Cost of Living in Houma, LA

An Overview of Cost of Living in Houma, LA

Are you thinking about relocating, but curious about the potential cost of living in Houma? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Houma stands at 93, making it 7% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Houma aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Houma residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

As grocery prices continue to rise at a staggering rate, finding cities with affordable food can be a struggle. Luckily, Houma boasts a grocery index that is 8.1% below the national average, ensuring that you can enjoy more affordable groceries compared to many other cities across the country.

Is Houma Affordable?

Wondering if Houma is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Houma, for example, the median home price is 11.4% lower than what folks pay nationally, and monthly rent is 21% lower than the usual rates. Plus, income levels matter too, with Houma boasting a median household income of $44,956, which is 18.7% lower than the national average.

What Factors can Influence the Cost of Living in Houma?

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Houma, the housing index stands at 14.2% lower than the national average.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Houma, the groceries index is 8.1% lower than the national average.

Where is the Data From?

The cost of living in Houma, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.