 real estate team in Louisiana, and we didn’t earn that spot by accident. We’ll help you find your dream home in your preferred area at a price point you’ll love.
When you're ready to make your move to Shreveport, give us a call at 318-540-6108 to find out how we can help!
