A+
13%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
31%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index New Iberia Louisiana National
Cost of living8791100
Goods & Services9896100
Groceries9595100
Health care8599100
Housing6981100
Transportation9496100
Utilities8984100

An Overview of Cost of Living in New Iberia, LA

Knowing the cost of living in New Iberia allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in New Iberia stands at 87, marking it 13% lower than the national average.

Is New Iberia Affordable?

Is New Iberia affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in New Iberia, the median home price is 37.1% lower than the national average and monthly rent prices are 16.3% lower than the typical rates. Additionally, the median income levels play a role in affordability, with New Iberia boasting a median household income of $43,938, 20.6% lower than the national average.

What Factors can Influence the Cost of Living in New Iberia?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In New Iberia, the groceries index is 4.6% lower than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In New Iberia, the utilities index is 10.7% lower than the national average.

Where is the Data From?

The New Iberia cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in New Iberia is 4% lower than the Louisiana average
  • The cost of living in New Iberia is 13% lower than the national average
  • New Iberia housing is 31% lower than the national average
  • Louisiana general sales tax is 13% lower than the national average
  • Louisiana state income tax is 29% lower than the national average

Most Affordable Places to Live in and Around New Iberia

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Compare New Iberia, LA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$55,869$4,656$1,304$1,676
      Renters$29,081$2,423$679$873
      The affordability of the housing market in New Iberia, LA as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among New Iberia homeowners, the median income is $55,869. This indicates that a monthly maximum of $1,304 should be spent by homeowners on all housing related costs. Renters have a median income of $29,081. This indicates that renters would have a maximum of $679 for their rent related monthly costs.

      Louisiana Sales Tax

      State General Sales Tax With Max Surtax
      Louisiana 4.45% 11.45%

      Louisiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Louisiana 1.85% 4.25%

      Goods & Services

      Item New Iberia National avg. Difference
      Haircut $26.20$24.268.0%
      Beauty Salon $42.83$45.566.0%
      Toothpaste $3.56$3.703.8%
      Shampoo $1.09$1.2815.1%
      Movie $10.94$12.139.8%
      Bowling $17.53$18.002.6%

      Groceries

      Item New Iberia National avg. Difference
      Ground Beef $5.19$5.8411.2%
      Fried Chicken $1.42$1.579.9%
      Milk $4.51$4.673.4%
      Potatoes $5.01$4.931.5%
      Pizza $11.51$12.094.8%
      Beer $9.91$10.414.8%

      Health Care

      Item New Iberia National avg. Difference
      Optometrist $146.24$125.6816.4%
      Doctor $113.67$135.7816.3%
      Dentist $119.98$113.295.9%
      Ibuprofen $10.04$10.655.7%
      Lipitor $515.16$468.609.9%

      Housing

      Item New Iberia National avg. Difference
      Home Price $116,200.00$184,700.0037.1%
      Avg. Mortgage Payment $1,473.88$2,346.6937.2%
      Apartment Rent $794.00$949.0016.3%

      Transportation

      Item New Iberia National avg. Difference
      Gasoline $3.31$3.464.5%
      Tire Balancing $81.71$59.9236.4%

      Utilities

      Item New Iberia National avg. Difference
      All Electricity $106.81$193.9944.9%
      Phone $186.90$192.252.8%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Sorrel, LA560954.9%
      Cade, LA2,053954.9%
      Glencoe, LA2587722.7%
      Delcambre, LA2,0798317.1%
      Loreauville, LA7788515.3%
      New Iberia, LA28,9658712.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Port Huron, MI28,9188910.9%
      Ridgecrest, CA28,90511010.3%
      Fredericksburg, VA29,05913231.6%
      Rexburg, ID29,0641088.4%
      SeaTac, WA29,10213130.5%
      New Iberia, LA28,9658712.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.