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Got kids? Are you a young professional short on cash? Ready to retire on a budget?
Don't worry, Louisiana has you covered!
That's right, Louisiana has some of the most affordable places to live, no matter what stage you are in life. And lucky for you, HomeSnacks is here to help you navigate the places in The Bayou State where your dollar will go the furthest.
Ask any Louisianian, and they will tell you, hands down, that their corner of the Deep South is the best. And while that might be true for most Louisiana places, there are some pretty expensive places in the Pelican State. So, we suggest that you take a look at our top ten list of the most affordable places, below, if you're planning to live in Louisiana on a budget.
How did we determine the most affordable places in Louisiana? We took a look at the US Census and the cost of living data for the state. We were especially interested in home and rental prices in places with more than 5,000 residents.
Want to know more? We suggest you crank some Louis Armstrong, grab a basket of fried gator bites in Lafayette, and keep reading.
The competition was fierce to say the least. Many of Louisiana's most affordable places boast great home prices and safe neighborhoods: any one of these places would be a great place to enjoy life while saving money. More importantly, if you choose one of Louisiana's most affordable places, you're going to free up cash for the fun "Louisiana" things to do and see. Like, buying tickets for a swamp tour in Slidell or spending a long weekend celebrating Mardis Gras in New Orleans.
So, where's the most affordable place to live in Louisiana for 2020? The cheapest place to live in louisiana would be Abbeville.
To see how your city compared, take a look at the list below. And if you don't see you're favorite there, head to the bottom.
And if you already knew these places were cheap, check out some more reading about Louisiana and the cheapest places in the country:
The 10 Cheapest Places To Live In Louisiana For 2020
Abbeville is a city in and the parish seat of Vermilion Parish, Louisiana, United States, 150 miles west of New Orleans and 60 miles southwest of Baton Rouge. The population was 12,257 at the 2010 census.
The median income in Abbeville comes in at $36,696 and the median home value is $86,800 for 2020.
The median income in Oakdale comes in at $25,550 and the median home value is $67,800 for 2020.
Patterson is a small city in St. Mary Parish, Louisiana, United States. The population was 6,112 at the 2010 census. It is part of the Morgan City Micropolitan Statistical Area.
The median income in Patterson comes in at $45,631 and the median home value is $111,800 for 2020.
Sulphur is a city in Calcasieu Parish, Louisiana, United States. The population was 20,410 at the 2010 census. Sulphur is part of the Lake Charles Metropolitan Statistical Area.
The median income in Sulphur comes in at $53,522 and the median home value is $138,800 for 2020.
Franklin is a small city in and the parish seat of St. Mary Parish, Louisiana, United States. The population was 7,660 at the 2010 census. It is part of the Morgan City Micropolitan Statistical Area.
The median income in Franklin comes in at $35,852 and the median home value is $78,000 for 2020.
Tallulah is a small city in and the parish seat of Madison Parish in northeastern Louisiana, United States. The 2010 population was 7,335, a decrease of 1,854, or 20.2 percent, from the 9,189 tabulation at the 2000 census. The city is nearly 77 percent African American. Tallulah is the principal city of the Tallulah Micropolitan Statistical Area, which includes all of Madison Parish. The Madison Parish Sheriff's office operates the Steve Hoyle Rehabilitation Center in Tallulah.
The median income in Tallulah comes in at $26,385 and the median home value is $60,100 for 2020.
Scott is the fourth largest municipality in Lafayette Parish, Louisiana, United States. The population rose to over 8,000 according to the 2010 census results. Scott is a suburb of Lafayette and is part of the Lafayette Metropolitan Statistical Area.
The median income in Scott comes in at $51,213 and the median home value is $138,900 for 2020.
The median income in Rayne comes in at $34,670 and the median home value is $107,100 for 2020.
The median income in Richwood comes in at $22,991 and the median home value is $47,200 for 2020.
Denham Springs is a city in Livingston Parish, Louisiana, United States. The 2010 census placed the population at 10,215, up from 8,757 at the 2000 census. The city is the largest area of commercial and residential development in Livingston Parish. As of the 2010 census, Denham Springs and Walker are the only parish municipalities classified as cities.
The median income in Denham Springs comes in at $52,212 and the median home value is $148,100 for 2020.
How We Determined The Most Affordable Places To Live In The Pelican State For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Louisiana to figure out which is the least expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 62 places in Louisiana that have more than 5,000 people.
The place with the lowest cost of living in Louisiana according to the data is Abbeville. You can download the data here.
There You Have It Mr. Or Mrs. Louisiana Cheapskate
If you're looking at the cost of living numbers in Louisiana, this is an accurate list of the most affordable places to live in Louisiana for 2020.
Here's a look at the most expensive cities in Louisiana according to the data:
- New Orleans
For more Louisiana reading, check out:
- Best Counties To Live In Louisiana
- Safest Places In Louisiana
- Best Places To Buy A House In Louisiana
Where Are The Most Affordable Places To Live In Louisiana?