North Louisiana has one of the lowest costs of living in the state, giving families in the 14-parish region more bang for their buck.
According to the Cost of Living Index for the second quarter of 2019, the Shreveport-Bossier City MSA has a cost of living of 89.8 percent of the national average, primarily because of low cost housing and utilities.
“Our low cost of living makes North Louisiana more appealing to families who can afford a better standard of living here,” said Scott Martinez, CEcD, President of North Louisiana Economic Partnership (NLEP). “The low cost of living also allows employers to better recruit the skilled workforce they need.”
The Cost of Living Index, published quarterly by the Council for Community and Economic Research, estimates the amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, health care, etc. It is based on more than 90,000 prices covering 60 different items, collected from communities across the United States. The Cost of Living Index measures regional cost differences in consumer goods and services. It’s often used when comparing how expensive it is to live in one city versus another.
NLEP, an Accredited Economic Development Organization serving 14 parishes in North Louisiana, gathers the pricing information for the Shreveport-Bossier City MSA. The University of Louisiana at Monroe Center for Business and Economic Research gathers the data for the Monroe MSA. The information is compiled into a composite index, which is based on six weighted categories – grocery items (13.40%), housing (29.34%), utilities (8.94%), transportation (9.22%), health care (4.26%) and miscellaneous goods and services (34.84%).
The Shreveport-Bossier City MSA includes Caddo, Bossier, and De Soto Parishes. For the Shreveport-Bossier City MSA, the lowest cost category is housing at 77.4 percent of the national average. The next lowest cost categories are utilities (84.9%); transportation (91.5%); miscellaneous goods and services (96.8%); heath care (98.0%); and grocery items (98.6%).
To see how the cost of living in Shreveport and Monroe compares with other communities around the nation, NLEP offers a Cost of Living calculator on our website, nlep.org/COLIcalculator. Go to the Regional Data Center and click Cost of Living.