Cost of Living in Raceland, LA

An Overview of Cost of Living in Raceland, LA

Getting a feel for the cost of living in Raceland is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Raceland is 86, which is 14% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Grocery prices make up 13% of the overall cost of living index. With grocery costs on the rise, it's a challenge to find cities where food won't drain your wallet. But in Raceland, the grocery index is 8.1% below average, which means you can enjoy more affordable groceries when compared to other areas across the country.

Is Raceland Affordable?

Is Raceland an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Raceland is 28.9% lower than the national average, while the average monthly rent prices are 47.4% lower than average. The affordability of any location can also be influenced by median income levels. Raceland has a median household income of $38,450, which is 30.5% lower than the national average.

What Factors can Influence the Cost of Living in Raceland?

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Raceland, the housing index is 34.5% lower than the national average.

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 Raceland, the groceries index is 8.1% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Raceland, the healthcare costs are 3.2% lower than the national average.

Where is the Data From?

The cost of living data in Raceland displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.