What is Cost of Living?
Cost of living is the amount of money needed to sustain a certain standard of living in a particular location. This measurement can be very useful for anyone who is keen on moving to a new city, state, or country, providing an accurate source of comparison between one’s current location and the one that they are considering for their move.
The cost of living index is a theoretical price index that measures and compares the relative cost of living of locations. As an index, the constant value for primary location is 100, while the values for the other location/s being compared to it are more or less than 100, depending on whether the cost of the expenses being compared to the primary location are more expensive or cheaper in those locations.
Agencies determine the cost of living of a location by gathering the prices of a representative sample of goods and services, and then taking into account how each of these items affect an individual’s budget within one year’s duration. Each item’s price is weighted based on its relevance to a typical family’s budget. Take a bottle of milk, for example. Although this costs much cheaper than a pair of jeans, when you consider the number of times you buy this commodity in a span of a year, the total amount for this item would me greater than the total amount you would have spent buying clothes.
2019 Cost of Living Index in Shreveport Bossier, LA
If you have plans to move to Shreveport Bossier, LA, you might want to check their cost of living index and compare it with your current city’s before making your final decision. Doing so would give you an idea about the affordability of this city and how the relocation might affect your budget. We have prepared the table below, which shows the most recent cost of living indexes for Shreveport Bossier, the state of Louisiana, and the United States, to help you assess your potential move. In this table, the primary location is the United States, so all of the values here are set at 100, while the values under Shreveport Bossier and Louisiana would either be higher or lower than 100, based on the actual values of the basic expenses in these areas.
|Cost of Living Index||Shreveport Bossier||Louisiana||United States|
Based on the table above, the overall cost of living index in Shreveport Bossier, LA is 83.7 – 11.8 points lower than the state’s index and 16.3 points lower than that of the whole nation. From these numbers, you can easily infer that Shreveport Bossier residents are generally paying 11.8% less on basic expenses compared to the rest of Louisiana and 16.3% less compared to the rest of the nation. And if you are considering buying a home in Shreveport Bossier, we have good news for you – housing is very affordable and is actually the least among the cost of living indexes in this city, with a median home cost of $105,300.
Cost of Basic Services in Shreveport Bossier, LA
Signing up for a gym membership? The average monthly rate is $36. If you love outdoor sports, you can rent a tennis court for $15 an hour on weekends. For entertainment, a movie ticket costs $11.32 on average in Shreveport Bossier.
Shreveport Bossier, LA Housing Costs
As mentioned above, housing is relatively cheaper in Shreveport Bossier. For homebuyers, the median price in this area is $40,000 lower than that of the state’s median home price of $144,300, at $105,300. Compared to the median home price at the national level which is $219,700, we can say that Shreveport Bossier is a dream location for people who are looking to buy a new home.
For renters, the monthly rent for a one-bedroom apartment in the city center is $800, $400 cheaper than the national average of $1,264.29; while a three-bedroom apartment rents for $1,300, $750 lower than the national average of $2,059.78. Outside the city center, the average rent of a one-bedroom unit is even lower at $611.67 and a three-bedroom apartment, $1,143.75.
Utility Costs in Shreveport Bossier, LA
Basic electricity, heating, cooling, water, and garbage utilities in Shreveport Bossier average a total of $150.60 per month. A minute of prepaid mobile call is charged $0.10. Internet charges for 60 Mbps or more cost around $53 on average.
Cost of Food and Groceries in Shreveport Bossier, LA
Would you rather go to a restaurant than cook you own meals? Well, we have great news. The cost of food in Shreveport Bossier restaurants are cheaper relative to the national average. A meal at an inexpensive restaurant costs $12 (national average is $14), while a three-course meal for two at a mid-range restaurant, $42.50 (national average is $50). Ordering a combo meal at a fast food place would cost you the same as the national average price of $7.
Meanwhile, buying food items at the grocery store would give you more value for your money. A one-liter bottle of milk costs $0.74 (national average is $0.82); a loaf of white bread, $2.24 (national average is $2.59); a kilo of white rice, $3.75 (national average is $3.88); a tray of a dozen regular eggs, $1.91 (national average is $2.27); a kilo of beef round, $10.96 (national average is $11.45); and a kilo of apples, $3.61 (national average is $4.36).
Transportation Costs in Shreveport Bossier, LA
While the cost of living index shows transportation as the most costly expense in Shreveport Bossier, at 103.4, public transport is relatively cheaper in this city. A one-way local transport ticket costs $2.00, $0.25 lower than the national average, and a monthly pass at $30 is more than half the national average price of $69.99. Taking a cab, meter starts at $3.25 (same as the national average) and every kilometer is charged $1.48 (national average is $1.71). If you’re driving your own vehicle, a liter of gasoline costs $0.62, still lower than the national average of $0.72. Purchasing a car, though, might cost you a little higher. A Toyota Corolla 1.6l 97kW, or equivalent car model, is priced at $21,774.50, while the national average is $20,473.28.
Sales tax in Louisiana is the third highest in the county; however, the state’s income tax rates are close to the national average Louisiana, with three income tax brackets that range from 2% to 6%. LA cities do not charge local income taxes on top of the state tax. Property taxes are assessed and collected at the local level and the state offers a homestead exemption on the first $7,500 of the value of a person’s primary residence.
Moving to Shreveport Bossier, LA
If you have plans to move to Shreveport Bossier, knowledge of the cost of living in this city would be helpful in assessing how this potential move would affect your budget. And, if you are interested in buying a home here, I can help. Feel free to give me a call at (318) 294-6722 or send me an email at [email protected].