What is the cost of living in Louisiana?
The cost of living in Louisiana is 4.3% lower than the US average. According to MIT, the required living wage for a family of four with two working parents in Louisiana is $85,909 vs the national average for a family of four with two working parents of $89,744. The median income of a Louisiana household is $50,800.
The average home price in Louisiana is $168,100, which is lower than the US average home price of $229,800. Median rent in Louisiana is $876/mo which is lower than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 3.3 to 1. That means it takes roughly 3.3 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Louisiana has a low cost of living compared to America as a whole.
People Also Ask About Louisiana
Is Louisiana a dangerous state?
Yes, Louisiana is a dangerous state as it ranks as the #2 most dangerous state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Louisiana ranks fifth most dangerous in the United States -- 72.91% worse than US average violent crime rate. The property crime rate in the Pelican State ranks most dangerous in the United States -- 47.58% worse than US average property crime rate. The latest reporting year from the FBI was 2022.
Is New Orleans, LA a dangerous city?
Yes, New Orleans is a dangerous city. New Orleans ranks as the #23 most dangerous out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though New Orleans might be considered dangerous you still need to be aware of where you are. For example, Lake Shore-Lake Vista is the safest in New Orleans, while Tulane-Gravier is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in New Orleans ranks 14th highest in America -- 160.89% worse than US average violent crime rate. The property crime rate in the ranks 28th highest in the United States -- 70.07% worse than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Louisiana has the lowest cost of living?
The county in Louisiana with the lowest cost of living is Acadia Parish. The average living wage in Acadia Parish is $82,688 according to MIT data. Acadia Parish has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Louisiana as a whole. Childcare costs $12,765 a year in Acadia Parish for two children compared to the Louisiana average of $13,248. Housing costs, defined as a blend of the average rent and average mortgage payment, are $8,700 per year in Acadia Parish compared to $11,044 on average in Louisiana.
What is the cheapest housing market in Louisiana?
The cheapest housing market in Louisiana is Ville Platte. The average home value in Ville Platte is $67,300, the lowest in the state. The average home value in Louisiana is $168,100, almost 2.5 times higher than Ville Platte.